How to improve your hotel’s customer journey
These days, it’s not enough to offer attractive rooms at fair prices; customers also expect a positive guest experience when they make a booking. One of the best strategies for achieving this involves analysing each touchpoint in your customer journey in order to identify what’s working well and which aspects of your guest experience you […]
What is rate parity and why do you need it in your hotel pricing strategy?
Rate parity can be a difficult concept to understand and even harder to manage. So much so that many hotel revenue managers often wrongly assume that it is a bad thing. However, with the right approach and the right pricing strategy, rate parity can actually be a great opportunity to enhance your guest experience and […]
Machine learning and its importance in hotel revenue management
Hotels are constantly looking for new ways to boost their revenue growth and attract a larger segment of the market. With the right revenue management strategies, you can optimise your prices, segment your market, predict consumer demand, and enhance your guest experience. But you also need the right tools and software so that you can […]
Personalisation: the future of hotel guest satisfaction
Offering guest personalisation is a great strategy for improving the customer experience and building a solid reputation as a quality hotel. In fact, personalisation is not just desirable these days, most guests have come to expect hotels to tailor their stay to their needs and expectations. With this in mind, in today’s article, we are […]
Yield Management: how it can help you optimise your revenue
One of your main objectives as a hotel manager is keeping your guests happy so that they have the best possible stay at your establishment. However, it’s also important to create the right strategies to bring a steady flow of revenue into your business. Otherwise, no matter how happy your guests are, you are unlikely […]
Artificial Intelligence: when to rely on it when making strategic decisions for your hotel
Artificial intelligence (AI) is slowly transforming many aspects of how we live our lives. We’re already seeing driverless cars, virtual doctors, and marketing chatbots. And now, thanks to recent advancements, we are also beginning to see AI penetrate the hotel industry, especially in terms of data management and decision-making. Let’s explore some of these developments […]
Total Revenue: definition, how to calculate it, and examples
Total revenue is the cornerstone of an effective revenue management strategy. It reflects the overall financial health of a hotel and determines how like it is to succeed in the long term. Your ultimate objective as a hotel or revenue manager is to continuously improve your total revenue rate so that you can develop a […]
Hyper-personalisation: the future of the customer experience
Consumers these days are looking for connectivity and personalisation when they make a purchase. This is especially true when they make a reservation in a hotel. They want a tailored experience that meets their expectations in terms of wants, needs, and desires. And this, together with advancing technology, has led to a new era of […]
Data-driven strategy: a way to anticipate and react to market trends
When it comes to revenue management, using a data-driven strategy can have a huge impact on the level of success you achieve. Creating an optimised tech stack that provides you with valuable insights and access to the right AI tools for analysing this data can greatly improve your decision-making processes. This is mainly because you […]
Top 5 hospitality software tools that you need in your hotel in 2023
Using the right hospitality software tools can help you automate and streamline many of the processes involved in running an efficient and profitable hotel. It can help you adapt to industry trends and challenges and create the right strategy for revenue growth. And this is especially important in the hospitality industry as you have to […]
Attribute-based pricing: How to grow hotel revenue and improve customer satisfaction
Attribute-based pricing is becoming an increasingly popular pricing model in the hotel industry. It enables property managers to establish a range of rates in line with the features and services that a guest is willing to pay for. In this post, we are going to discuss what attribute-based pricing is, and how using an efficient […]
Inventory management: what it is and how to optimise it to increase your profits
Effective inventory management controls are essential for running a profitable business. They help you keep a tight hold on your room availability levels so that you are prepared for anticipated occupancy levels and demand fluctuations. They are also a vital tool for creating a dynamic pricing strategy that attracts high-value guests to your hotel. In […]
Revenue Management System (RMS): 5 benefits of using one in your hotel
If you are a hotel manager, then a reliable revenue management system is one of the most powerful tools in your data management toolbelt. It enables you to collect, manage and analyse all the data you need to make strategic decisions about your business. You can use it to manage your pricing strategies, create your […]
Annual budget: how to prepare it, and how it’s different from forecasting
Your hotel’s annual budget takes into account a number of aspects. You need to calculate what your expenses are likely to be for the year and establish cost-cutting strategies so that your hotel is able to operate more efficiently. You also need to take into account your historical data, analyse demand behaviour, and identify market […]
Hotel dynamic pricing: the 2 pillars and new trends
When it comes to revenue management, there are a number of game-changing hotel pricing strategies that can help you boost your revenue. One of these is dynamic pricing. In this post, we are going to discuss what dynamic pricing is, and the two pillars that justify the use of dynamic pricing. We will also share […]
