Lack of preparation, analysis, and system modifications could lead to a strategy falling short of expectations. So, what do we do about it? The HSMAI Revenue Optimization Advisory Board offered their recommendations and insights on this topic.
The Challenge of Finding the Most Profitable Demand as the Hotel Recovery Ramps Up
Revenue management can be defined as the strategic distribution and pricing tactics used to sell a property’s perishable inventory to the right guests at the right time, to boost overall revenue growth.
Basic revenue management strategies comprise of market understanding and competitor awareness, segmentation and price optimization, pricing strategy, forecasting and yield management. Guest writer Benjamin Verot from HotelMinder shares his tips and strategies.
Experts Still See Value in Market Share, Traditional Key Performance Indicator Data
Establishing specific but simple, comprehensive and flexible room types is the best way to pique interest among prospects and increase sales while making rooms management easier. Guest writer Benjamin Verot from HotelMinder shares his tips on how to configure hotel room types?
As we emerge from this pandemic, revenue managers need to continue to be more data-centric, whilst also focusing on an approach that can compress analysis, decision-making and implementation down into much shorter windows of time. It’s now time to re-evaluate, reset, and be resurgent in this new dynamic and fiercely competitive landscape.
Understanding which customer groups drive the greatest value is critical to the success of your revenue management strategy.
As hotels come out of what has to have been the most tumultuous year our beloved industry has ever faced, it is important now more than ever to have the right technology in place to attract and retain online business while offline channels continue to struggle. Let’s look at the reasons shared by STAAH pricing intelligence partner Rateping on why hotels need automation for their revenue management?
Watch the new episode of the STAAH Webinar (Indonesia) on Optimising Online distribution, using the right channels and technology.