Revenue Management Consulting; Benefits of Hiring a Consultant
It is becoming increasingly common for hotel owners and others in the hospitality industry to acquire revenue management consulting services to optimize prices, distribution, and occupancy rates and maximize financial results. These services will often be acquired from a revenue management consulting firm. In this article, you will learn about the benefits of enlisting a revenue management consultant for your hotel. Table of Contents: What Is a Consultant? What Are the Benefits of Hiring a
How can Revenue Managers Collaborate on Decisions?
Question for Our Revenue Management Expert Panel: Are Revenue Managers overloaded with strategy and result decisions? How can Revenue Managers collaborate and share responsibilities with other teams? (Question proposed by Daniel Feitosa)Â Our Revenue Management Expert Panel Daniel Feitosa - Revenue Management Specialist Sandra Gannon - Commercial Consultant, Revenue Puzzle Patrick Wimble - Managing Director, Lightbulb Consulting Pablo Torres - Director Of Sales Marketing, Alannia Resorts Nikolas Hall
Cliches About Revenue Management, Guests’ Quality, and Brand Reputation
What do hoteliers resist about revenue management? One common pushback is lowering prices below a certain psychological threshold. Yet, it's essential during low demand and pays off later. Some hoteliers believe: "I cannot sell below a certain figure because otherwise low-quality guests will arrive and lower the hotel's image; I prefer to stay empty and not sell." Yet, those who practice revenue management know it's the opposite. During low season, you can sell your rooms
Revenue Management Guide: Calculating Costs & Quality Analysis
As a hotelier, you know many factors go into your room rates. Three of those factors are your costs, current demand, and your hotel’s online visibility. Revenue management is the science of assessing these and other factors and raising your profitability year after year. This article offers a guide to analyzing your costs and improving your analysis with the goal to boost your hotel's profitability. Quick Menu: What Kinds of Hotel Costs Do You Take
Revenue Manager: Tasks, Skills, Education, Salary, Courses and More…
The role of a revenue manager is one of the most important within hotels and similar organizations, assisting the business by optimizing financial performance. However, many people remain unclear about exactly what a revenue manager is, what tasks are connected to the job, the level of education required, and the salary. In this article, you can learn more about these aspects and build a much clearer picture of what 'revenue manager' really means. Table of
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
What Revenue Management Trends and Strategies will we see in 2023?
Question for Our Revenue Management Expert Panel: What are your predictions for the revenue management trends and strategies we can expect to see in 2023? Our Revenue Management Expert Panel Chaya Kowal - Director of Revenue Management, Potato Head Family Dermot Herlihy - Owner, Dynamic Hospitality Consulting Ricardo Sereno - Revenue Manager, Altis Hotels Pablo Torres - Director Of Sales and Marketing, Alannia Resorts Dr. Betsy Stringam-Bender -
Interview with Founder Franco Grasso of Revenue Team by Franco Grasso
In this interview, we're speaking to Revenue Team by Franco Grasso's founder and CEO, Franco Grasso. Under Grasso's guidance, the company has grown into Europe's largest hotel revenue management consulting and outsourcing entity. His company assists hoteliers in maximizing revenue through optimized sales of hotel rooms while promoting
Interview with CEO and Co-founder Ari Andricopoulos of RoomPriceGenie
We're interviewing Ari Andricopoulos, the CEO and Co-founder of RoomPriceGenie. Ari developed automation that helps hoteliers determine the best pricing policy for any given moment. It's not just a flat number, either. But as an easy-to-understand analysis that both provides advice and explains the reasoning behind the decisions.
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
Boost Your Hotel Profits With An Interim Revenue Manager
Revenue management is more of a philosophy than a set-in-stone strategy. Regarding the hotel and hospitality industry, revenue management is all about selling the right room to the right guest at the best possible time, and always at the best price. Moreover, a good revenue manager will be able to
Intelligent Pricing Automation: Learning from Satellite Navigation
In the mid-90s, when satellite navigation (sat-nav) starting to get popular, the navigation systems based their route recommendation on static data. The result: drivers often didn’t trust the sat nav because the recommended route was not the optimal one. Well, things have changed in the sat-nav landscape. In this article,
5 Strategies to Increase TrevPAR at Your Hotel
From ADR to RevPAR and GOPPAR, lodging operators must track many metrics to assess business performance and make strategic decisions. One of the most powerful but overlooked measures of success for hotels today is TRevPAR, or total revenue per available room. Here we discuss what TRevPAR is and how to