Modern Restaurant Management

OCTOBER 24, 2023

While restaurants might have expected to see a bigger shift back to in-person transactions as a result of customers looking to cut costs, there simply hasn’t been a dramatic change in behavior. The delivery experience is a new and evolving part of the customer journey, one that restaurant brands need to better understand.

Pricing 197

Pricing Marketing Customer Service Scheduling 197

Revenue Hub

MAY 22, 2023

Many hoteliers only focus on what is in the hotel Profit & Loss statement. NB: This is an article from Demand Calendar If an item has a cost attached to it, it could undoubtedly be scrutinized and cut. Managing costs in a hotel is the easiest job in the whole world.

Guest Retention 81

Guest Retention Budgeting Article Marketing 81

Modern Restaurant Management

JANUARY 5, 2023

Unlike traditional advertisements like print mail or radio, the auction allowed you to bid what you wanted for an ad, not some flat rate outside of your control. That's exactly what people did. This dominated for years, but as more and more advertisers joined the auction, the cost to compete went up. The Growth of Digital.

Budgeting 192

Budgeting Marketing Pricing Information 192

7 Shifts

JUNE 4, 2021

Numbers can give us insights into everything from profits and losses to average customer spend to how often employees cycle through. But what should be measured, and how? Table of Contents: Cost of Goods Sold. Labor costs and labor cost percentage. Labor costs and labor cost percentage. Prime costs.

Pricing 166

Pricing Scheduling Marketing Budgeting 166

Modern Restaurant Management

AUGUST 24, 2021

I have no idea what a content house even is, and even if I did, I would only give you that money if you could prove upfront what the ROI would be.” Is our social media presence a cost center or an action driver? Does the cost of a SaaS-based recommendation engine outweigh its benefits? ” Enter: the stalemate.

Marketing 208

Marketing Download Budgeting 208

Revenue Hub

SEPTEMBER 7, 2023

NB: This is an article from Roomdex , one of our Expert Partners For hotels, however, it means they face significant challenges in customer acquisition. Third party encroachment on the customer booking journey means higher costs required to achieve visibility in the eye of the consumer. So, what can be done?

Book 92

Book Guest Satisfaction Article Information 92

Revenue Hub

JANUARY 23, 2024

Think about it this way: If you increase revenue, but costs rise as well, your profit remains the same (or declines), and your business can’t grow. While it’s important to monitor top-line indicators like total revenue and RevPAR, focus on your bottom line to boost what really matters: net profit. But it’s not all about revenue.

Maintenance 85

Maintenance Article Information Property Management 85

Revenue Hub

APRIL 12, 2023

The cost of hotel customer acquisition is defined by what you pay to acquire a new guest. That includes marketing, reservations and the cost of serving the guest. Subscribe to our weekly newsletter and stay up to date Which are the different costs associated with hotel customer acquisition?

Reservations 87

Reservations Book Article Marketing 87

Revenue Hub

JANUARY 25, 2024

Concentrate on great imagery and what makes your hotel special. You only pay when customers convert and the costs are at least half (if not more) than what you pay for a booking through OTAs. Nor is it there to support your customers. Your guests want an experience – make it aspirational. You are in control.

Book 96

Book Article Communication Presentation 96

Modern Restaurant Management

AUGUST 23, 2023

Restaurant loyalty programs are nothing new so what can restaurants do to stand out from the competition and better engage with guests to build relationships? Loyalty programs are made to cater to customers' ever-changing needs and expectations. How and why are loyalty programs evolving?

Marketing 167

Marketing Catering Communication Pricing 167

Revenue Hub

DECEMBER 12, 2022

Hotels have probably submitted the budget for 2023 by now, most likely in the traditional format of the P&L with revenue by a few revenue sources and then an endless number of rows outlining the different cost categories. Every single cost in the P&L is easy to understand. The cost of capturing demand. Commissions.

Budgeting 91

Budgeting Reservations Definition Article 91

Revenue Hub

APRIL 3, 2024

Consider low-season periods when hotel supply exceeds demand; what do you need most? So, what is the number one goal during low season? NB: This is an article from Direct Your Bookings Subscribe to our weekly newsletter and stay up to date Increased visibility, because more visibility offers better chances of securing bookings.

Reservations 92

Reservations Book Document Article 92

Revenue Hub

FEBRUARY 20, 2023

On average, how much does it cost to generate a booking at your property? Different guests come with different acquisition costs, and costs are spread across departments, making it challenging to calculate true costs. What is guest acquisition cost (GAC)? What is guest acquisition cost (GAC)?

Book 86

Book Pricing Article Marketing 86

Hotel Owner

AUGUST 14, 2023

Due to the competitive landscape, hotels need to ensure they are actively reviewing their customer retention and acquisition strategies to stand out from competitors. The cost and time pressures of acquiring new customers makes retention strategies of particular importance.

Reservations 97

Reservations Presentation Pricing Book 97

Revenue Hub

JUNE 5, 2023

By shifting the focus to the contribution, which is the revenue minus the cost of customer acquisition cost (CAC), hotel executives can achieve a higher level of profitability and efficiency. Why change – What’s in it for top management?

Article 82

Article Marketing 82

Revenue Hub

AUGUST 30, 2023

Subscribe to our weekly newsletter and stay up to date What is cart abandonment? Cart abandonment occurs when a customer adds item(s) to their online shopping cart, but doesn’t complete their purchase. It is different from abandoned checkout which is when a customer abandons their purchase further into the checkout process.

Article 80

Article Marketing Book 80

Revenue Hub

JUNE 12, 2023

At the heart of PORM lies a crucial factor that can dramatically influence a hotel’s profitability: the Customer Acquisition Cost (CAC). What is Profit Oriented Revenue Management (PORM) Profit Oriented Revenue Management (PORM) represents a paradigm shift in the hotel industry’s approach to financial success.

Book 52

Book Blog Article Reservations 52

Revenue Hub

APRIL 24, 2024

CUSTOMER CENTRIC REVENUE MANAGEMENT Only those organizations that are able to put the customer at the center of their revenue management strategy, will be able to grow in an increasingly competitive environment and gain market share. That is why we talk about rate integrity.

Pricing 82

Pricing Book Accounting Marketing 82

Revenue Hub

AUGUST 7, 2023

NB: This is an article from Demand Calendar It’s not just about how much revenue each product or service brings in but also how much it costs to deliver these offerings. Comprehending these variable costs can provide a clearer picture of the actual profit associated with each revenue source.

Article 84

Article Book Marketing Training 84

Revenue Hub

SEPTEMBER 4, 2023

While it gives an idea of revenue efficiency and capacity utilization, it ignores significant factors like operational costs, customer acquisition costs (CAC), and guest satisfaction. If Customer Acquisition Cost (CAC) is skyrocketing, the actual profits could diminish, contrary to what RevPAR might suggest.

Guest Satisfaction 90

Guest Satisfaction Pricing Article Customer Service 90

Modern Restaurant Management

OCTOBER 25, 2021

Though this may seem like a daunting task, especially for traditional restaurants like steakhouses and BBQ, menu diversification will allow you to reach more customers and entice more patrons to walk through your door. Don’t overlook what your chef is already capable of creating. Make it Obvious What Is Available.

Events 218

Events Marketing 218

Revenue Hub

APRIL 29, 2024

Additional Concerns: Alongside these core priorities, CEOs also grapple with challenges like customer acquisition costs (CAC), ensuring strong team alignment, and evaluating commercial team strategies. This means addressing critical questions like: Are we on track to meet our budget, and what might derail our progress?

Article 87

Article Blog Budgeting Marketing 87

Modern Restaurant Management

MARCH 7, 2022

Adding to direct pandemic-related concerns were the inflation of two of the industry’s largest costs: labor — up 13 percent over the past year — and supply chain costs, up more than 11 percent. Interest is extremely high, making mergers and acquisitions much more competitive. Passionate customer bases.

Accounting 220

Accounting Marketing 220

Revenue Hub

DECEMBER 15, 2023

NB: This is an article from Hotelivate Subscribe to our weekly newsletter and stay up to date Moreover, from their initial target segment of price sensitive customers, the AI model has rapidly evolved to include elaborate food and beverage offerings, unique experiences, and wellness treatments among others. Why does All-Inclusive Work?

Pricing 102

Pricing Accounting Article Book 102

InnQuest

JULY 29, 2022

As a result, new, improved and effecti ve hotel growth strategies have come into play to attract customers, increase occupancy and maximize revenue. – What Are The Benefits Of A Hotel Distribution Strategy? – What Are The Different Types Of Hotel Distribution Channels? What Is A Hotel Distribution Strategy?

Reservations 130

Reservations Book Pricing Information 130

Revenue Hub

MAY 15, 2023

Having a solid standard as a base for further exploration into new types of revenue, costs, and KPIs is good. One example is Customer Acquisition Cost (CAC), spread over several other accounts in several schedules. The statement below focuses on who is responsible for producing each profit level.

Accounting 90

Accounting Article Pricing Information 90

Revenue Hub

JANUARY 19, 2024

In the ever-evolving world of hospitality, one of the trickiest parts of revenue management is figuring out how to handle those die-hard customers. The Value of Legacy Customers Long-time guests are all about retention. In short, getting a new customer costs money, but a returning guest?

Pricing 82

Pricing Download Book Article 82

Modern Restaurant Management

OCTOBER 11, 2022

Before refining their digital strategy, Blaze Pizza used a one-size fits all marketing approach, sending frequent emails to the entirety of their customer database. It allows customers to vote for their favorite ingredients through ordering via Blaze’s digital build-your-own virtual pizza builder.

Communication 217

Communication Marketing Customer Service 217

7 Shifts

JUNE 20, 2022

What is a ghost kitchen? What is a ghost kitchen? What are the benefits of a ghost kitchen model? Reduced overhead: Ghost kitchens have lower overhead costs than traditional restaurants, which can help owners save money. What are some types of ghost kitchens? It's who you are and what you represent.

Front of House 174

Front of House Presentation Kitchen Operations Server 174

Larry Mogelonsky

DECEMBER 11, 2023

As we review the numbers thus far from 2023, operational and labor costs continue to edge up in lockstep with guest service expectations, and yet some of the latest projections show travel demand as normalizing at or slightly above current levels. Distinguishing between these two states is important as it affects RevPAR calculations.)

Housekeeping 100

Housekeeping Maintenance Scheduling Property Management 100

Revenue Hub

JUNE 12, 2023

“Minimize costs, maximize revenues” — the quest is ubiquitous across all businesses. NB: This is an article from RateGain With the costs running high into labor, debt, franchise fees, utilities and real estate taxes, little can hoteliers do little to really ‘minimize’ the cost of operation. the bottom line.

Book 72

Book Procurement Pricing Article 72

Hotel Business

OCTOBER 12, 2023

MDO , a hotel data platform that centralizes and operationalizes critical performance and financial data for hotel companies, has increased its back-office automation and business intelligence capabilities with the acquisition of HelloGM. The costs of staffing and supplying a hotel continue to rise and resources are oftentimes scarce.

Guest Satisfaction 64

Guest Satisfaction Document Budgeting Accounting 64

MEWS

JANUARY 30, 2023

A recent survey showed that 72 percent of consumers prefer email as their primary means of communicating with brands, which was corroborated by a McKinsey study that estimated that email is 40x more effective for acquiring new customers than social media strategies and the fact that conversion rates are three times higher than social media.

Marketing 162

Marketing Communication Book Information 162

Revenue Hub

JANUARY 29, 2024

What are the top risks of overbooking? A negative impact on your brand, decreased customer loyalty, frustration on behalf of the guests, and lower staff morale. That means you lost them forever, and all the money spent on acquisition goes to waste.

Book 85

Book Article Training Marketing 85

Modern Restaurant Management

DECEMBER 29, 2023

However, our industry still is an attractive space for well-suited technologies, improving efficiencies at every level of the restaurant from inventory to customer service. What we do know is banks pulled back on commercial lending at every level, from local to goliaths. Parents of young children pay an average of $13.85

Customer Service 123

Customer Service Scheduling Catering Communication 123

InnQuest

AUGUST 3, 2023

Satisfied guests are more likely to become repeat customers, leave positive reviews and recommend the property to others. The bottom line benefits of guest satisfaction in hospitality industry are customers’ recommendations and repeat business. What Factors Affect Guest Satisfaction?

Guest Satisfaction 217

Guest Satisfaction Book Document Blog 217

Hotel Owner

APRIL 12, 2023

Having proven over the past three years that hospitality is an incredibly resilient business sector, what many are focusing on right now is how to ensure that this next period of trading – the second and third quarters – continues to build back, strengthen, and sustain their operating models.

Pricing 105

Pricing Book Presentation Marketing 105