Last month, Starfleet Research, the leading provider of best practices IT market research for the hospitality industry, released The 2019 Smart Decision Guide to Hospitality Revenue Management. Now in its fifth edition, this title is widely considered to be the hotel industrys most authoritative and comprehensive resource on this topic. The new edition is now available for complimentary access.
The ultimate goal for hotels is increasing the revenue per available room (RevPar). And this is achieved through a delicate balance of room occupancy and average daily rate (ADR). For hotels where wholesale is a major part of their business mix this means finding the sweet spot between wholesale and higher yielding direct and OTA business.
Taking control of inventory is critical to your hotels success, and hoteliers are on a mission to reclaim their financial position, by mastering this art to see benefits to the bottom line. Revenue Management expert Joe Ellingham founder of Revenue Team shares his tips to help you plan ahead.
In recent years, the role of the revenue manager has expanded. Revenue managers are now charged not to just maximize revenue, but profits as well. With the aid of multiple data sources, sophisticated models, and article intelligence, revenue managers have mastered the science of maximizing revenue. However, they are still learning to master the maximization of profits.
Revenue Management is knowing how the hotel business will behave / Respond to certain actions.Action are based on Forecasting. Forecasting is looking into the future and predicting Market and Hotel Demand.
More bookings, higher rates, better occupancy what do you think is top of the mind for every hotelier? Yield how much revenue all of the above get you.
Covering the Latin American hotel landscape, the new regional report concerns nearly 1,600 global chain properties whose prices are tracked by Rate Insight. As part of a project that started with the release of our global LOS report, it digs deeper into the data to reveal regional: Discounting frequency and size; Discounting strategies distribution; and Discounting strategies by categories and stars.
Revenue management discipline was non-existent until a few years ago. Started in 1980s from the airline industry, the techniques are now adopted across industries and businesses are growing exponentially ever since.
What determines how revenue managers set and adjust their prices? Its a common question with a seemingly obvious answer: many factors. Most of them relate to supply and demand, an important indicator being your competitors pricing. But how do you know youre comparing apples with apples when looking at your competitors prices?
Setting a price customers are willing to pay, based on the perceived value to them, is one of the highly recommended pricing techniques. Revenue Management expert and Founding Director of ARMA, Melissa Kalan helps understand this technique and offers valuable tips on executing this strategy.