3 Key Questions for Evaluating RMS Options Before Budget Season
Hotel budgeting season is right around the corner, and many hoteliers are getting ready to roll up their sleeves and start making tough financial decisions as they look to align investment priorities with next year’s budget projections. This is often a challenging and time-consuming process, but it’s also an opportunity to think through a strategic vision and evaluate the tools and resources needed to achieve these goals. Investing in an RMS is a High Priority
4 Key Metrics for Your Hotel’s Direct Channel Success
Data analytics is, of course, helpful to better understand your hotel’s direct channel performance, but what’s most useful is being able to compare your results to the market to identify potential growth drivers. The Benefits of Hotel Benchmarking Hotel benchmarking enables you not only to access competitive insights but to make better-informed decisions and take action in those areas that will impact your business. Knowing which metrics to focus on, however, can sometimes be challenging…
Key Features to Evaluate in a Booking Engine to Maximize Revenue
As the hospitality sector undergoes swift transformations, prioritizing convenience and tailored experiences for all travelers, the pivotal role played by Internet Booking Engines (IBEs) becomes undeniably vital. These digital tools have revolutionized hotels' operations, helping them achieve the dual goals of maximizing occupancy and revenue. 11 Most Important Booking Engine Features The hotel's success heavily relies on its online presence and booking capabilities. A seamless and efficient booking engine can make a significant difference for
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
14 Pricing Strategies to Increase Your Hotel Revenue
Maximizing revenue is a top priority for hotel operators, and achieving this goal often requires the right pricing strategy at the right time. Making room rate adjustments based on demand, customer segmentation, and other factors can be the key to overall business success. In this article, we offer insight into 14 pricing strategies that hotels can adopt in their revenue management strategy to increase the amount of revenue they generate. Table of Contents: What Is
How Successful Hoteliers Handle Pricing Strategies for The Recovery
Analyses showed that hotels with a solid revenue management strategy came out of the Covid-19 crisis better than hotels without. In this article, you’ll learn how successful hoteliers handle pricing strategies during the post-covid era, and how to deal with spillage, spoilage, overbooking, and overselling. Quick menu: Hotels With a Solid RM Strategy Came Out of the Covid-19 Crisis Well OTA Visibility Favors Those Already Visible A Deep Dive into Spillage, Spoilage, Overbooking, Oversell, Denials
Pricing Personalization & the Future of Hospitality
Pricing personalization allows hotels to move towards total profit optimization by combining the power of the guest profiles in your CRM with revenue management forecasting to deliver the right price to the right guest at the right time during the guest journey. Guests Have Increased Expectations for Personalization Personalization is an evolving topic within the hospitality industry, from technology and guest perspectives. Over the last few years, especially with the influx of online shopping, guests
Are Flexible Revenue Management Conditions Due to COVID Here to Stay?
Question for Our Revenue Management Expert Panel: Are the recent booking condition changes (e.g. increased flexibility around cancellation policies, check-in and check-out) a temporary solution or a more permanent change for the hospitality industry? Our Revenue Management Expert Panel Christoph Hütter - Revenue
Facing Automation Fears: A Perspective for Hoteliers
For some, advancements in automation bring a profound sense of dread. Worrying about the big-picture societal challenges that may come with the widespread adoption of new, advanced generative AI tools is understandable. But instead of fretting about whatever dystopian worst-case scenario automation may bring, it's time to take a step
Steps for Success: Evaluating and Pricing Group Business
Group business is an undeniably important piece of the revenue puzzle for hotels. However, not all group revenue is equally valuable or desirable. To achieve an ideal mix of group and transient business, hotels must undergo a detailed evaluation process—one that can be greatly aided with an advanced revenue management
3 Essential Tips to Maximize Revenue Hoteliers Can Implement Right Away
It's important to have revenue management strategies in place to maximize revenue. Whether you use a revenue management system (RMS) or manage your prices manually, this article covers three essential strategies, recommended by our revenue management experts, to help you stay competitive. 3 Essential Tips to Maximize Your Hotel Revenue
What Revenue Management Technology is Essential for Hotels?
Question for Our Revenue Management Expert Panel: What are the top “must-have” revenue management technology and tools essential for hotels today? Our Revenue Management Expert Panel Silvia Cantarella - Revenue Management Consultant, Revenue Acrobats Theresa Prins - Founder, Revenue Resolutions Patrick Wimble -
What Forward-Looking Data is Essential for Hotels?
Question for Our Revenue Management Expert Panel: With historic data now less relevant as we move into post-pandemic recovery, what forward-looking data is a "must-have" for hotels? Our Revenue Management Expert Panel Chaya Kowal - Director of Revenue Management, Potato Head Family Paulo