Upselling’s Role in Hotel Net Operating Income (NOI) Growth
The hotel business is unique in many ways, as exemplified by the unique KPIs we use, from revenue per available room (RevPAR), to average daily rate (ADR), occupancy, and everything in between. We can thank the advent of yield and revenue management that came to our industry in the 1980s for much of these metrics. But another metric that more hoteliers are talking about recently is NOI (Net Operating Income). Owners and asset managers are
What Changes in Business Traveller Behaviour Can We Expect in 2022?
Question for Our Hotel Marketing Expert Panel How will business traveller behaviours change this year? What advice can you share on marketing messages for hybrid stays / workcation / bleisure offers? (Question proposed by Susanne Williams) Our Marketing Expert Panel Daphne Beers - Owner, Your-Q Hospitality Academy Adele Gutman - Culture and Guest Experience Expert, Hospitality Reputation Marketing Podcast Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou
Hotel Investments: How To Become a Successful Hotel Investor
Hotel investments can provide an exciting opportunity for first-time property investors to buy into a great industry with excellent earning potential or for established property investors to diversify their portfolios and capitalize on all the service industry offers. In this article, you can learn about hotel investments, their various forms, advantages, and the best approaches to ensure long-term success with minimal risk. Table of Contents: What is the Hotel Industry? What Are Hotel Investments? Why
Role of a Revenue Manager is Shifting Thanks to Automation
Like much of our world today, the hospitality industry is constantly changing and evolving beyond what revenue managers and leaders of the past could have imagined. During unprecedented change, automation and new technology have become essential to successfully navigating the post-COVID hospitality landscape. Revenue Managers Becoming Strategists But with any change, comes reservation and distrust. As the industry continues to automate, some hoteliers worry that automated systems may not be able to respond to change
Airbnb Pricing Strategies: Ultimate Guide for Revenue Management
Airbnb pricing strategies are the different approaches used to determine the rates Airbnb properties charge guests. There are a variety of different methods available and many hosts will use a combination of approaches. Adopting the right pricing strategy in the right moment is important for maximizing the amount of revenue earned on the Airbnb platform. At the same time, the rates you charge can directly influence demand. In this article, you can find useful information about Airbnb pricing strategies, explore the main approaches, learn some best practices, and pick up advanced tips that can lead you to success in this
3 Key Strategies for Mastering Revenue Management with PMS Data
Data fuels the commercial operation of a property and empowers hotel Revenue Managers to make informed decisions, outpace rivals, and ultimately boost profits. When discussing data, there's no resource more crucial than your Property Management System (PMS). How to Master Revenue Management with PMS Data: The 3 Strategies Your PMS is the core of your hotel's daily operations, monitoring everything from bookings and guest arrivals to room pricing and invoicing. However, it's also a rich
8 Signals Your Hotel Pricing Needs Adjustment
Recent studies reveal that prices perceived as unfair trigger discomfort in consumers, leading to reduced purchases, complaints, and negative reviews. Conversely, fair prices activate pleasure centers, enhancing customer satisfaction.[1] This underscores the importance of finding the sweet spot for your hotel's room prices: the perfect balance between attracting (happy) guests and maximizing revenue. Build a Foundation for Effective Hotel Pricing What's the right price for a business traveler might be the complete opposite of the
Interview with CEO Alexander Edström of Atomize
In this article, we'll be interviewing Alexander Edström of Atomize. In his position as CEO, Alexander has led the development of lean revenue management software for hoteliers on the cutting edge. It is based on the latest innovations in price automation - offering technology that relieves the pain
11 Types of Accommodation in the Hotel Industry
Despite what the name may imply, there are many different types of accommodation in the 'hotel' industry, with hotels being just one of these. In this article, you can explore the different accommodation types that make up this industry and gain a deeper understanding of how these types differ. Table
11 Tour Agencies That Help Hotels to Grow Their Revenue
Partnering with a tour agency can have significant benefits for a hotel. It's important to choose a partner that's right for your hotel. In this article, you'll discover the pros and cons of partnering with a tour agency and learn about some of the top names in today's global tour