|
|
|
Total Hotel Revenue Management: Why Aren't We Better at This?
By Sheryl E. Kimes, Professor of Operations Management, Cornell University School of Hotel Administration
Revenue management professionals have been talking about 'Total Hotel Revenue Management' for well over a decade. There have been multiple presentations and academic articles on Total Hotel Revenue Management, yet based on the research we have conducted, our observations and conversations we have had, not too much progress has occurred. The question is why have hotels been so slow in achieving the goal of Total Hotel Revenue Management? In this article, we discuss some of the obstacles and impediments to success and offer some suggestions and proven tips for success.
|
 |
|
|
|
| TRENDING THIS WEEK |
The Necessity of Knowledge Management in Hotels
By Mostafa Sayyadi, Management Consultant, The Change Leader Consulting Inc
Hotel executives find that knowledge management is the in the forefront of success. And knowledge management could be the most important component of success in this ever-changing business environment of today. This, by far, is why some hotels are successful and some are not. The key take-away for hotel executives is that knowledge management is a resource that enables hotels to solve problems and create value through improved performance and it is this point that will narrow the gaps of success and failure leading to more successful decision-making.
|
|
|
|
|
 |
This week's Top Pick... |
|
| |
Helix Hospitality: A Profile on Humble Beginnings and Responsible Growth
By Shreyas "JR" Patel, President & Chief Operating Officer, Helix Hospitality
With a recession at the helm (or perhaps in motion), President and Chief Operating Officer Shreyas "JR" Patel examines the hospitality industry at large through the lens of his company, Helix Hospitality, which he founded in 2012. In the insightful piece, he reveals his Chicago-based company's humble beginnings, growth trajectory, brand partnerships, and plans for responsible and sustainable expansion at the forefront of a potentially unstable economic downturn. Furthermore, Patel touches on broadening his unique strategy-tackling large-scale renovations versus new constructions-in addition to pursuing new acquisitions as he positions Helix Hospitality for continued growth while maintaining the company's inherent values.
|
|
|
|
|
|
DAILY HEADLINES - Tuesday Oct 1, 2019 |
|
|
|
|
|
|
|
More from our online Library Archives... |
|
Recovering Your Customer Acquisition Pineapple
By Calvin Anderson, Senior Vice President & Chief of Revenue Optimization, RLH Corporation
As the commercial distribution landscape evolves, third parties continue to win the hearts of consumers by simplifying the booking process. In this article, we look at what it takes for hoteliers to get back in the customer acquisition game. We will explore the need for both organizational and skillset changes within our commercial teams. Additionally, we will learn that the key to innovation exists in how we see our own data. Through the use of data visualizers, hoteliers must cast aside the segmentation models of prior years in order to leverage the exponential potential of the lenses of commercial segmentation.
|
|
|
|
|
|
Why Customer-Centric Hotels Gain More Revenues
By Megan Wenzl, Associate Editor, ReviewTrackers
It is hard to argue that a hotel's primary focus be anything else but the guest, but just how essential is it for hotels to be customer-focused? The answer is - very essential. A major part of being customer-focused is understanding and then ensuring you are giving guests what they want. Specifically, if guests are looking for experiences, then create experiences that are unique and personalized. Details matter. In the 21st century, customers have access to a wide variety of valuable third-party information about businesses to help them decide on a hotel at which to stay on their next vacation.
|
|
|
|
Revenue Strategies for Boutique Hotels
By Robert Rauch, Chief Executive Officer, RAR Hospitality
The market is poised for boutique hotels to make an impact on the hotel industry like they never have before. With an expected soft landing of the economy (2-3 percent RevPAR growth max) it is more important than ever for independent hotels to ensure that they have proper revenue strategies in place. Competing with the big brands for market share can sound like a herculean struggle but with execution of the proper procedures, a boutique hotel can stand apart from the crowd. Understanding where your business comes from is the first step of proper revenue management.
|
|
|
|
|
 |
November 2019: |
|
Architecture & Design: Biophilic Design |
The hospitality industry is constantly evolving to meet and exceed guest expectations. As a result, hotels are always on the lookout for new ways to improve the guest experience, and architecture and design is an essential part of this equation. Bold design is often the most effective way to make an exceptional first impression - an impression guests use to distinguish between brands. One design trend that is being embraced worldwide has become known as “Biophilic Design.” Biophilic design is based on the concept of biophilia, which is the theory that human beings have an innate tendency to seek out nature, natural elements, and natural forms. Biophilic design is more than hotels simply adding a surplus of plants; it involves incorporating specific design elements into a hotel in order to imbue it with a sense of wellness and well-being. Some of those elements include exposure to natural lighting; views of nature and rooms with a view; natural architectural patterns; salvaged or reclaimed woods of all types; reclaimed metals; sustainably sourced stone; living green walls and vertical gardens; and direct and indirect exposure to nature. Hotels that have incorporated biophilic design into their properties are reaping the benefits associated with this trend including reduced stress responses, better air quality, lower energy costs, and more positive guest reviews. Biophilic design has also been shown to improve guest moods and to satisfy consumer demand for environmental responsibility. Savvy hotel owners and managers are aware that nature-inspired elements enhance their guests' comfort and well-being, which is why this trend is becoming so prevalent. Biophilic design is just one topic in the fields of hotel architecture and design that will be examined in the November issue of the Hotel Business Review.
|
|
|
|
|
Revenue Management: Focus On Profit
