“Heads in beds” may be the goal, but maximizing revenue goes beyond just occupancy levels! Here are 7 effective ways for hoteliers to elevate their game: Rethink “Yield Management” Shift focus to revenue management, ensuring a balanced approach that considers the bigger revenue picture. Longer stays on peak nights can drive occupancy on surrounding shoulder […]
Overbooking is a widely used tactic in the hotel industry, strategically employed to ensure maximum occupancy and room sell-out. While it offers undeniable benefits for hoteliers, there are potential downsides such as dissatisfied guests and missed revenue opportunities from free room upgrades. Why Do Hotels Overbook? 4 Primary Reasons When managed effectively, overbooking can be […]
As a revenue manager, your daily focus on “yesterday’s pickup”; is pivotal for informed decisions on pricing and room allocation. Understanding pickup and pace is the cornerstone of revenue management, offering insights into booking trends and potential revenue. What is Pickup and Pace? Pickup: The number of rooms booked within a specific date range from […]
Welcome to the future of hotel marketing! In the dynamic landscape of 2024, attracting more guests to your hotel requires a blend of innovation, digital finesse, and a commitment to delivering an unforgettable experience. Let’s delve into 10 cutting-edge hotel marketing tips that will set your establishment apart and draw in a flood of eager […]
Breakfast isn’t just the first meal of the day; for hotels, it’s a golden opportunity to enhance brand reputation and bolster revenue streams. The morning meal experience, encompassing setting, food quality, service, and environment, serves as a pivotal aspect in shaping a hotel’s image and influencing revenue management strategies. Setting the Scene: Atmosphere Matters Picture […]
As 2023 almost draws to a close, it’s time to start budgeting and planning for a successful new year in your hospitality business! Here are 7 things you can do to start developing (and reaching) your revenue goals: Optimize distribution channels: To boost margins, optimizing your distribution channels is key. Evaluate costs per room sold, […]
In the hospitality sector, adopting sustainable practices can encompass various eco-friendly initiatives, irrespective of the size of the establishment. Here are some examples for GOING GREEN! 1) Enhance Energy Efficiency Prioritizing green practices in hospitality starts with evaluating and reducing energy consumption: Opt for energy-efficient appliances Embrace solar-powered technology Implement smart systems like HVAC Encourage […]
In the age of AI and Big Data, the integration of advanced technology is transforming various industries, including lodging and hospitality. Revenue management, a critical function in the hotel industry, is poised to benefit significantly from these innovations. The Growth Potential of AI: A study from McKinsey Global Institute has shown that the widespread adoption […]
It is a rather unsettling trying to plan for a future that is not quite as clear as we would like it to be. As we do not know where the end is or how long we must plan for to be in survival mode before we can thrive again, planning is super frustrating. The […]
WOW, we certainly live in a time of information overload. I went through a phase where I found it increasingly difficult to decide what is relevant, what is a duplication of information or what is just ‘fluff’. As an analytical thinker in the industry, I am constantly trying to find the final piece of the […]