While the effectiveness of these hotel revenue management strategies will vary by location, audience and the economy; here are ten effective ways to increase your hotel's revenue in 2024.
It is important to consider not only competitors in your destination when determining rate strategies, but also competitive destinations. By understanding your hotel's unique value proposition as well as your destination's selling points, you can determine the 'willingness to pay' of your clients and remain competitive in a multi-market playing field, no matter the season.
If you had the opportunity to peruse our latest article on The Value of a Contact Center, you might now be wondering how you go about fostering a mutually beneficial relationship with your contact center - lets dive in!
Artificial intelligence is everywhere. It's making inroads into practically every field of human activity. It's integrated into search engines, word processors, and various apps likely installed on your smartphone in your pocket. And there's a reason for the tech's proliferation: it is incredibly adept at analyzing data much faster and at a much larger scale.
When we think about revenue management, we often think of large cities, overbookings, big box hotels and a competitive marketplace. We don't typically think of a 44-room inn located in a remote destination. However, Rate Yield sat down with their loyal client, Manoir Belle Plage, to discuss what the revenue management software has done for them.
Revenue management systems play a critical role in the hospitality industry. Traditionally, these systems attempt to predict future demand from past trends to optimize pricing. That's a reasonable approach. But as the pandemic taught us, relying on the past to predict the future doesn't always work - the unexpected still occurs. Now, what if I told you it was possible to predict future demand based on current trends?
As any hospitality professional knows, there are 3 main key performance indicators in the hotel industry. The primary goal of any hotel is to increase revPAR by balancing the occupancy and ADR.
Cendyn and SiteMinder announce a strategic partnership to mutually grow each other's revenue management capabilities for the benefit of more than 70,000 hotels.
Now that the hotel industry has moved away from siloed departments, you expect your commercial teams to work together. But that's impossible when each department is still operating independently.
The integration of this platform in university courses offer future industry leaders means to innovate, develop more strategic skills, and adapt to the dynamic and competitive landscape of the hospitality industry.