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Paul van Meerendonk

Revenue management plays a vital role in the modern hotel technology stack, and demonstrating ROI in a hotel's revenue technology investment goes deeper than year-over-year RevPAR uplift. The additional revenue from the proper implementation of revenue technologies and strategies directly impacts a hotel's bottom line, making it a valuable tool for optimizing the net value of a property. Forecasted earnings and asset sales proceeds are critical factors in applying revenue science to hotel real estate assessment. It's only a matter of time before the majority of the industry catches up to what leading hotel owners and asset managers have already realized: a smart investment into revenue strategy and technology is the key to driving greater property profitability and value. Read on...

S. Lakshmi Narasimhan

So, what does the future hold in store for the wedding event as well as business? The hospitality industry is currently going through what can be termed as the guest experience customization craze. No one wants a cookie cutter stay in a hotel. They want their stay to be a memorable experience. Well, if that is the requirement, wedding events have a lot going for them. To begin with, they are already clear, important events in any one's life. Thus, the motivation to make it something to remember is already there. What new initiatives would you bring to your target market's wedding or anniversary events? Read on...

Lisa Bonanno

Hotel property managers are tasked with ensuring that the ROI goals for their portfolio of properties are met. As part of that responsibility they are an integral to the budgeting process. Budget season is the perfect time to evaluate the efficacy of existing group sources of business to determine if they will continue to produce the same level of return going forward. As we approach economic uncertainty, it will be important to focus on controlling the bottom line and the impact derived from group business. Read on...

Paul van Meerendonk

For the hospitality and travel industry, giving the customer the ability to personalize their experience, and thusly pay the right price for that experience, is all the rage. Airlines, restaurants, and even some resorts have pioneered new ways to give the people precisely what they want, but for the standard hotel operation, it's not proven to be so simple. In this article, we'll take a look at some of the hurdles hoteliers face when it comes to instituting customer-choice pricing into their sales processes, and we'll take the pulse of personalization in the industry and the evolving guest expectations driving this shift. Read on...

Mostafa Sayyadi

I present hotel executives with a new idea in that when change becomes increasingly valuable, hotel executives can manifest themselves as catalysts to implement effective changes in hotel's internal resources. I suggest new insights to identify corporate culture and corporate structure as primary drivers, which influence financial performance that matters to hotel executives that care. The focus of this article is based upon the critical role of corporate culture and corporate structure which allows a rich basis to understanding the mechanisms by which financial performance is influenced. Read on...

Rick Garlick

Over the past decade, most assessments of guest satisfaction show guest experience scores generally increasing year after year. As the competition becomes more crowded in the hotel space, it doesn't take long for competitors to start emulating one another, leaving industry leaders to think about their next enhancement to make the guest experience even better. Making the right decisions regarding upgrades and investments becomes critical in the evolution of hotel brand standards – but what's the best approach? This article will cover how to develop a strategy to measure the ROI of service, product, and amenity upgrades while maintaining brand integrity. Read on...

S. Lakshmi Narasimhan

So, what does the future hold in store for guest loyalty? And more importantly loyalty for independent hotels? Well, independent hotels have their work cut out for them but do not need to despair. The customer is looking for value offerings and in recent times does not care whether they are from independent or chain hotels. A slickly executed marketing strategy on the foundation of strong differentiation and tying into guest personalization demands can bring the bacon home. Owners of these independent hotels who have already stuck their necks out with the investment can then laugh all the way to the bank. Read on...

Ravi Mehrotra

Today's hoteliers face rising pressure to increase their total profitability. Hotel profit optimization through revenue management has traditionally focused on guest-room strategies alone without considering ancillary revenue streams and costs. In recent years, however, hoteliers have recognized the benefits of expanding their revenue management practices to incorporate a more holistic business view. As forward-looking hotel companies have adopted more scientific and analytical approaches to total property and portfolio-wide revenue management, they've experienced significant financial rewards. With increased scrutiny on driving total hotel profitability, what exactly does the industry need to know about profit optimization to finally do something about it? Read on...

Paul van Meerendonk

By addressing channel performance-the concept of measuring key performance indicators across a complex, multi-channel booking landscape-hoteliers can optimize pricing and marketing across all channels, and boost revenue as a result. But for those new to the world of advanced revenue management practices and technology, how does one begin to map out a proactive and profitable distribution strategy? How you choose to distribute your offerings must be carefully and regularly assessed, with the goal of maximizing your profit potential always in mind. Evaluating channel acquisition costs, looking beyond online travel agencies (OTAs) for better revenue opportunities, and finding ways to drive more direct bookings are all good practices for monitoring and improving the health of your distribution strategy. Read on...

Marcela Trujillo

Increasing ADR, in conjunction with appropriate occupancy levels, is an ever-present goal. Not only does this increase RevPAR, but gaining more revenue through ADR provides assets with increased profitability. Consistent application of the following proven techniques leads to consistent rate dominance. In this article, co-authors Marcelo Trujillo and David Beaulieu rely on their experience of more than 35 combined years to thoroughly analyze and explain the pathway to sustainable ADR to maximize a hotel's success. Read on...

Gino Engels

Revenue managers face a daily melange of ingredients to analyze, digest and base decisions on. Advances in Big Data and tools to make sense of it are making life a little easier. But, amid this data-overload, losing sight of the bigger picture - exactly how these metrics are impacting on your bottom line - is an ever-present risk. In what will be a refresher course for some readers and a set of new ideas for others, we present our crucial data tips for profitable revenue management, from KPIs to supply and demand factors, and technology to better visualisation. Read on...

Marcela Trujillo

Revenue management and marketing can seem like two different worlds. Different in many respects, many revenue and marketing teams operate without true cooperation. In this article, Marcela Trujillo with Total Customized Revenue Management (TCRM) explores the similarities and differences between revenue and marketing teams, uncovers the potential of a partnership between the two disciplines and explains how a collaboration can work to attract the perfect customer - one who will not just stay at the hotel or resort, but will also spend within the property and increase total asset revenue. Read on...

Paul van Meerendonk

So, you want to be a high-performing hotel revenue manager, but how much should you understand about analytics, and how much can be left to the scientific experts and automated technology solutions? Well, does being a safe, efficient driver really depend on that much technical knowledge of what's under the hood? Sure, you should probably know where to put the gas, but it's the mechanic we trust to effectively diagnose and repair major issues, and there's an entire history of trial-and-error innovations built into your vehicle that make it into the advanced machine you rely on to get from point A to point B. Read on...

S. Lakshmi Narasimhan

What is the way forward? The future is indeed bright for mixed use projects. Buoyed by a young, sophisticated, urban demand base (millennials and Gen Z) which is willing to fork out big bucks if unique, personalized experiences are delivered, stake holders have been falling over themselves to jump on to this bandwagon which has long term implications for their return on investment. On the one side constant innovation keeps the demand fertile and on the other, intelligent pricing keeps the bottom line thriving and happy. This is a heady cocktail that no self-respecting stakeholder will be willing to pass up. Read on...

Apurva Chamaria

It is challenging task to manage rate parity. A lot of effort is required to track cracks in rate parity, especially for enterprise hotel. Current market subtleties require that hoteliers move much beyond detecting breaches and focus on implementing manners to not only report breaches, but take measures to put a stop to rate disparities and also avert them in the future. In this article learn how to avoid revenue damages caused by breach of rate parity. Know what kind of rate parity tools are modern and learned hotel revenue managers investing in to stay up in the game. Read on...

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Coming up in February 2020...

Social Media: Social Listening Tools

The reach and influence of social media is staggering. Nearly 3 billion people use social media daily, posting a range of messages, selfies, images, and everything in-between. According to HubSpot, almost 4 million posts are uploaded to the major social networks every single minute! That's an astounding amount of content and it is crucial for hotels to skillfully use social media in order to effectively compete. From establishing a suitable brand identity and voice to creating content across all the major networks (Facebook, Twitter, Instagram, Pinterest, etc.), the goal is to actively engage consumers and to eventually convert them to customers. Some hotels are initiating online contests as a way to attract new customers, while others are rewarding customers with discounts who subscribe to the their email lists or follow their social media pages. Another recent strategy is to employ social media listening tools that track what people are posting online about their businesses. These tools allow hotels to monitor - or listen to - what's being said about a brand across the entire social web, and this can prove to be very valuable, unfiltered information. Social listening permits hotels to be aware of people's opinions about their business, industry or competitors, and some of these tools even listen beyond social media platforms. They also monitor publicly available information on blogs, forums, news outlets and websites. Some listening tools are more focused on gathering and analyzing data, while others offer more engagement-oriented features, which allow hotels to interact with people right from the platform. Often the information that is gleaned from these listening tools ends up being the most authentic, unbiased insights a business can get. The February Hotel Business Review will document what some hotels are doing to successfully integrate social media strategies into their operations.