Library Archives

 
Lily Mockerman

Revenue management professional and industry thought leader Lily Mockerman shares her insight on how hotels may increase profits across multiple revenue streams through proper data management and analyzation. Going beyond the numbers, Lily teaches hoteliers how to set up a proper data collection strategy, collect key information including customer feedback to craft a results-oriented Total Revenue Management strategy, monitor competitor data and more in this deep dive into the world of big data mining and profit optimization for the hospitality industry. Read on...

S. Lakshmi Narasimhan

While RevPAR is a powerful measure of how hotel assets are delivering optimum Room Revenues, often they may not be telling the entire story. The channels of distribution being adopted by a hotel to generate room revenues may have varying costs to them. Accounting methods make these costs be disclosed among expenses in a hotel Income Statement. Factoring in those costs in the calculation of RevPAR provides a realistic picture. Is your hotel taking this critical step? In other words, are your channels delivering optimum Room Revenues net of costs? Read on...

Paul van Meerendonk

Revenue technology is following the evolution of the mobile phone. What once was just a rate-setting and forecasting tool is now the convergence of all data insights you need to influence revenue productivity, whether at your desk, on the road or at home. An RMS visualizes thousands of data points, and an RMS mobile app or voice-enabled assistant, like Amazon's Alexa, make access to that data simple, convenient and possible from anywhere with an internet connection. Read on...

James Downey

Do you know how to read a balance sheet and know the value of your hotels assets, liabilities and equity? Can you analyze an income statement as to its profit, revenues and expenses? Do you collect credit card charges on a timely basis? If you answered no to any of these questions, you are at a distinct disadvantage from a financial perspective. This article will explore the financial red flags that creep up on you that can be monitored and controlled before disaster sets in and therefore is too late to take corrective action. Read on...

David Chitlik

The decision to appeal a hotel's property assessment for tax purposes is only the first of a series of judgments before the case is resolved. Who will defend the appeal? Based on what facts? How far is an appellant willing to go to gain a remedy for the assessment? In order to be successful in this effort, particularly if the appeal involves a large amount of money or is extremely complicated, the hotelier would be wise to seek out expert guidance. With this decision, new questions arise of where to find that guidance and how much it will ultimately cost. Read on...

Paul van Meerendonk

The evolution of revenue management has taken hotels from dynamic pricing of transient rates to a holistic strategy of maximizing profitability across multiple revenue streams. Revenue management has moved far beyond the Microsoft Excel expert in a small back office and now involves multiple stakeholders from several departments, all influencing overall revenue strategy with each of their key areas of function. Today's hotel leaders are tasked with converging the traditional roles of sales, marketing, meetings & events and revenue management with an inclusion of other departments like F&B, banquets and finance. Read on...

Paul van Meerendonk

Over the years, the pool of data sources hotels utilize within their business strategies has grown exponentially larger. The propagation of its importance within the development of short- and long-term vision and strategic planning has also become more commonplace than in years past. Innovative breakthroughs in technology and analytics mean organizations continue to see more opportunities to leverage data in meaningful ways. However, the alternative side is the steep volumes of data can be dauntingly large and intricately complex. Organizations that focus on using the right types of data -- with an infrastructure that can effectively leverage it -- can confidently reach ambitious profit goals. Read on...

Gino Engels

It's easy to feel intimidated by today's travel distribution landscape. Travelers are changing the way they buy, new players are disrupting existing monopolies, OTAs are buying each other, and hoteliers have access to so much data that it's become a full-time job to interpret it and put it into use. The key is to find ways to interpret this data, act on it quickly and leveraging technologies that can help with this. As long as you continue to strive to understand the market - and, most importantly, your guests - you'll be able to tap into the opportunities that, as a whole, make all the difference to your bottom line. Read on...

David Lund

What information can I get from my monthly P&L to understand my business and make better decisions?" and "What's going on in my business?" The latter is the better, more applicable, piece for an operations manager who has a healthy sense of curiosity and a leader who wants to make a difference. These are the muscles you need to develop as a hospitality financial leader. It is not up to someone else (accounting) to chase you down and to get you on top of your numbers. It is the other way around. The sooner you see the opportunity in all of this the better for you and your career. It is not difficult. If someone stands in your way, find a way around them. Most leaders will not naturally do this, will you be one that does? Read on...

Bhanu Chopra

You may have a sizable stock of inventory. You may also have revenue managers who know how to leverage pricing strategies. Moreover, you may have access to a variety of channels to reach your target market. But, is that all you need to ensure high revenue? Despite having all these goodies, your hotel's revenue-making potential can suffer on account of revenue leakages, which often go unnoticed. Avoiding them will make an immense difference to your hotel's bottom line. But, before we get there, let us understand these glitches in detail. Read on...

David Lund

This aricle is an overview of a six-month financial leadership project that I recently completed at a full-service hotel. The project consisted of six half-day hospitality financial leadership workshops delivered in-house and monthly 1-1 leadership coaching appointments with the 15 managers assigned to the program. Each month of the project we completed a group workshop and each manager had a coaching meeting with me. The project goal had five measurable elements. It was to get the managers and leaders of this hotel to complete their monthly departmental financial forecasts, track their results throughout the month, adjust their spending on labor and supplies according to business volumes, review their month-end statements for accuracy and finally write their departmental monthly hotel management commentary. In other words, get the core management team to do these tasks each month while improving forecasts and the hotel's financial results. Read on...

Mark Heymann

Hotel organizations dutifully churn out reports filled with the ever-growing volume of data technology has made available, creating information overload for the managers tasked with analyzing them. By streamlining the process and sticking to the numbers that truly matter, managers make smarter decisions that have real impact on their hotel's business. The more management shares effective data with the staff, the better performance will be. Monthly or quarterly review of certain numbers can be used as a tool to motivate employees. As the saying goes, people do what you inspect not what you expect. Read on...

Bhanu Chopra

You may have a sizeable stock of inventory. You may also have revenue managers who know how to leverage pricing strategies. Moreover, you may have access to a variety of channels to reach your target market. But, is that all you need to ensure high revenue? Despite having all these goodies, your hotel's revenue-making potential can suffer on account of revenue leakages, which often go unnoticed. Avoiding them will make an immense difference to your hotel's bottom line. But, before we get there, let us understand these glitches in detail. Read on...

David Lund

In the hotel business payroll is the number one cost. STR recently reported that labor made up 50% of revenues for a sample of over 4,000 hotels of all types and sizes. This should not be even a little bit of a surprise to anyone. Many hotels are well north of the 50% mark. We have all become accustomed to serious REVPAR growth year over year which has taken the bight out of wage and expense increases. But what happens when the REVPAR bubble bursts. We all know it's not a matter of "if" it bursts it's when will it burst. Read on...

Nicholas Tsabourakis

Latest developments in technology and added pressure in the market have advanced Revenue Management to acquire a more strategic role with emphasis in maximizing all components of the customer journey. And while there are still challenges in the adoption of such a business practice it is an exciting time for Hotel Revenue Managers. Technological advances have led to systems with enormous potential in handling the complexities of managing various revenue streams due to their abilities in advanced problem solving, reasoning and perception. This will elevate the role of RM and empower it to reach its full potential whilst allowing the whole organization to benefit from its concepts. Read on...

Show Per Page
1 2 3 4 5 ... 20
Coming up in February 2019...

Social Media: Getting Personal

There Social media platforms have revolutionized the hotel industry. Popular sites such as Facebook, Twitter, Pinterest, Instagram, Snapchat, YouTube and Tumblr now account for 2.3 billion active users, and this phenomenon has forever transformed how businesses interact with consumers. Given that social media allows for two-way communication between businesses and consumers, the emphasis of any marketing strategy must be to positively and personally engage the customer, and there are innumerable ways to accomplish that goal. One popular strategy is to encourage hotel guests to create their own personal content - typically videos and photos -which can be shared via their personal social media networks, reaching a sizeable audience. In addition, geo-locational tags and brand hashtags can be embedded in such posts which allow them to be found via metadata searches, substantially enlarging their scope. Influencer marketing is another prevalent social media strategy. Some hotels are paying popular social media stars and bloggers to endorse their brand on social media platforms. These kinds of endorsements generally elicit a strong response because the influencers are perceived as being trustworthy by their followers, and because an influencer's followers are likely to share similar psychographic and demographic traits. Travel review sites have also become vitally important in reputation management. Travelers consistently use social media to express pleasure or frustration about their guest experiences, so it is essential that every review be attended to personally. Assuming the responsibility to address and correct customer service concerns quickly is a way to mitigate complaints and to build brand loyalty. Plus, whether reviews are favorable or unfavorable, they are a vital source of information to managers about a hotel's operational performance.  The February Hotel Business Review will document what some hotels are doing to effectively incorporate social media strategies into their businesses.