This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
An effective strategy that can help is to upsell additional services or products relevant to customers. Therefore, upselling in hotels is not only influential but cost-efficient as well. What is Upselling? Upselling is a sales strategy that offers consumers additional services or add-ons to increase revenue.
As technology continues to evolve, so do the strategies and innovations within revenue management. Let’s delve into some of the key trends shaping the future of revenue management in the hotel industry: 1.
A quick search on the internet yields a wide range of definitions for ‘revenue management’. Some of these take a theoretical, almost academic approach and, in several instances, there are iterations of revenue management’s classic definition: ‘selling the right room, to the right guest, at the right time, for the right price’.
The hotel overbooking strategy is a revenue management technique that hotels use to maximise occupancy and revenue. These are resolved by ensuring you have a high-performing, cloud-based channel manager that updates rates and inventory across multiple online channels in real-time via an API connection.
Include add-ons and upsells on your property’s website to increase revenue and allow guests to customize their stay with you. Research shows that chatbots can increase booking conversion rates for hotels by up to 30% and lead to a 55% increase in upselling opportunities for hotels. Watch the full session from Passport 2024.
What is hotel revenue management? Hotel revenue management is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. What is the primary purpose of revenue management? Why is revenue management important for the hotel industry?
The growth in Spain’s hotel booking volumes has come in spite of rising accommodation prices in the country, which SiteMinder data shows have increased by an average of 12 percent over the past four years. British, French, German, Italian and Dutch travellers, in that order, are visiting Spain in the highest numbers.
Little Hotelier Stand 2270 Little Hotelier is an all-in-one booking system designed specifically for small accommodations. Guestline Stand 1320 Guestline (an Access Company) provides the hospitality industry with innovative property management, guest engagement, payment and distribution software. Have we missed anyone?
All employees are revenue management ambassadors for their organisations. This inherent characteristic of perishable assets underscores the importance of effective revenue management strategies, where every opportunity to optimise revenue must be leveraged. The impact of operational performance on revenue cannot be overlooked.
Hotel management system provider RoomRaccoon has unveiled its annual global report, RoomRaccoon Report 2022, “A Year of Impact: What’s Next?” This reflects the continued desire of guests who want greater control over their accommodation bookings. Hotels are generating better revenue.
Revenue management is a crucial aspect of the hospitality industry, focusing on maximizing income through strategic pricing, inventory control, and demand forecasting. This blog post explores how hotel reception staff influence revenue management and why their role is pivotal in the overall financial health of a hotel.
We have written extensively about hotel revenue management strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
Social Media Management : Social sites are increasingly lucrative. Automation can alleviate the burden of social media management by flagging mentions, scheduling posts, and collating analytic data. However, data management can be time-consuming and burdensome. Data Integration Marketing is a data-driven industry.
While you create unique experiences for your guests, managing daily operations is crucial to ensure smooth functioning and profitability. Below are the key tips for efficiently managing your resort property using modern management systems. Absence or delay in the orders can result in major discrepancies in the folios.
What is revenue management consulting? Revenue management consulting is specialised expertise that a business can bring in to gain guidance on managing and optimising revenue. An investment in hotel revenue management services is therefore one that can quickly deliver an attributable return.
For growing hospitality businesses, a channel manager is a fundamental part of successful revenue management and distribution strategy. In this guide for hospitality professionals, you’ll learn all about Channel Managers, from how they work to what makes great software for your business specifically. What is a channel manager?
Align your accommodation to meet the needs of everyone in the family – accessibility for seniors, creche or bunk beds for kids, etc. Upselling & cross-selling is a great ways to drive up incremental revenue is also on the rise by smart hoteliers. Offers for the whole family. Sustainability is not yet old news.
XOTELS – Revenue Management eBook In the first chapter of this eBook, we will go over the definition of what is revenue management in the hotel and hospitality industry. Everything will be explained from the fundamentals of revenue management to more advanced practices and strategies.
During peak holiday periods, consider adopting a revenue management system that factors in various parameters such as historical booking data, competitor pricing, local events, and even weather forecasts. Create attractive holiday-themed packages that include accommodation, festive meals, entertainment options, or exclusive amenities.
And, thanks to SiteMinder’s comprehensive channel manager, which provides guest reservation data to compliment personalised data on guests, the dynamic collaboration between SiteMinder and Welcome Pickups has significantly transformed the operations of Axel Hotels. Absolutely, I would recommend hotels to use SiteMinder and Welcome Pickups.
What is rental property management software? Rental property management software allows you to manage your property’s operations online from one convenient location. Manage reservations, allocate rooms, build guest profiles, organise housekeeping and maintenance, and more. Learn more 2. Visit website.
From before they arrive and visit third-party sites or OTAs to look for accommodation or online reviews to your website, email communications and the actual stay – everything contributes towards guest experience. These communications become a fantastic opportunity to upsell your services. Clever ideas to improve guest experience. #1
This not only boosts your profits but also allows you to establish a direct relationship with your guests, making upselling and future marketing more effective. User-Friendly Reservation Management: Managing bookings should be a breeze. The platform is globally PCI Certified, guaranteeing safety for both you and your bookers.
A hotel booking engine is a crucial tool for hotels and accommodation providers in today’s time. If you are a smart hotelier or any type of accommodation provider, you would not want to miss the chance of converting your website visitors from an OTA (or any other source) and bag the commission-free direct bookings.
From exquisite rooms, amazing dining options, and fabulous event venues, Chatrium is truly a premium accommodation choice. Collecting data, prioritising attention to detail, and optimising personalisation are all keys to perfecting upsells and ancillary services. Pawarisa said the key to this is creating authentic connections.
What is hotel management? Hotel management is the practice of overseeing every operation of the business to ensure consistent growth and development. Successful hotel management is about being able to adapt and meet challenges within a range of roles and responsibilities.
What is a destination management company (DMC)? A destination management company is a professional services firm specialising in local expertise and resources to design, plan, and manage events, activities, and tours. What is the difference between destination management companies and travel agencies?
LONDON, June 6 2024 – The Access Group , a $1.3bn+ business management software provider, has added global hotel and casino technology specialist SHR to its expanding AI-powered end-to-end platform for hotels. This strategic move for SHR brings a wealth of benefits to our customers.
A hotel CRM is a customer relationship management system, which helps hotels manage their relationships with guests. Little Hotelier Little Hotelier is an all-in-one solution helping small accommodation providers run their business more efficiently, effectively, and profitably. What is a hotel CRM? Learn more 2.
While they can be a wild card in the hotel management game, they offer a unique opportunity to maximise occupancy and revenue. The report states that almost 45% of travellers used a mobile app to book their accommodation and tours, while nearly 85% of travellers booked activities using their mobile device.
In the hotel industry, eCommerce refers to the buying and selling of accommodation and related services over the internet. To manage these campaigns, consider working with a digital marketing solution provider and be sure to ask them to activate your Free Booking Links on Google. What is hotel eCommerce?
While parking spots and meeting rooms have played a huge role in this, 2024 will be the year that more hoteliers revolutionize revenue management. of guests added an upgrade to their reservation while checking in, with an average upsell value of $48. A quarter of guests continue to check-in online, and 2.2%
Be it luxurious accommodations, exclusive dining, or wellness experiences, Songkran visitors crave it all. ” Offer irresistible packages that blend accommodation with local experiencesthink water fights, Thai New Year rituals, and cultural excursions. During Songkran, travelers dont just stay longer; they spend more.
A unified inbox is a tool that consolidates messages from multiple communication channels, such as email, social media and SMS, into a single interface that allows users to manage all their messages in one place. This guide will take you through all the vital elements of a unified inbox for your hotel or small accommodation property.
Millennials invest their spending potential in guest experiences and encourage their peers to do the same, which has resulted in a reversal of roles: independent hotels now cater heavily to luxury travel, while established brand chains are investing in affordable accommodation.
In a hotelier’s case or any accommodation provider, selling rooms is the main product to reach full occupancy. There are plenty of upselling tools available. Revenue management is the art of analysing and optimising pricing as a key lever. PRODUCT – Hotel and the rooms. Find out more here.
As more technology becomes available and more guests show a preference for it, even more accommodation providers will begin to jump on board. Overall, the majority of society is embracing technological advancements, including during their travel and in their accommodation. billion within the decade.
What is hotel management? Hotel management is the practice of overseeing every operation of the business to ensure consistent growth and development. Successful hotel management is about being able to adapt and meet challenges within a range of roles and responsibilities.
Effective hotel distribution strategies enable hotels to target the right audience, optimise occupancy rates, and enhance revenue management. To effectively manage online distribution, Channel Managers are pivotal tools that streamline the management of third party channels, ensuring price consistency and real-time room availability.
There is no single answer to what constitutes a ‘good’ return on investment for a hotel , since it will vary significantly depending on the size and scope of the property, where it’s located, the goals of the management team, marketing efforts, features of the hotel and more.
She has several options for accommodation, but she (or her organisation) opts for your hotel due to a “Book two nights and receive a complimentary airport transfer” offer. Enhancing the guest experience: Complimentary services or amenities as part of a promotion can elevate the overall quality of a guest’s stay.
Delivering comprehensive value across every aspect of property management. At its core, the Cloudbeds Platform offers: An intuitive property management system (PMS) that empowers teams to boost revenue, streamline operations, and delight guests all within one unified system. Upselling tools. Smart door locks. Room controls.
While parking spots and meeting rooms have played a huge role in this, 2024 will be the year that more hoteliers revolutionize revenue management. of guests added an upgrade to their reservation while checking in, with an average upsell value of $48. ” For the U.S. A quarter of guests continue to check-in online, and 2.2%
A hotel distribution strategy involves selecting and managing the different channels through which a hotel sells its rooms to potential guests. Hotel management must balance direct and indirect channels to secure a steady stream of bookings whilst increasing revenue. What is a hotel distribution strategy? Another piece of advice?
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content