How Does Hotel Overbooking Impact Your Revenue?
Overbooking is a common practice in the hotel industry, strategically employed to secure maximum occupancy and guarantee the sell-out of rooms. While this approach holds undeniable benefits for hoteliers, there are also downsides to it, such as dissatisfied guests in case you get double bookings or missed revenue opportunities from free room upgrades. Why Do Hotels Overbook: 4 Primary Reasons When managed correctly and with a few tactics, you can make your overbooking strategy more
Supercharge Your Hotel’s Revenue Using Strategic Pricing
In the hospitality industry, strategic revenue management allows hotels to achieve consistent profitability, no matter how the market changes. In revenue management, your goal is to fill rooms and maximize profitability on each booking in peak and off-peak seasons. Strategic Pricing to Increase Your Hotel's Revenue This article will teach you proven tactics to supercharge your revenue using strategic revenue management tactics. 1. The Case for Increasing Your Rates Unlike what most hoteliers think, setting
Smart Hotel Room; What Are the Benefits for Hotel Owners and Guests
Smart room technology is a key trend for hotel owners to be aware of, and the desire to create a smart hotel is growing for a number of reasons. In this article, you will learn more about a smart room, why smart hotel technology is so important, and how smart hotel rooms can benefit hotel owners and guests alike. Table of Contents: What is a Smart Hotel Room? Why is Smart Room Technology Becoming Important?
5 Ways For Hotels to Minimize Booking Engine Drop-Off
Your hotel's website might be buzzing with traffic due to all the hard work and resources you're putting into attracting visitors. But is your website as efficient as you wish it was? Imagine a potential guest, excited and ready to book, but something doesn't click, and they leave without completing the reservation. That's booking engine abandonment– a frustrating scenario where your rooms remain unsold, and your investment in traffic generation doesn't quite hit the mark.
Advice We Would Give To Our Younger Hospitality Selves
Question for Our Revenue Management Expert Panel: Knowing what you know now (experience in hospitality, revenue management, life & skills, etc.), what advice would you give to your younger self on entering the workforce for the first time? Our Revenue Management Expert Panel Pablo Torres - Hotel Consultant Dermot Herlihy - Owner, Dynamic Hospitality Consulting Tamie Matthews - Sales & Marketing Consultant, RevenYou Connor Vanderholm - CEO, Topline Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel Group Heiko Rieder - Senior Vice President Commercial & Distribution, Step Partners Europe
9 Tips to Structure Your Pre-Arrival Communication
As a hotelier, it is important to prioritize pre-arrival communication with your guests. This is the time when you can set the tone for their entire stay, ensuring that they feel welcome and valued from the moment they book with you. Why Is Pre-Arrival Communication Important for Hotels? Pre-arrival communication is all about creating a positive first impression and setting the stage for a memorable experience. You can make your guests feel excited about arriving
Key Considerations for Choosing the Right RMS During Budget Season
As budget season approaches, selecting the right Revenue Management System (RMS) is one of the most critical decisions a hotelier can make. Whether you manage an independent hotel, an urban property, or oversee multiple hotels, a well-suited RMS can optimize pricing strategies, enhance profitability, and simplify your operational processes. The key to making the right choice lies in aligning your hotel's specific needs with the RMS's capabilities. Here are some essential factors to consider alongside
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
Strategies and Top Tips for Calculating Group Rates
Question for Our Revenue Management Expert Panel: What are the best practices when calculating group rates? Should hotels have a different strategy per group category, e.g., tour operators, weddings, corporate, etc.? (Question by Oleksii Kapichin) Our Revenue Management Expert Panel Connor Vanderholm