How to Use Food and Beverage F&B Data to Increase Hotel Revenue
Food and beverage (F&B) data is considered a gold mine in the hospitality industry. From the moment your guests make an online reservation, to the time they leave your restaurant, your POS system or an advanced reservation platform generates valuable guest data. In this article, you'll learn how to use F&B data to improve guest experience, ultimately increasing hotel revenue. But first, let's look at what exactly F&B data is and why it's vital for
How to Trigger Dopamine to Maximize Your Hotel’s Direct Revenue
If you're a hotelier struggling to improve your website conversion rates, you're not alone. Maximizing hotel revenue through direct bookings is crucial, and a little something known as “dopamine” could be the key. In this article, we'll explore the connection between dopamine and positive online experiences and how personalization can help you create a memorable guest experience that boosts conversion rates and revenue. What Is Dopamine? But before diving in, let’s understand what dopamine is.
How to Measure The ROI of Your Revenue Management System?
The revenue management system (RMS) plays a vital role in the modern hotel technology stack, driving greater profitability and efficiency. Still, the demonstrating return on investment (ROI) in a hotel’s revenue management technology investment goes deeper than year-over-year RevPAR uplift measurements. Understand the True Impact of Revenue Technology The additional revenue from properly utilizing revenue management software and strategies directly impact a hotel’s bottom line, making it a valuable tool for increasing a hotel’s valuation
Learn How to Maximize Your Premium Hotel Room Revenue
Do you put your Premium Rooms on a pedestal? A more nuanced approach will yield more revenue. Suites are a peculiar thing within the hotel industry. They are, after all, just hotel rooms for rent. But some hoteliers are very attached to what their premium represents–the hotel's very best. In a way, these special rooms are protected. Some hotels may not even yield the biggest and best room rates. In this article, you'll learn how
Moving Ahead Towards The Light: The Hospitality Industry’s New Trials and Possibilities
There's no doubt that 2022 brought terrific developments for the hospitality industry. Most countries reopened their borders and did away with travel restrictions, and demand matched or even exceeded 2019 levels. However, it's not smooth sailing all around. Our sector faced many ongoing challenges due to the pandemic, and some new issues cropped up, too. What could have been the first "regular" travel year since 2020 is now looking questionable due to the looming recession
Considering a New Hospitality RMS? Watch Out for These 4 Myths
So, you’re thinking about upgrading to a more effective revenue management system (RMS) for your hospitality organization, but you have some doubts. Maybe you’re thinking: It’s too costly to install a different RM Learning a new system will take too much of my staff’s bandwidth My new system will take too long to learn how to price effectively It’s easier to stick with an RMS, I know. It’s “good enough.” However well-founded those concerns are,
Mythbusters: Revenue Management Technology
Do you run a smaller hotel or B&B that uses only manual processes to manage all your reservations, pricing, and inventory allocation? Have you avoided implementing technology to help support your internal operations because you worried that the solutions would cause more problems than they would solve? If so, then this article is for you! This article focuses specifically on busting commonly held myths about revenue management technology – which is, in fact, one of
Automation in Hotel Revenue Management: Yes, or No?
At the Asian American Hotel Owners Association’s annual event, Tyler Morse, chairman and CEO of MCR Development, recently shared a quote to inspire hoteliers to take revenue maximisation into their own hands: “Increase your rates; do it with confidence. … Stop wasting money … Buy smart technology… This is a
Are Attribute-Based Bookings the New Standard for Hotels?
The attribute model has become quite a buzzword in the hospitality industry in recent years. But what exactly is attribute-based booking, otherwise known as attribute-based selling? And which advantages can it bring your upselling initiative? Let’s see what the experts say, so you can make up your mind about whether
How Attribute-based Selling Solves the Hotel Industry’s Problem with Personalization
As consumers, we're surrounded by extreme personalization every day. Whether AI-driven provides product recommendations, options when booking an airline ticket or even adding extra pepperoni on a pizza, consumers are commonly exposed to personalization mechanisms in their online shopping experiences. Consumers Expect Personalization Consumers have come to expect personalization as
Top Tips for Attracting Talent in Revenue Management Recruitment
Question for Our Revenue Management Expert Panel: Attracting talent in the hospitality industry remains a challenging task. What are your top tips for successful recruitment in revenue management teams? What approaches do you find the most useful? Our Revenue Management Expert Panel
What is ARPA?
The average revenue per account, or ARPA, is a KPI used in the hotel industry for revenue management. The metric tells hotel owners the amount of revenue generated, on average, per customer account. As a result, it is a good indicator of business performance. The metric is sometimes known as
Mastering Ancillary Revenue: Key Lessons and Strategies
A revenue management strategy is a common practice among hotels. What’s less common is having an ancillary revenue strategy, though. Nevertheless, it’s beneficial for hotels to have one. It’s one of the first steps to unlocking a new, powerful revenue stream and improving the hotel’s positioning and branding while enhancing