Category: Revenue Strategy

[SLIDESHARE] 5 tips for reducing your hotel cancellation rate

[SLIDESHARE] 5 tips for reducing your hotel cancellation rate

Cancellations on OTA channels can reach as high as 40%, making it difficult for hotel revenue managers to properly plan and fill their rooms nightly. Below are five revenue and rate strategies your hotel can employ to help counter high cancellation rates. Read the original article here: How hotels can counter high OTA cancellation rates

How your OTA pricing model mix can distort important stats like RevPAR

How your OTA pricing model mix can distort important stats like RevPAR

RevPAR (Revenue Per Available Room) is one of your hotel’s most important performance metrics. Yet while commonly used and heavily relied upon, it’s a metric that isn’t without its faults. In the following post, we’ll show exactly how RevPAR can be distorted, highlight the potential impact this can have on your business, and offer solutions to mitigate the risk. Calculating RevPAR Hotels often use RevPAR as a way to measure…

Takeaways from our webinar, “The House Always Wins”

Takeaways from our webinar, “The House Always Wins”

In the casino industry, the saying goes that the house always wins. But on the highly competitive Las Vegas strip, it’s not always that clear cut. To survive and thrive, gaming properties need to find strategies to optimize revenue at every opportunity. Crucial to this is smart technology—the focus of our recent webinar. During this discussion, industry experts from Rainmaker, Nor1 and Travel Tripper looked at ways casino hotels can…

[INFOGRAPHIC] Upselling and Cross-selling in the Hotel Business

[INFOGRAPHIC] Upselling and Cross-selling in the Hotel Business

Do you know the difference between upselling and cross-selling when it comes to hotel bookings? Our latest infographic explains the key difference and how that should influence your hotel marketing strategy to maximize revenue. Click to download a PDF or read our original article on upselling and cross-selling in hotels. 

Creating the right rate plans for your hotel

Creating the right rate plans for your hotel

One of the most complex aspects of revenue management is creating the right rate plans for your hotel. But what exactly is a rate plan? It is the technical term given to different rates you see on a hotel website when you search for a set of dates. Rate plans work their magic behind the scenes so guests can have different options to choose from when planning a hotel stay….

How hotels can counter high OTA cancellation rates

How hotels can counter high OTA cancellation rates

To entice consumers to book early, OTAs frequently advertise a free cancellation policy. Along with booking well in advance, the same tactic is used to encourage consumers to book multiple properties, which they can then choose from later. But this all comes at a heavy price for hotels. Guests are incentivized to book without worrying about whether they’re certain about their choice. After all, they can always cancel if they…

Key booking engine data points to inform your revenue management strategy

Key booking engine data points to inform your revenue management strategy

Whether you run a boutique luxury hotel or a big box with thousands of rooms, the key to winning in revenue management game is always the same: you should increase the percentage share of direct bookings. It is the least costly method of getting your rooms sold and thus the most profitable. From optimizing your website to creative digital marketing campaigns, there can be many ways of increasing direct bookings….

The most important metrics for hotel revenue managers

The most important metrics for hotel revenue managers

The hospitality industry is one of the most comprehensive and detailed when it comes to analytics and its key performance indicators (KPIs). By measuring every aspect of its revenue streams, these KPIs can really reveal important information about the health of a property and help revenue managers make better decisions about how to better improve the profitability of the hotel. We’ve put together a list of the most important metrics…

Three strategies to tackle hotel cancellations

Three strategies to tackle hotel cancellations

Have you ever made reservations at a restaurant or hotel, only to cancel last minute? If the answer is yes (and we know it is), you are not alone. In this industry, cancellations are inevitable, but as long as we have solid revenue manage strategies in place, we can still set ourselves up for success. So how exactly does a hotel plan for cancellations? The first move lies in gathering…

by Joan Evelyn Lee September 13, 2016 Comments Revenue Strategy
How to build and market special offers for your hotel

How to build and market special offers for your hotel

Special rate plans and packages are one of the key merchandising tools that hotel revenue managers typically use to maximize sales opportunities at their hotel. But it’s not enough to create a special rate plan and hope someone books it; hotels should create special offers strategically in order to fulfill a specific goal, such as filling low occupancy periods or targeting specific types of potential guests. Here are some tips…

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