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This scalability is especially valuable for hotels – as more information is collected about guest behavior, booking trends , and occupancy patterns the more precise rate adjustments, inventory management, and marketing strategies will be in the future. Why it’s important for hotels? Why it’s important for hotels?
The data covers key hotel performance indicators such as occupancy, RevPAR, booking lead time, length of stay, international and domestic travel, direct and OTA bookings, as well as upsell performance to forecast trends shaping the hotel industry in 2023. Some of the findings: Direct bookings are on the rise.
By combining information from different sources, revenue managers can visualize the entire customer journey, customizing pricing and promotions for different channels and groups. AncillaryRevenue Management Pricing In addition to room revenue, ancillaryrevenue streams play a crucial role in boosting overall profitability.
What Are Revenue Management Tools? Revenue management tools are software and systems that help hotels optimize pricing, control cost , maximize occupancy, and increase profitability. It monitors guest reservations, room occupancy, and overall performance metrics. And not just from your hotel rooms?
The report highlights that hoteliers view increasing occupancy and improving operational efficiencies as key priorities, with 85% of hoteliers anticipating that personalization could help deliver over 5% in incremental revenue. decision-makers planning to invest in technology within the year.
There is no set formula to increase a hotel’s revenue, it can be achieved by creating a good promotion plan, tapping into sources of ancillaryrevenue , upselling and other marketing strategies. Optimise ancillaryrevenue. Here are 10 strategies: 1. It is great to be fully booked.
While revenue management is more focused on a hotel’s pricing and availability to maximize revenue, revenue optimization takes a broader approach to include a full range of revenue sources that includes food and beverage, spa services, events, classes, and other ancillaryrevenues.
Optimizing ancillaryrevenue streams: To diversify your revenue sources, consider enhancing offerings in food and beverage, spa services, and event hosting. Train your staff to identify and capitalize on upselling opportunities. Targeted marketing campaigns: Run campaigns during off-peak periods to boost occupancy.
Collaboration with other departments The Future: Total Revenue Management What is Revenue Management? For example, highlight amenities (bar, restaurant, spa, pool), and leverage packages (romantic, weekend, spa offer), to both expose why bookers should stay at your hotel, and generate ancillaryrevenue by promoting those offerings.
This can entice guests to book at a higher rate while also increasing your overall revenue. Don’t Forget About Upselling: Train your staff to upsell guests to higher room categories or add-on services. As a result, their occupancy increased by 20% during the shoulder season, and their overall revenue grew by 15%.
Connect additional channels If you find on some days or weeks your occupancy is lower than you’d like, and not enough revenue is coming in as a result, you may not be reaching a big enough audience. You can also upsell food and beverage offers or create them as part of a package.
This can entice guests to book at a higher rate while also increasing your overall revenue. Don’t Forget About Upselling: Train your staff to upsell guests to higher room categories or add-on services. As a result, their occupancy increased by 20% during the shoulder season, and their overall revenue grew by 15%.
This can entice guests to book at a higher rate while also increasing your overall revenue. Don’t Forget About Upselling: Train your staff to upsell guests to higher room categories or add-on services. As a result, their occupancy increased by 20% during the shoulder season, and their overall revenue grew by 15%.
Alternatively, less expensive room rates can be redeemed through more aggressive upselling. Increase RevPAR & Occupancy with a Hotel Loyalty Program With a goal of maximizing both occupancy AND RevPar, driving direct bookings with the help of a hotel loyalty program is a must.
Lower your operating costs effortlessly with smart hotel technology Use SiteMinder’s platform to easily boost occupancy, maximise revenue, and create efficiencies for your business. The result will be influenced by a number of factors, including your: Occupancy rate: Higher occupancy rates generally lead to lower CPOR.
Revenue Strategies & Tactics Market Segmentation Hotel Pricing Strategies Forecasting & Budgeting Properly How to Distribute Effectively? This dynamic demand necessitates adaptive revenue management practices. Learn more about how to generate ancillaryrevenue in your hotel or resort. Protect YOUR Brand!
Collaboration with other departments The Future: Total Revenue Management What is Revenue Management? For example, highlight amenities (bar, restaurant, spa, pool), and leverage packages (romantic, weekend, spa offer), to both expose why bookers should stay at your hotel, and generate ancillaryrevenue by promoting those offerings.
Real-time insights : Smart systems provide instant data on everything from occupancy rates to energy consumption, allowing for quick, informed decision-making. Upselling on steroids : Intelligent systems identify opportunities to offer personalized upgrades and services, increasing average guest spend. Your room listens to you!
Upselling and cross-selling: track guest preferences and booking history, allowing hotels to offer personalised upsell and cross-sell offers. An upselling incentive for front desk agents: by providing incentives for front desk staff to upsell room upgrades or other services, you can increase your revenue without raising labour costs.
Although hotels can 一 and should 一 diversify their income streams and realize the potential of ancillaryrevenue, distribution remains the cornerstone of hotel profitability and success. This can include a hotel’s website, its social media platforms, phone or email reservations, metasearch engines, or OTAs.
In 2025, upselling continues to evolve as a critical strategy for hoteliers looking to enhance guest experiences and maximize revenue. Upselling today is about anticipating travelers evolving needs, using technology to tailor experiences, and offering genuine value that enriches their stay. The key is flexibility.
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