The Future of Revenue Management Series: Pricing
This is the fourth in a series of five videos about the future of revenue management, as moderated by Sherri Kimes, professor of operations management at Cornell’s School of Hotel Administration. The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies […]
So Happy Together: Pricing & Inventory Controls
On one part of your plate, you have pricing. And on the other part? Your inventory controls. But it’s only when you start combining those two that the exciting action begins—the kind of action that drives maximum profit potential.
A Partnership Providing Better Hotel Pricing
IDeaS and OTA Insight partnered together to give hoteliers an edge over their competitors by providing them with industry-leading revenue management solutions. Vivek Bhogaraju, director of global strategic alliances and initiatives at IDeaS, had the opportunity to sit down with Adriaan Coppens to discuss how mutual clients are benefiting from the IDeaS and OTA Insight partnership.
Sunday Night Fever
With the 40th anniversary of “Saturday Night Fever” upon us, Vanity Fair recently described the pop culture movie as a “fun 70s curiosity with pitch-blackness.” The special anniversary release of this iconic film not only elicits nostalgic memories of obnoxious white suits and slick dance moves, but it also leaves me thinking about hotels and their Sunday night pricing. You see, Sunday nights can also be considered a fun curiosity with a bit of pitch-blackness.
Turned Down For What?
Today’s market environments have reached merciless levels of hotel competition. New and re-branded hotels are popping up on virtually every corner. Industry consolidation catapulted distribution giants like Expedia and Booking.com into online Goliaths. Airbnb and other sharing economy wunderkinds have progressed well beyond some kind of side hustle, posing a legitimate threat for stealing market share – especially over high compression time periods.
How to Lose Revenue in 10 Ways
As the old saying goes: “There’s a fine line between love and hate.” The same could be said for your revenue strategy and its ability to positively impact your hotel’s profits. Play your cards strategically and insightfully, and your hotel reaps rich and profitable rewards. But take a turn toward lackadaisical revenue approaches, and you […]
5 Ways to Find the Right Pricing Strategy for Your Hotel
Revenue managers dedicate a big part of their day to managing hotel rates and driving profits. They are constantly analyzing data and various influencing factors to find that coveted sweet spot – and a revenue manager’s greatest reward is finding the ideal public pricing that attracts guests and boosts their organization’s bottom line. However, what makes […]
Ideal Pricing vs. Only Pricing: Revenue Strategy Beyond Price
Hospitality experts agree that hotels can’t maximize profitability by managing rates alone. When your revenue strategy only focuses on managing price, you can’t deliver optimal results. Managing only price works well when your inventory is not perishable; however, when it comes to hotel rates, your strategy requires a higher degree of sophistication. Let’s compare a […]
Ideal Pricing Delivers Extraordinary Revenues
Similar to many industry veterans, I’ve spent the vast majority of my adult life working in hotels. From operations to sales & catering to revenue management, I’ve overseen branded and independent properties, ranging from 500-room luxury resorts to 80-room limited service inns. Through my experiences I can say with certainty there has never been a […]
Four Considerations for Developing Your Pricing Strategy
Hotels devote large portions of their revenue management strategies around developing and implementing the right pricing structure for their property and market. But establishing the right pricing structure isn’t a one-off activity – and with the hotel’s bottom line depending heavily on revenue generated from the implementation of an proper pricing strategy, it is critical […]