Revenue Hub

MAY 3, 2024

In response to the post-pandemic demand surge and faced with constricted inventory due to labor shortages, rising supply costs, and other challenges, hoteliers pushed their prices back to pre-pandemic levels in record time. Sources predict that hotels’ pricing power will remain strong. Why do we do this? Our demand dried up.

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Revenue Hub

SEPTEMBER 5, 2023

NB: This is an article from BEONx , one of our Expert Partners Effective management of room inventory can make or break a hotel’s reputation and bottom line. In this article, we’ll delve into the best practices that hotels can adopt to master the art of hotel room inventory management.

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Revenue Hub

JANUARY 9, 2024

NB: This is an article from IDeaS That’s a simple truth, but it’s really at the heart of why forecasting matters. A hotel demand forecast is a projection of demand (for rooms or other outlets like meeting space) that is used by revenue leaders to guide strategies for demand generation, pricing, inventory controls, segment mix and more.

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Revenue Hub

JULY 24, 2023

NB: This is an article from Demand Calendar Factors such as the destination’s appeal for tourism, business events, cultural festivals, and other attractions are the primary drivers of the demand for overnight stays. Leverage Local Events : If any local events are happening, hotels can offer special packages tied to these events.

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Revenue Hub

JULY 10, 2023

NB: This is an article from Mews It informs marketing strategy, helps tailor offers and reveals growth opportunities while optimizing revenue management strategy and profitability. Groups usually reserve at least six to ten rooms per night – they may be corporate, family, special events, MICE, and other types of groups.

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Revenue Hub

JULY 11, 2023

NB: This is an article from Lybra , one of our Expert Partners Amid a sea of considerations, ranging from efficient staff management and impeccable property upkeep to top-tier customer service, revenue management emerges as a critical linchpin. In essence, when demand for your rooms is high, prices rise, and when demand is low, prices drop.

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Revenue Hub

FEBRUARY 20, 2023

NB: This is an article from IDeaS How do you attract new guests and clients while promoting the loyalty of existing customers without negatively impacting your bottom line? How do you increase your profits even as prices remain high and the future remains unknown and uncertain? 7% wanted to celebrate a special event.

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Revenue Hub

OCTOBER 30, 2023

The fear: There will be no transparency If you’re a revenue manager (RM) and your automated RMS has next week’s prices set significantly higher than your closest competitors, odds are strong you’ll have some explaining to do with your GM or the owner. It’s not just one tool or one person doing the pricing. The end result?

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Pricing Special Events Article Book 92

Revenue Hub

OCTOBER 23, 2023

Big Data’s Role in Mitigating the Hotel Industry’s Top Three Risks The first and biggest risk is opportunity cost, or leaving money on the table by not accurately pricing inventory – and that can be in either direction. Another risk is conflating channel complexity with pricing complexity.

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MBB Hospitality

NOVEMBER 15, 2023

This article explores effective strategies for controlling food costs while maximizing restaurant revenue. It involves tracking the cost of each ingredient, understanding seasonality, and recognizing price fluctuations. Building strong relationships with suppliers can lead to more favorable pricing and terms.

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Les Roches

DECEMBER 21, 2022

In this article, we’ll go over everything from the history of revenue management to the different ways you can assess revenue in a hotel. Demand – Looking at when demand is higher or lower and changing pricing and advertising appropriately. Forecast-based pricing. Segmented pricing. Rate parity. Package deals.

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Revenue Hub

APRIL 11, 2023

NB: This is an article from Demand Calendar However, no one-size-fits-all answer exists, as each hotel must consider its specific situation and goals. In addition, offering a user-friendly interface, special promotions, or packages is essential to encourage more guests to book directly through the hotel website.

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Synergy Suite

OCTOBER 12, 2023

In this article, we explore what gross profit margin is, how to calculate it, and how it is distinguished from other profitability metrics like net and operating margins. Analyze the gross profit margin to understand how efficiently you’re managing costs and pricing your menu items.

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Restaurant Engine

FEBRUARY 8, 2023

This article examines why the best restaurants have these four social media accounts and how you can harness their power for your business. #1: This is why it’s so essential that you have correct information about your hours, address, phone, contact info, description, price range, category, reviews, and photos.

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Les Roches

DECEMBER 30, 2023

In this article, we will delve­ into the key differe­nces betwee­n products and services in the hospitality industry. By the e­nd of this article, you will have a solid understanding of product/service differences and how these­ distinctions manifest themselve­s in various sectors, with a particular focus on the hospitality industry.

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Les Roches

JULY 11, 2023

In this article, we’ll go over the main differences between customers and consumers and how this affects people working in hospitality careers. Special events such as weddings will usually have only a handful of customers but many consumers. Your consumers are the end users.

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Synergy Suite

OCTOBER 5, 2023

In this article, we’ll explain the definitions of revenue and sales, how they’re different, and how to calculate each of them. It represents the total income generated from selling food, beverages, and other services. This helps identify strengths and areas for improvement.

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7 Shifts

DECEMBER 8, 2020

This article will arm you with ideas for restaurant employee contests. They may have overstock of an exciting item, or may be able to get you access to lower prices on specialty items. Bigger suppliers like beverage distributors often have access to special events like concerts or sporting events.

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Synergy Suite

APRIL 11, 2023

So before deciding to forego building your restaurant website in order to save a little money, you may want to read through this article and consider what you might be missing. Promoting special events, discounts, or new menu items through your website helps generate buzz and attract customers and retain loyal ones.

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Revenue Hub

OCTOBER 17, 2023

NB: This is an article from Robert O’Halloran , Professor Director, School of Hospitality Leadership at East Carolina University A new hotel to some is just another place some travelers cannot afford to stay. Where was the value for the price paid? Customer demand: guests who are willing to pay different prices.

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Revenue Hub

OCTOBER 28, 2022

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. NB: This is an article from Agilysys. Read more articles from Agilysys. Even one negative experience against 100 exceptional experiences will affect guest impression and reputation.

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Revenue Hub

AUGUST 22, 2023

Filling up as many rooms as possible with the most optimized pricing for each room has always been the main focus of the traditional hotelier. Retailers have been using a technique called market basket analysis for many years to increase sales and capture more revenue by better understanding customer purchasing patterns.

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Revenue Hub

OCTOBER 28, 2022

NB: This is an article from RealTime Reservation. More ideas may include the following: Consider packaging the airport shuttle with property parking, special events with photography services, and waivers with activities, all incentivizing guests to take advantage of both offerings at once.

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The Restaurant Times

SEPTEMBER 16, 2021

This article will highlight how you can leverage Instagram to ace restaurant marketing in the USA. However, the price is worth investing in as you will be getting proactive marketing for your eatery. . You might lag in the competition if you do not harness a social media platform having millions of users. Source: gemtakesfoodpics.

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