5 Benefits of Virtual Reality Marketing for The Travel Industry
Virtual reality is experienced through sights and sounds in an artificial environment provided by a computer. The travel and tourism industry has started adopting this tool to enhance customer experience and maximize engagements. If you want to use this innovative tool to promote your travel business, take a look at this overview of virtual reality marketing (Also known as VR marketing), its importance for the tourism sector, and 5 advantages of using virtual reality to
Revenue Management vs Yield Management
Within the hotel industry, revenue and yield management are two of the most useful tools available to managers, allowing them to maximize the money they make from guests. Although the two concepts are closely linked and share a lot of similarities, there are some important differences too. In this blog post, we explain the differences and compare the two strategies in greater detail. Table of Contents: Defining the Two Strategies Why Are Yield and Revenue
Revenue Management System (RMS): What Are the Advantages?
A revenue management system is a software solution that allows hospitality brands to carry out various revenue management activities. For instance, the software makes it easier to forecast changes in demand and optimize pricing. Revenue management systems provide hotels and similar businesses with a number of major advantages, including improved accuracy and efficiency. It's important for business leaders to understand these advantages and invest in a high-quality solution that will provide the key benefits. In
The Most Used Revenue Management KPIs for Hotels
A key performance indicator can provide revenue managers and hotel owners with valuable information about their business performance. This subsequently has the benefit of allowing them to implement a revenue management strategy so that they can maximize financial business results. In this post, we look at some of the most widely utilized revenue management KPIs and how they can help you. Table of Contents: What Are Revenue Management KPIs? Most Used Revenue Revenue Management KPIs
20 Revenue Management Tips for Hotels
Revenue management within the hospitality industry involves predicting consumer demand to optimize sales, allowing businesses to sell at the right price to the right customer at the right time. In a hotel, this may mean turning away business now to do more profitable business tomorrow. When carried out correctly, revenue management can be extremely effective, helping companies significantly boost their profit margins. Here, we provide 12 revenue management tips for hotels. Table of Contents: 1. Create a Revenue Management Culture 2. Invest in AI & Machine Learning 3. Implement Voice Technology and Chatbot Revenue Features 4. Choose the Right Pricing
Hotel Room Maintenance Checklist: Ensuring Comfort and Quality (Free Template)
A hotel room maintenance checklist is a comprehensive list, designed to help hotel staff to carry out checks and maintenance work within guest rooms. The checklist covers inspections and preventative maintenance tasks. These checklists are important because they help to ensure compliance and prevent important tasks from being overlooked. By following procedures, hotels can help to ensure guest comfort and operational efficiency. In this article, you will learn about what hotel room maintenance checklists are,
20 Hot Digital Trends in the Hotel Industry
With digital technology continuously evolving, it should come as little surprise that its applications within the hotel industry evolve, too. Indeed, over the past few years, several notable digital trends have taken the industry by storm, and the year ahead promises to be no different. Crucially, the businesses that benefit most from using digital technology are those with the foresight to get in on the ground floor. So, with that in mind, here are eleven
7 Tips to Attract More Corporate Travelers to Your Hotel
Corporate travelers are a growing demographic and a target audience that many within the hotel industry are placing an increased emphasis on trying to appeal to. After all, a corporate traveler may use extra hotel facilities, return to your hotel multiple times and recommend it to colleagues and business partners.
Hotels with Late Check-Out: Why Improve Guest Satisfaction
Hotels with late check out are a common area of discussion among both guests and hoteliers alike. The term refers to options that allow guests to use their room past the hotel's standard check-out time. It's an important subject as it can change how every impacted party relates to a
Avoid These 3 Benchmarking Errors for Hotel Revenue Success
As a revenue manager, you're undoubtedly aware of the importance of gauging your hotel's performance to maintain a competitive edge in your market. Yet, how can you be certain that you're genuinely on par with, or preferably ahead of, your competitors? Enter benchmarking for hotel revenue management. Benchmarking for Hotel