Don’t Open Your New Hotel Without a Revenue Management System
Hotel owners, developers, asset managers, and other stakeholders charged with successfully launching a new hotel property—in a marketplace that may already be quite competitive—know they’ll need more than attractive features and amenities that entice and cultivate a loyal customer base. As the industry adapts to a post-pandemic world, the team behind a new property also must assess key behind-the-front-desk requirements - paramount being its approach to revenue management. For those about to launch a new
The Power of Lean Revenue Management; Sophisticated But Not Complex
The global pandemic has sped up a trend in revenue operations (RevOps) throughout the business world. Forrester recently published a study that found that many companies are moving towards more centralized RevOps. They’ve understood that revenue is more than an outcome and instead of a result of a business process where commercial teams come together to achieve their goals. Comprehensive RM Standards are Essential for Both Short & Long-Term Success The Forrester study clarifies that
How can Hotel Chatbots contribute to Contactless Guest Experiences?
Question for Our Hotel Marketing Expert Panel How can hotel chatbots best contribute to a contactless / low-touch guest experience? Our Marketing Expert Panel Dr. Betsy Stringam-Bender - Professor of Hotels & Resorts, New Mexico State University Tamie Matthews - Revenue, Sales & Marketing Consultant, RevenYou Andrew Kavanagh - Group Sales and Marketing Manager, FBD Hotels & Resorts Reshan Jayamanne - Digital Marketing & Sales Strategist, Bnb Optimized
9 Essential Hotel KPIs to Optimize Your Upsell Marketing Performance
The hotel industry employs many unique key performance indicators. ADR (average daily rate), RevPAR (revenue per available room) and Occ% (occupancy) naturally come to mind. These metrics reflect the unique nature of our business, but their existence also drives our attention and actions. Watching your hotel’s KPIs translates into optimizing key activities to influence those KPIs positively. As the old saying goes, “what is not measured cannot be improved.” Hotel Upselling is Becoming More Important
Hotel Greeting: Essential Guide to Welcome Guests Successfully
A hotel greeting describes the entire process of welcoming a new guest to a hotel. It can include reception staff personally greeting new arrivals, as well as the provision of welcome gifts, letters or cards within guest rooms. Greeting hotel guests is an important part of customer service, helping to create a positive first impression. These initial interactions set the tone of a guest's stay and can also help to manage expectations. In this guide, you can take a deep dive into the role that welcoming and greeting guests can play, learn some best practices, explore the role of modern
Hotel Distribution Channel Manager: What Are the Advantages?
For those in the hospitality industry, a key part of any revenue management strategy revolves around distribution channel management. After all, while direct bookings are usually preferable, maximizing bookings and revenue requires assistance from third-party distribution agents. In this article, you will find extensive information regarding distribution channel management in the hotel industry and the role a distribution channel manager can play. Table of Contents: What is Distribution Channel Management? What is a Hotel Distribution
9 Forecasting Tips to Improve Your Revenue Management Strategy
Forecasting is an important part of any revenue management strategy because it allows hotel managers to make vital pricing, promotion, and distribution decisions based on anticipated demand and performance. In this article, we look at useful forecasting tips to help you improve your revenue management strategy. Table of Contents: What Is Revenue Management? Forecasting Explained The Importance of Forecasting Tips to Improve Your Forecasting 1. Keep Accurate Records 2. Make Use of Historical Data 3.
Unlocking the Power of Personalization in Hotel Marketing
Personalization is all around us. You can completely print your cat’s face on M&M’s and customize name-brand sneakers. Your smart speaker recognizes your voice, and your streaming services offer recommendations based on the genres and artists you love. In this article, you’ll learn how to deepen your engagement, increase conversion
10 Hotel Restaurant Management Tips to Impress Guests and Increase Efficiency
When you’re from the outside looking in, running a hotel restaurant appears to be very similar to running a separate food-service business. Besides, both companies are restaurants that specialize in food and hospitality. But, the truth is, hotel and restaurant management, on the other hand, is an art form in
6 Hotel Mistakes That Destroy Your Guest Experience
The guest experience continues to be one of the main concerns for hoteliers. How do you improve it when the guests’ expectations are constantly changing? In this article, you’ll find six tips to avoid common mistakes that can destroy your guest experience. Guest Needs Are Constantly Evolving The times when