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
Revenue Management System (RMS): What Are the Advantages?
A revenue management system is a software solution that allows hospitality brands to carry out various revenue management activities. For instance, the software makes it easier to forecast changes in demand and optimize pricing. Revenue management systems provide hotels and similar businesses with a number of major advantages, including improved accuracy and efficiency. It's important for business leaders to understand these advantages and invest in a high-quality solution that will provide the key benefits. In
The Most Used Revenue Management KPIs for Hotels
A key performance indicator can provide revenue managers and hotel owners with valuable information about their business performance. This subsequently has the benefit of allowing them to implement a revenue management strategy so that they can maximize financial business results. In this post, we look at some of the most widely utilized revenue management KPIs and how they can help you. Table of Contents: What Are Revenue Management KPIs? Most Used Revenue Revenue Management KPIs
How Can a Hotel Marketing Company Boost Your Hotel’s Revenue?
In the highly competitive hotel industry, optimizing revenue means attracting plenty of attention and generating the right levels of interest from customers. Marketing plays a key role here, and while many hotels handle this internally, others opt to outsource their marketing efforts to a dedicated hotel marketing company. This article will teach you more about hotel marketing and how a marketing company can boost your revenue. Table of Contents: What Is Hotel Marketing? Why Is
Hotel Marketing Checklist and Tips for Pre-Opening Success
Question for Our Hotel Marketing Expert Panel To ensure a successful launch, what key actions should be on a hotel’s marketing checklist in the months leading up to a new opening? (Question proposed by Kamila Zawadzka.) Our Marketing Expert Panel Kamila Zawadzka - Marketing Lead, The Orange Studio Michael J. Goldrich - Founder & Chief Advisor, Vivander Moriya Rockman - Chief of Marketing, Smiling House Luxury Global Max Starkov - Adjunct Professor Hospitality Technology, New York University Ask Our Panel a Question Join Our Expert Panel "Opening a
Top Tips for Marketing and Selling Conference and Event Spaces
Question for Our Hotel Marketing Expert Panel How can hotels effectively market and sell their conference and event spaces? What are the best practices and tips for achieving success? Our Marketing Expert Panel Cory Falter - Partner, Lure Agency Thom de Graaf - Online Marketing Specialist, Orange Hotel Marketing Michael J. Goldrich - Founder & Chief Advisor, Vivander Luminita Mardale - Director Of Marketing And Business Development,
7 Common Revenue Management Mistakes and How to Avoid Them
Imagine a well-located boutique hotel. The guests enjoy themselves, and while it's slow, it is low season. However, as high season approaches, many rooms remain empty while other nearby properties fill. What's Making Nearby Hotels More Attractive? On the surface, there's no obvious reason why guests are choosing the competition. A little sleuthing shows that these hotels use dynamic pricing and have had many favorable reviews. The reviews boost the property's brand reputation and visibility
What are the Best Marketing Strategies for Hotels on a Budget?
Question for Our Hotel Marketing Expert Panel For hotels with a smaller budget, what marketing strategies carry the biggest impact? What could move the needle the furthest, but with the lowest amount of investment? (Question by Cory Falter) Our Marketing Expert Panel
Common Booking Funnel Bottlenecks and How to Overcome Them
The road from research to booking is not exactly straightforward for today’s travelers. The competition is fierce for hoteliers, and so is the pushback from OTAs. It’s crucial for hoteliers to optimize their booking funnel so that the transition from research to booking feels smooth and natural for guests. 5
The 2024 Ultimate Guide to Google Hotel Ads
72% of travelers use metasearch engines in their booking journey! Google Hotel Ads (GHA) is a powerful metasearch solution for hoteliers looking to attract more guests and elevate their direct bookings and visibility. Whether you're a seasoned hotelier looking to enhance your direct bookings or a newcomer to the world