Machine Learning: Buzz Phrase or the Real Deal?
Thanks to big data, machines have a lot more to learn from. The question is: Are they learning or are they causing hotels to work harder to decipher all that added data?
Why Cancelling & Re-Booking is Killing Your Revenue
Why do guests cancel and re-book hotel reservations? Well, that’s easy: Because they can, and because it makes economic sense—people don’t want to spend more money than they have to. In the eye of the traveler, freeing up money on a hotel stay frees up money to spend on other enjoyable aspects of a trip.
Can Your Data Answer the 5 W’s of Storytelling?
Every compelling story – a thrilling book, a coworker’s wild weekend recount, an upcoming blockbuster movie – contains some very familiar elements. Commonly referred to as the five w’s of storytelling, every strong narrative provides answers to the common inquisitive questions of who, what, where, when and why. The story your data tells about your […]
Revenue Managers Succeed with a Series of Right Moves, at the Right Time
Chess is a well-known game of analysis. When playing for the first time, one often lacks the knowledge to think strategically. Over time, however, one begins to weigh possible outcomes for every decision, even when it’s their opponents turn. The ability to understand and analyze all potential scenarios and outcomes will lead to more wins. […]
Great Expectations for Hotel Revenue Management
Expectations for the hospitality industry grow stronger with every year – and the shelf life of how long a competitive offering is considered leading-edge before it becomes just another standard guest expectation has dramatically decreased over the recent years. For example, free Wi-Fi and complimentary happy hours – once competitive selling points for hotels – […]
The Analytics Tsunami: Are You Ready to Ride its Wave?
I speak a lot at industry events about the power of today’s sophisticated analytics. With many unique challenges facing the industry today – notably around an increasingly competitive distribution landscape – hotels are looking for the best ways to account and solve for the complexity in the market. With new entrants (think: Airbnb and Google) […]
Extending Revenue Management Strategies into New Lengths
Today’s savvy hotel groups are always on the prowl for new ways to generate additional revenue, and the thriving extended stay accommodation division is making good on delivering exceptional value for its owners and guests. It has become so profitable over the years, in fact, that nearly every major global hotel franchise has at least one […]
The Wheel of Revenue Management Analytics
There’s a popular television game show called “Wheel of Fortune” that features enthusiastic contestants solving word puzzles by guessing one alphabet letter at a time. Each word puzzle is classified under a specific category name that gives the players a further clue to uncovering the round’s hidden phrase. A popular category in the game, called […]
RMS Must-Have Features: Elasticity & Competitor Rate Considerations
Worried the hotel down the road is attracting more guests than you are? Contemplating dropping your rates to combat a dreaded seasonal lull? Don’t be too quick on the draw. You need some additional insights before making any rash decisions. Fortunately for you, elasticity and competitor considerations take center stage in this third and final […]
RMS Must-Have Features: Demand Forecasts & Guest Demand Patterns
The first blog in the must-have features series dug into complex considerations for controlling segments and rates. In this post, demand forecasts take center stage. If your revenue management system (RMS) uses a single forecasting approach for all of your customers, you’re missing out on a huge opportunity. Think about being a parent for a […]