Revenue Technology: Are You Doing It Wrong?
When it comes to executing a successful and profitable strategy, there are more than a few ways today’s revenue management technology can help every single hotel master their unique business.
Technology Don’t Work? Shoot It.
Hotels are at an exciting – and potentially scary — point in the arc of revenue technology adoption where some organizations have to make the tough decision to terminate an existing system, or switch technology providers in the pursuit of finding a better fit for their business strategy.
Know When to Break the Rules
“Flexible rules” are supposed to help hotels adjust their rates when conditions have been met. But rules—even those as descriptive as “flexible”—don’t hold a candle to the profits and power an automated, analytics-based pricing approach by room type can deliver.
The Art of Negotiating Contract Rates
Contracted rates have always played an important role in a hotel’s bottom line, and how those rates are established has evolved over time. Similar to many other aspects of our ever-evolving industry, calculating contracted rates has dramatically changed as a result of dynamic transient pricing. In fact, in the not-so-distant past, contracted rates were generally […]
4 Myths of Revenue Management
Revenue management doesn’t often find itself associated with mythical unicorns or other infamous folklore, but there are still some very common misconceptions that tend to swirl around the importance of its technology within the hospitality industry. Here are four common revenue management myths and why they’ve been officially been busted by today’s automated revenue management […]
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 […]
When Your RMS Removes its Headphone Jack
When Apple recently released their iPhone 7, consumers were surprised (and even outraged) to find the company had removed its headphone jack – requiring users to rely solely on relatively pricey wireless headphones. While no doubt a bold move from Apple, will this strategy end up being hailed as a smart move or a potential […]
3 Questions for Centralizing Revenue Management at Limited Service Hotels
With the advances in revenue management technology, analytics tools and forecasting capabilities, there has never been a better time for limited service hotels to optimize their revenue management potential. After all, what hotelier doesn’t want to maximize profits, streamline processes and strengthen their internal teams? A centralized system can offer all that (and more!) for […]
Group Pricing Goes for Gold
Remember the days when you would gather around a table and sales managers would bring their group inquiries to hash out which business to accept and at what rate? Sales managers would be anxious to take as much business as possible, F&B managers would be concerned if minimums or rental weren’t high enough, and general […]
A Tale of Two Hotels: The Automation Edition
In recent years, the hotel revenue management industry has seen a swift transformation – moving past filling as many rooms as possible to approaching their revenue strategies from a more holistic viewpoint. The fruits of today’s sophisticated technology have allowed hotels to quickly and efficiently digest large volumes of data to make more informed decisions […]