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.
Revenue Technology Needs to Take Risks
The inherent nature of revenue management is mathematical and scientific. But while revenue management and specifically, the hospitality industry, might drive forward with advanced principles of science and math, its survival depends largely on its heart.
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.
Driving Direct Business & Better Revenue in 2017
In today’s ultra-competitive hospitality marketplace, any competitive edge can translate into a stronger bottom line, and it’s no secret that driving direct business and better revenue is one of the top priorities facing all hoteliers. Successful revenue management and direct business practices are vital in increasing profits for every organisation. Tried and true principles will […]
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 […]
How to Maximize Hotel Profits During & After a Renovation
If you’re renovating your home, you often move your living spaces away from the construction area or go stay with family for a short period of time. While inconvenient, it’s typically a very doable option to accomplish temporarily. Besides, after the disruption you’ll get to enjoy the wonderful new spaces in your house. However, for […]
6 Steps for Developing a Strategic Revenue Roadmap
The roadmap to long-term, positive revenue performance can be achieved strategically and tactically with several key steps and considerations in place. Here are six considerations for mapping out your revenue roadmap: Obtain Executive Buy-In & Vision Effective revenue management starts at the top and its vision and revenue management goals must be shared by the […]
A Multi-Generational Approach to Managing Hotel Revenue
What do you do when you need a new pair of shoes? The answer likely varies depending on your age. Older generations will visit a few stores and work with a sales associate. Middle-aged folks who already know what brand they like will just order from the company website. Younger generations will use a smartphone […]
Saute, Steam & Sizzle Your Way to Better Revenue Performance
Cooking a mouth-watering dinner this Valentine’s Day? Of course the main entrée is the showstopper, but that doesn’t mean it should get all your focus while you forgo the side dish, dessert and wine. To make a meal guaranteed to impress, you must carefully create all of its components simultaneously. Miscalculate and you may have […]
The 12 Gifts of RMS: Optimal Pricing
For the sixth gift of revenue management, my RMS gave to me optimal pricing strategies Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee Revenue managers across the globe spend large portions of their days managing rates. They are constantly lowering, raising, analyzing and even […]