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How Does Hotel Overbooking Impact Your Revenue?

2024-01-28T17:37:27+01:00

Overbooking is a common practice in the hotel industry, strategically employed to secure maximum occupancy and guarantee the sell-out of rooms. While this approach holds undeniable benefits for hoteliers, there are also downsides to it, such as dissatisfied guests in case you get double bookings or missed revenue opportunities from free room upgrades. Why Do Hotels Overbook: 4 Primary Reasons

How Does Hotel Overbooking Impact Your Revenue?2024-01-28T17:37:27+01:00

Open Pricing: Why Is It the Next Hotel Revenue Management Strategy

2024-01-25T15:28:34+01:00

Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality. In this article, you'll learn how this pricing strategy can work for you.

Open Pricing: Why Is It the Next Hotel Revenue Management Strategy2024-01-25T15:28:34+01:00

Revenue Management vs Yield Management

2024-01-25T15:17:50+01:00

Revenue Management vs Yield Management "Revenue Management versus Yield Management" distinguishes two crucial concepts in business strategy. Revenue Management encompasses various activities to maximize income, focusing on pricing strategies, market demand, and consumer behavior. Yield Management is a more specific aspect of Revenue Management, concentrating on achieving maximum revenue from a limited inventory, such as hotel rooms or airline seats,

Revenue Management vs Yield Management2024-01-25T15:17:50+01:00

STR Report: Introduction Guide for Hoteliers

2024-01-22T13:53:44+01:00

STR Report The STR Report is a comprehensive analysis of hotel industry performance. It offers critical data on occupancy, average daily rate, and revenue per available room, making it essential for hoteliers and investors to understand market trends, benchmark against competitors, and strategize for revenue maximization and market positioning. Key Takeaways Benchmarking Tool: The STR Report is a vital benchmarking

STR Report: Introduction Guide for Hoteliers2024-01-22T13:53:44+01:00

12 Revenue Management Tips for Hotels

2024-01-25T15:19:50+01:00

Revenue Management Tips for Hotels Revenue management tips are strategies and best practices used to optimize the financial performance of a business, particularly in sectors like hospitality and travel. These tips involve pricing strategies, demand forecasting, market analysis, and inventory control to maximize revenue. They are crucial for businesses to remain competitive, adapt to market changes, and enhance profitability by

12 Revenue Management Tips for Hotels2024-01-25T15:19:50+01:00

STR Trend Report: How the Industry Adapts to Changing Market Dynamics

2024-01-22T14:00:35+01:00

STR Trend Report The STR Trend Report provides critical data on hotel industry performance, offering insights into occupancy, average daily rates, and revenue per available room. This report is vital for industry stakeholders to understand market dynamics, make informed decisions, and strategize effectively in a competitive landscape. Key Takeaways Occupancy & Revenue Metrics: Covers crucial metrics like Occupancy Rate, Average

STR Trend Report: How the Industry Adapts to Changing Market Dynamics2024-01-22T14:00:35+01:00

What is Revenue Management?

2024-01-11T16:44:06+01:00

What is Revenue Management? Revenue management is a strategic approach to pricing and selling products or services to maximize revenue. Businesses need to understand market demand, customer behavior, and pricing strategies to enhance profitability, especially in hospitality and airlines. Key Takeaways Maximizing Revenue: Focuses on strategies for pricing and selling services to optimize revenue based on market demand and customer

What is Revenue Management?2024-01-11T16:44:06+01:00

The Benefits of Offering Multiple Payment Methods at Your Hotel

2023-12-20T17:28:58+01:00

The world of hotel payments is everchanging. New payment methods are constantly being introduced into the market, from cash and bank transfers to credit cards and digital wallets. To satisfy guest expectations and encourage direct bookings, lodging operators must stay on top of emerging trends and offer the latest payment methods. The Importance of a Seamless Payment Experience In addition

The Benefits of Offering Multiple Payment Methods at Your Hotel2023-12-20T17:28:58+01:00

Airline Revenue Management: What is It, How Does it Work & Examples

2023-12-24T14:57:24+01:00

Given the volatility of demand and the high fixed costs involved in operating commercial flights, it's no surprise that the airline industry has always been at the forefront of revenue management. Commercial airlines were some of the first companies to analyze consumer behavior and tailor their prices to the information. In this article, you'll learn everything you need to know

Airline Revenue Management: What is It, How Does it Work & Examples2023-12-24T14:57:24+01:00

5 Ways to Increase Revenue With a Hospitality CRM

2023-12-06T12:43:43+01:00

If there is something that people working in marketing in hospitality is talking about is the power of a CRM system. But why has it become so important? Today, the challenges of hotel marketing are increasing consistently. People demand more personalization, better reach, multi-channel approaches, etc. And if you are not meeting these requirements, the numbers will show it.  The Benefits

5 Ways to Increase Revenue With a Hospitality CRM2023-12-06T12:43:43+01:00

Tips for Calculating Demand and Price for Events without Historical Data

2023-12-06T13:04:36+01:00

Question for Our Revenue Management Expert Panel: How do you calculate demand and room price for unique events that are new to your area (e.g., major concerts, Olympic Games, World Cup, etc.) without having historical data to refer to? (Question by Massimiliano Terzulli)  Our Revenue Management Expert Panel Massimiliano Terzulli - Revenue Management

Tips for Calculating Demand and Price for Events without Historical Data2023-12-06T13:04:36+01:00

Cliches About Revenue Management, Guests’ Quality, and Brand Reputation

2023-12-06T13:07:56+01:00

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

Cliches About Revenue Management, Guests’ Quality, and Brand Reputation2023-12-06T13:07:56+01:00

Which Matters Most for Winning Guests – Price or Loyalty?

2023-12-20T17:56:25+01:00

Regardless of who you are, competition in the hospitality industry is increasingly fierce, and winning new customers is a major challenge even for experienced hoteliers. So, what makes the most significant difference in getting guests to stay at your hotel versus the one down the street? Is it price? Is it the chance to benefit from a personalized loyalty program?

Which Matters Most for Winning Guests – Price or Loyalty?2023-12-20T17:56:25+01:00

Revenue Management is About Much More Than Pricing

2023-12-06T13:35:12+01:00

When hoteliers, hotel owners, or management seek the help of a revenue management consultant or outsourcing company, they often mention something like, "We've casually practiced revenue management in the past." As the consulting engagement kicks off, these hospitality professionals will say they understand the discipline even though they lack a structured approach. Yet, revenue management is all about structure. Pricing

Revenue Management is About Much More Than Pricing2023-12-06T13:35:12+01:00

How do Reputation Scores and Revenue Management Influence each other?

2023-12-06T13:41:28+01:00

Question for Our Revenue Management Expert Panel: What are the links between hotel reputation scores and revenue management? How do they influence each other? (Question proposed by Pablo Torres)  Our Revenue Management Expert Panel Pablo Torres - Director Of Sales Marketing, Alannia Resorts Chaya Kowal - Director of Revenue Management, Potato Head

How do Reputation Scores and Revenue Management Influence each other?2023-12-06T13:41:28+01:00

Revenue Management Guide: Calculating Costs & Quality Analysis

2023-12-06T13:42:42+01:00

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

Revenue Management Guide: Calculating Costs & Quality Analysis2023-12-06T13:42:42+01:00

6 Ways Your Hotel Might be Missing Revenue Opportunities

2023-12-06T13:50:21+01:00

You'll probably agree that seizing revenue opportunities is more important now than ever - especially with costs increasing in every area of hotel operations and demand only recovering. Otherwise, your property's profitability could take a severe hit, and its long-term business success may be at risk. Luckily, there are many things you can do to capitalize on demand and get

6 Ways Your Hotel Might be Missing Revenue Opportunities2023-12-06T13:50:21+01:00

How can Revenue Managers Collaborate on Decisions?

2023-12-06T14:59:51+01:00

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)  Our Revenue Management Expert Panel Daniel Feitosa - Revenue Management Specialist Sandra Gannon - Commercial Consultant, Revenue Puzzle Patrick Wimble -

How can Revenue Managers Collaborate on Decisions?2023-12-06T14:59:51+01:00
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