What Kind of Analytics Take Advantage of Big Data for Hotels?
Today, the increasing complexity among distribution channels, changing guest behaviors, and abundance of data are making revenue management harder than ever. Deciding on the right rate structures, forecasting demand, managing groups and lengths-of-stay are introducing even more difficulties for revenue managers, especially in the presence of intensifying competition. Fortunately, we have new types of data […]
Analytics is the Real Performance Driver for Hotel Revenue Management
There are many commercial revenue management systems (RMS) available today. Although there are a growing number of new and exciting developments in Revenue Management analytics, there are many problems that remain unsolved. At the center of any good revenue management solution is its core analytical capabilities. Which business factors are considered for great forecasting, optimal pricing […]
Which Revenue Strategy Is Best for Your Hotel? Part 1
What is Dynamic Pricing? In this series we will discuss many of the revenue strategies and products that are available to hotels today. Let’s start with a very basic understanding dynamic pricing. Dynamic pricing is the continual adjustment of prices offered to guests depending upon the value these guests attribute to your products or services. […]
Pricing-only Approach to Revenue Management: Are You Leaving Money on the Table?
The hospitality industry has been following revenue management practices for decades now. Today, dynamic transient pricing is considered the industry standard for pricing guest rooms. Now, as rate transparency and channel complexity has increased, we hear hotels asking, “Can I manage my property’s revenue just by adjusting rates?” and “Why do I still need to […]