How Can Hotels Benefit Most from Automation in Revenue Management?
Question for Our Revenue Management Expert Panel: Automation in revenue management can mean significant time-saving. Where can automation bring the most value to a hotel revenue management team and what tasks are best suited to automation? Our Revenue Management Expert Panel Dr. Betsy Stringam-Bender – Professor of Hotels & Resorts, New Mexico State University Patrick Wimble - Managing Director, Lightbulb Consulting Theresa Prins - Founder, Revenue Resolutions Chaya
5 Steps to Master The Basics of Hotel Benchmarking
Whether your hotel brand contains five-star luxury hotels or serviced apartments, having precise data and knowing how to leverage it, is critical to building a successful hotel revenue plan. When it comes to implementing a hotel benchmarking strategy, there are multiple questions to consider. How do I define my compsets? What metrics should I analyze? How do I go about interpreting the results? In this article, you can read 5 steps to take to be
How Targeting Hotel Audiences Ensures a Personalized Experience for Each Guest
The key to meeting the expectations of today's guests, with or without technology, is a targeted approach. No one has the time or headspace to process and filter out irrelevant information in the information overload era. After engaging in a great deal of comparisons, analysis and filtering in their search for accommodation, asking your guests to put in this work is becoming more and more unthinkable in hospitality. Audience Segmentation This is one of the
Resort Revenue Revolution: When Technology Meets Paradise
Resort operators should take a moment to reconsider the potential for significant revenue growth. It is worth noting that leading revenue management system (RMS) providers are now directing their attention toward meeting the unique requirements of resorts. Resorts can unlock various possibilities by embracing automated dynamic pricing, flexible inventory optimization, and other innovative tools. Bye Bye Spreadsheets Gone are the days when revenue managers had to devote excessive time to cumbersome spreadsheets. With the advent
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? Why Hotels Need to Hire a Revenue Management Consulting Firm? What Are the Benefits of Hiring a Revenue Management Consulting Firm? Benefit From Expertise Gain Outside Perspective Cost Efficiency and ROI Data-Driven
Interview with Founder and CEO Tom Dibble of Screen Pilot
In this interview, we're talking to Tom Dibble, the founder, and CEO of Screen Pilot. Screen Pilot optimizes hotels' direct distribution channels with comprehensive digital marketing solutions. This provides several benefits, including increased booking and brand recognition, decreased need for third-party services, and a larger return on investment. Can you tell us a bit about yourself? I was born in the U.K. and spent a few years in
Should Sales Teams Receive Revenue Management Training?
Question for Our Revenue Management Expert Panel: Should Directors of Sales be trained in Revenue Management? How would it affect their understanding of Revenue Management complexities, their results & strategy? (Question by Connor Vanderholm) Our Revenue Management Expert Panel Connor Vanderholm - CEO, Topline Tanya Hadwick - Group Revenue & Yield Leader, SunSwept Resorts Heiko Rieder - Vice President Business Development, Travel Charme Hotels & Resorts Diego Fernández
Top 3 Goals for Independent Properties and Strategies for Success
They say after the storm comes a calm. However, the storm has yet to pass in the hospitality industry. While seeing the light again is possible, the industry still navigates in turbulent waters. Why? With a fierce competition of over 17.5 million guestrooms in 187,000 hotels (1) worldwide, independent hotels
Hotel Front Desk Software: What Is It, Main Features & Examples
Hotel front desk software describes any software designed to assist with front office tasks. This includes several different types of software, including property management systems and point-of-sale systems. In this article, you can explore these software types in greater depth, learn about key features, and understand the key benefits. Table
Hotel Business Plan: Write a Successful and Effective Hotel Business Strategy Plan
A hotel business plan is essential for anyone starting a new enterprise in the hotel industry. A business plan is a document that identifies your goals, objectives, and success strategies. It will be the foundation for your new operation. In this article, you'll learn how to create a detailed and