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. Refer to Data in the Books 4. Consider Events and Holidays 5. Keep an Eye On Your Competitors 6. Pay Attention to Market Trends 7.
Top 10 Ways To Use F&B Data To Improve Guest Experience
Hoteliers and restaurateurs are constantly looking for ways to improve their guest experiences. Why? They want to provide guests with a memorable dining experience, and they want to ensure that they get repeat visitors. And guess what? The F&B data they've automatically collected from their POS system or advanced reservation platform is key in improving customer service and the overall guest experience. This article will explore a few top ways to leverage F&B data to
4 Website Personalization Tips for Luxury Hotels to Increase Direct Bookings
Brand identity significantly influences guests, with an even more significant impact in luxury hospitality, where brand image standards are higher. As a luxury brand, it's crucial to seduce potential guests and entice them to book on your hotel website by providing each visitor with a personalized online experience, with your brand's personality shining through at all times. 4 Ways How Luxury Brands Convert Guests from Lookers to Direct Bookers By accompanying your visitors and transmitting
Guest Communication Tips to Improve Hotel Guest Engagement
Guest engagement has never been so important. As we move forward through the next couple of years, travelers will look for peace of mind when planning their trips. Hotels need to clearly communicate to questions, provide tailored offers, and be accessible to guests throughout the guest journey. Guest communication is
How Hotels Can Combine Revenue Management and CRO?
One of the best and most common definitions of Revenue Management is “Selling the Right Room to the Right Client at the Right Moment at the Right Price in the Right Distribution Channel with the best commission efficiency”. Both Revenue Management and Conversion Rate Optimization (CRO) are data-driven, but they
6 Reasons Why Every Hotel Should Have a Virtual Reality Video
Interactive virtual reality video technology within the hospitality industry can provide a competitive advantage and allow customers to experience what a hotel is like before committing to a booking. However, there are also other advantages to utilizing this particular marketing method. In this article, you will learn more about six