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Skift Take: Lighthouse, the travel startup formerly known as OTA Insight, has bought Berlin-based HQ revenue. The deal marks another step in Lighthouse's strategy of expanding through talent acquisition rather than merely accumulating customer lists. Sean O'Neill Read the Complete Story On Skift
Ive been in the revenue game for 20+ years, and let me tell you nothing grinds my gears like watching hotels leave money on the table. So, Im calling the mistakes out Here are 5 brutal revenuemanagement mistakes I see hotels make all the time as a CEO of a revenuemanagement consulting firm.
But a lot of hoteliers have gotten stuck in a loop of constantly slashing prices, offering direct channel discounts, OTA promotions, and special rate packages to drive occupancy. Think TRevPAR over ADR Shifting focus toward optimizing total revenue per available room (TRevPAR) instead of purely occupancy or ADR can unlock performance gains.
What is hotel revenuemanagement? Hotel revenuemanagement 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 revenuemanagement?
The annual Duetto RevenueManagement Trends & Predictions Survey results are in! There was also continued investment in technology, This year, we take a closer look at how that group business might be revenue optimized, as well as identify the channel management tactics hotels are planning to invest effort in for 2024.
In today’s fast-paced hospitality landscape, staying ahead of the curve is paramount for maximizing revenue potential. As technology continues to evolve, so do the strategies and innovations within revenuemanagement.
Article - OTA Insight Announces Benchmark Insight, Launching a New Era of Performance Benchmarking for Hotel RevenueManagers - New offering is a powerful solution built to deliver competitive insights and shape strategic actions
Let’s be honestrunning a hotel while managing its revenue at the same time is a balancing act. From making sure staff, guests, and smooth operations are all attended to, we can understand why revenuemanagement so frequently gets put on the back burners. What Are RevenueManagement Tools?
With every passing year, revenuemanagement is playing a more central role at hotels as they navigate a landscape now locked in a permanent state of change. The exact genesis of yield management (now revenuemanagement) in the hospitality sector is hotly debated,” says Stuart-Hill. “The
Managing multiple OTAs can feel like walking a tightrope for hoteliersone wrong step can lead to overbookings, rate discrepancies or missed revenue. Rate disparities: Inconsistent pricing can lead to OTA penalties, lower rankings, and guest mistrust. The system even flags mismatches before they cause issues.
Rates, inventory and reservations were manually managed, which was inefficient and increased the chances of making mistakes. Inconsistencies across online travel agents (OTAs) was common. Being manual, a limited number of OTAs could be leveraged to reach the right audiences at he right time, limiting online visibility.
We have written extensively about hotel revenuemanagement strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenuemanagement, we have made a summary of all the top advice from our perspective as a hotel revenuemanagement consulting company.
If there’s a sudden change, for example, an influx of last-minute bookings hits the system, the platform can enable revenuemanagers to adjust room rates dynamically to maximize revenue. Decision intelligence unifies the full range of pricing decision-making through both OTAs and direct bookings.
A quick search on the internet yields a wide range of definitions for ‘revenuemanagement’. Some of these take a theoretical, almost academic approach and, in several instances, there are iterations of revenuemanagement’s classic definition: ‘selling the right room, to the right guest, at the right time, for the right price’.
Like many other areas in travel and hospitality, revenuemanagement has dramatically changed in the last two years. We spoke to leading revenuemanagers on what they think lies ahead. Don’t rule out presence on OTAs,” suggests Jaydeep, “but make sure you keep up your profiles on other online media.”.
Revenue is never accidental. In hospitality, every dollar earned reflects smart planning, sharp forecasting, and responsive pricing, all driven by the Hotel RevenueManager. Why Is the RevenueManager So Important? A Closer Look: A Day in the Life of a RevenueManager Lets demystify the daily routine.
Article - The Importance of Pickup and Pace in Hotel RevenueManagement - Discover the significance of pickup and pace in hotel revenuemanagement. Learn how optimizing these factors can boost your hotel's revenue.
It’s hard to imagine revenuemanagement before the advent of hotel software and systems. Thanks to these solutions, today’s revenuemanager can produce forecasts, distribute inventory and adjust rates with speed – a stark contrast to the manual and long drawn-out processes that defined the practice in the past.
When it comes to revenuemanagement, casino resorts require a different approach than traditional hotels. Implemented effectively, a solid casino-centric revenuemanagement strategy can help casino managers market their casino to the right audience and price their products to boost bottom-line revenue.
Understanding and maintaining rate parity is crucial for hoteliers as it influences pricing strategies , revenuemanagement , and the potential profitability of the business. This led to the team having to frequently make manual updates to prices across online travel agents (OTAs) to avoid issues with these key partners.
Hoteliers need to employ smart strategies to optimize revenue and profitability. One of the most powerful tools in their arsenal is a robust RevenueManagement Solution (RMS). This enables hoteliers to adjust room rates dynamically to maximize revenue based on current market conditions.
The right sales tactics can help increase revenue, boost occupancy rates , and ensure guests have a positive experience. Maximize Direct Bookings to Reduce Dependence on OTAs When guests book through Online Travel Agents (OTAs) like Booking.com or Expedia, hotels often have to pay hefty commission fees, sometimes up to 20%.
STAAH’s tools helped standardise booking operations, enhance OTA performance and establish a tech-forward approach to revenuemanagement. The STAAH channel manager with its 200+ OTA connections helped improve reach and allows multiple channels to be managed through one single dashboard.
Rates, inventory and reservations were manually managed, which was inefficient and increased the chances of making mistakes. Inconsistencies across online travel agents (OTAs) was common. Being manual, a limited number of OTAs could be leveraged to reach the right audiences at he right time, limiting online visibility.
A typically day before STAAH involved making manual reservation updates (name/ date/ rate etc), opening and closing allotment for every online travel agents (OTA) , checking guest reviews on the extranet and checking shopping rates manually. Thank you Grand Sunshine for sharing your success with STAAH.
Some of your competitors made five times their usual revenue during the Coldplay concert simply by optimizing their pricing and room availability, while others failed to act and barely made a dent in their earnings. The question is, will you seize this opportunity, or will you watch another revenue surge pass you by?
But luckily, there is a solution: Single-solution platforms that consolidate all essential hotel management tools into one complete system. Gone are the days of dealing with multiple systems for reservations, revenuemanagement, and guest engagement. Another channel manager for distribution.
With the hospitality industry adapting to evolving guest expectations and the rapid growth of online booking platforms, managing hotel operations become increasingly complex. In this blog we look at some common issues that hoteliers of any size face and where effective channel management through the right platform helps overcome these.
While occupancy is still a core metric, relying on it too heavily can leave your property management business vulnerable to seasonal swings, economic uncertainty, and a volatile demand environment. Ancillary revenue to the rescue! This post will show you how to convert those opportunities into revenue. The good news?
We spoke with Edmund Wong, Corporate Director of Revenue Optimization for Choctaw Nation on how SiteMinder has transformed their revenue strategy and streamlined operations across their properties. Online travel agencies (OTAs) or global distribution systems (GDS) were largely absent from their approach.
Hotel management can often feel like youre spinning plates – online travel agents (OTAs) sending bookings, guests booking directly on your site, and your front desk needing real-time updates to avoid the dreaded overbooking. Enter the channel manager. You can maximise occupancy and revenue without manual rate updates.
Revenuemanagement solutions are indispensable tools for hotels seeking to optimize their RevPAR (Revenue per Available Room). By leveraging advanced algorithms and data analytics, these solutions enable hotels to strategically adjust pricing and inventory to maximize revenue. Read in detail here.
The second era of compsets started when the internet brought online travel agencies (OTAs) and online bookings, making competition more dynamic. Competition for hotels grew, and prices started to fluctuate more as revenuemanagement systems made pricing strategies more sophisticated.
A robust sales distribution strategy is indispensable for hotels striving to maximise revenue and drive direct bookings. OTAs can drive booking volume, albeit at a high cost of acquisition (which can range from 15 – 30% commission), or hotels can maximise revenue by working with select niche partners to drive quality reservations.
What is revenuemanagement software? Revenuemanagement software is a digital tool designed for the hospitality industry to optimise room rates based on predicted demand. It uses data analytics to forecast hotel room demand, allowing hoteliers to adjust prices accordingly to maximise revenue.
Delegates can expect power sessions on revenuemanagement, the intelligent guest journey,on-property technology andOTAs, as well as a Q&A with Agilysys, Sales Engineer, Asia Pacific, Chris Ormiston, on boosting profitability and guest satisfaction. A topic many hoteliers will be interested in is the OTA and Distribution Outlook.
What is a hotel revenuemanagement system? A hotel revenuemanagement system (RMS) is a technology platform that helps hotels make smarter pricing and inventory decisions. Table of contents Why is a revenuemanagement system for hotels important? A revenuemanagement system removes the guesswork.
Question for Our RevenueManagement Expert Panel: What are the advantages of participating in special OTA deals? Question by Chaya Kowal) Our RevenueManagement Expert Panel Connor Vanderholm - CEO, Topline The post Top Tips for Hotels Participating in Special OTA Deals appeared first on Revfine.com.
In the fiercely competitive hospitality industry, the essence of successful resort revenuemanagement lies in data-driven decision-making. This approach is pivotal in optimizing financial performance and driving both revenue growth and guest satisfaction. Why is RevenueManagement Imperative for Resorts?
Failing to stay top-of-mind means you risk losing them to online travel agencies (OTAs) or competitors. This enables marketing teams to recoup revenue lost from cart abandonment and increase direct bookings. Instead of paying commissions to OTAs, hotels can redirect this budget into their own digital marketing strategies.
The uncertain economy, combined with the increased supply of vacation rental properties, not to mention more online travel aggregators (OTAs) and direct booking options, is creating more competition than ever among vacation rentals. Can you maintain an effective revenuemanagement strategy without software?
industry room rate behaviour reveals higher prices and increasingly complex distribution channels can trigger aggressive responses from online travel agencies (OTAs), especially those outside the major distribution groups. When OTAs display lower prices than the hotels own website, direct bookings suffer.
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