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Practical applications include: Demand optimization In hotel revenue management , pricing strategies rely on many different factors, including room rates, upsell opportunities, market and seasonal trends, and competitor pricing. DI can also be more proactive and suggest upsells tailored to guest profiles and booking patterns.
With the advancement of tech, data analytics, and changing consumer behavior, you may not need to lean on aggressive discounts to drive performance. Use revenue tech to your advantage Revenue management systems (RMSs) have evolved to provide smarter segmentation and demand forecasting to tighten levels of granularity.
This fragmented approach results in siloed data, time-consuming manual tasks, and an increased risk of errors. Single-solution platforms harness AI to: Analyze booking trends and forecast demand. Identify upselling opportunities to boost revenue. Imagine this: Using one PMS for bookings. A standalone CRM for guest engagement.
Market shifts and changes in consumer behaviour are many and varied, and often overlap. Some RMSs feature forecasting tools that predict future booking trends and optimise your inventory well ahead of time. Smart hotels are investing in intuitive digital platforms that give customers that power.
Real-time data collection and calculation The data consolidation part becomes more efficient if the PMS is part of a suite of applications that automatically collect and send EBITDAR data, eliminating time-consuming manual reconciliations. Control costs of goods sold (COGS) Use technology to monitor labor, utilities, and supply expenses.
With consumer behaviours evolving, and the lines between tech platforms, marketing, and operations blurring, a modern strategy goes far beyond just listing rooms on online travel agents (OTAs). The first-party data you collect powers smarter remarketing, personalized upsells, and loyalty programs a long-term revenue play.
This enables instant alerts on drops in conversion rates, underperforming channels, or missed upsell opportunities. Yet without a robust attribution model, it’s difficult to quantify which touchpoints are actually driving direct bookings and which ones are simply consuming budget. Talk to one of our specialists today!
This enables instant alerts on drops in conversion rates, underperforming channels, or missed upsell opportunities. Yet without a robust attribution model, it’s difficult to quantify which touchpoints are actually driving direct bookings and which ones are simply consuming budget. Talk to one of our specialists today!
Key takeaways AI is ubiquitous: AI is now integrated across nearly all hotel tech categories, powering personalization, upselling, and predictive analytics. Upselling is core to revenue strategy: Upselling tools are no longer optionalâtheyâre essential, helping hotels maximize revenue from existing guests. Olympics 2028.
Luckily, from our experience as a revenue management consulting company, we’ve learned many tools that will simplify your life, help cut-out time-consuming tasks, and also enable you to open new streams of revenue! Hotels can leverage CRM data to drive repeat bookings, upsell experiences, and build stronger guest relationships.
Energy efficiency without compromise Continuing PPDSâ relentless focus on delivering energy conscious solutions for the industry, and supporting customers with their sustainability goals, the Philips Unite LED 6000 Series All In One includes the companyâs ultra-low standby mode, consuming less than 0.5
Tech gaps hold hotels back Outdated hotel systems limit the ability to cross-sell or upsell non-room offerings. The stakes are high As travel planning becomes more app-based and socially driven, the risk for hotels is losing relevanceânot just to Airbnb, but to shifting consumer behavior and tech expectations. Olympics 2028.
Intelligent assistants use machine learning and generative AI to eliminate time-consuming manual tasks, from writing job descriptions to building optimized shift schedules, built to meet the unique needs of every hourly team. The system tracks cleaning performance with detailed reporting for management.
Hotelogix PMS Supports Seamless Loyalty Integration Managing a loyalty program manually is time-consuming and prone to error. Simplifies Targeted Marketing and Upselling Loyalty program data helps you segment your audience effectively—by stay frequency, spend level, preferences, and location.
Interactive dashboards and visual representations make it easier for revenue managers to make data-driven decisions, identifying revenue trends, tracking performance metrics, and accurately forecasting future demand.
Consumer behaviour and attitudes to F&B have shifted since the pandemic, with some outlets struggling to keep pace. F&B management has traditionally worked to patterns such as time of day or seasonality, using forecasts to predict and manage costs. In fact one in five travelling consumers want to be able to order digitally.
Learn more Yield management vs revenue management The goal of yield management is not merely to increase room rates or occupancy; rather, it’s to maximise your hotel’s revenue by forecasting your room supply and demand across a variety of key factors. This strategy aids in forecasting demand and resource planning.
It involves the use of data and analytics to help you keep track of supply and demand so you can make predictions on consumer behaviour. Many businesses where consumers spend money have varying prices based on demand, supply and shifts in costs. ForecastingForecasting involves predicting future demand for rooms.
In hospitality, every dollar earned reflects smart planning, sharp forecasting, and responsive pricing, all driven by the Hotel Revenue Manager. Heres what a future-ready revenue toolkit looks like and how STAAH supports each layer: 1) Channel Manager Managing multiple OTAs manually is time-consuming and error-prone.
These days, more consumers are going online to make purchases, and travel is no exception. Popular eCommerce platforms like Amazon and Uber have raised the bar, conditioning consumers to expect shopping online to be simple, fast, and secure. Moreover, a hotel room can’t be returned if it doesn’t meet expectations.
Following best practices and a well-thought-out strategy is the only way to unlock the full potential of revenue for your hotel , with benefits including: Claim your fair market share: with more hotels forecasted to open every year , gaining a fair market share will become more difficul t each year.
It is a holistic endeavour that involves a toolkit of methodologies such as market analysis, demand forecasting, dynamic pricing, personalized segmentation, distribution channel optimization, length-of-stay considerations, upselling, cross-selling, and seamless technological integration.
The companies surveyed more than 100 business decision-makers across a variety of industries to forecast the future of the market. More and more Canadian consumers and employees seem to appreciate the simplicity and interactivity provided by kiosk technologies. (SCI) and Signifi Solutions Inc.
Revenue Strategies & Tactics Market Segmentation Hotel Pricing Strategies Forecasting & Budgeting Properly How to Distribute Effectively? The difference between Yield Management and Revenue Management is in the overall strategy, including in-depth analytics and forecasting.
Guest experience Managing and personalizing the guest experience was once a time-consuming and tedious process. However, responding to each review can be quite time-consuming, especially if you want to personalize replies and avoid boilerplate formulas.
This trend enables more accurate forecasting, dynamic pricing, and personalized marketing strategies, significantly enhancing revenue potential. In the UK, a growing number of consumers are using smartphones and tablets for hotel research and bookings.
Upselling using Personalized Recommendations: Using machine learning techniques, AI algorithms analyze guest data collected from hotel management system s. Through this method, AI can identify upselling opportunities by leveraging guest preferences and historical data.
Hotels can identify the high and low seasons through historical data analysis and demand forecasting and prices can be adjusted accordingly. Additionally, upselling additional services or goods through bundling enables hotels to increase revenue.
The payment industry has evolved significantly over the past few years, bringing forth innovative ways for consumers to pay. This provides a huge boost to your additional offerings, like upselling on hotel room types and property upgrades, as well as ancillary services like spa treatments and on-site activities.
Following best practices and a well-thought-out strategy is the only way to unlock the full potential of revenue for your hotel , with benefits including: Claim your fair market share: with more hotels forecasted to open every year , gaining a fair market share will become more difficul t each year.
They include history and forecast reports, hotel revenue reports, hotel reservation reports, night audit reports, MIS and manager flash reports, and many more. It also helps in upselling and cross-selling for more revenue. Reports: This is very critical.
This can be time-consuming and confusing, not to mention a distraction from the higher calling of taking care of guests. When an RMS is integrated with the PMS, hotels can manage inventory and pricing more efficiently and produce accurate, timely forecasts of future demand to guide marketing and revenue strategies.
McGuire and Jeannette Ho—included in their book Hotel Pricing in a Social World: Driving Value in the Digital Economy —showed that: “lowering the price of a badly rated and negatively reviewed property provides no additional value in the minds of consumers.” Demand-based pricing. Profit pricing. Hotels Quality. Reputize.
Meanwhile, late in 2018, CBRE forecasted that hotel supply would peak at 2% gain, stabilizing to 1.9 Respondents to the AMEX Meetings & Events Forecast predict that rise will equal about 2.41% in North America, while CWT expects an even higher hike of 3.7%. Last year, the Global Meetings Forecast predicted a 3.8%
The hospitality industry is undergoing a rapid transformation, driven by shifts in consumer expectations and technological advancements. Action Tip: Implement an AI-driven booking assistant to guide guests through reservations and upsell personalized add-ons, like late check-outs or spa treatments.
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