Slowly but surely, we are getting closer to the new normal. Whilst the crisis no doubt has been a hard hit on individuals, companies, and whole industries, and we all wish it had never come, it has nevertheless driven evolution forward in many ways. We all know that technology has taken a huge leap ahead […]
In this video we discuss a checklist recommending Daily, Weekly and Monthly tasks Revenue Management professionals should be undertaking during this crisis situation. Here are the chapters: 1:06 Guest Welcome 1:59 Daily Checklist 9:43 Weekly Checklist 19:48 Monthly Checklist 29:43 Wrap Up Checklist Things to be checked daily: Pick-Up for next 2-4 weeks per segment […]
Travel decrease Will travel go down? In the short run, yes. In the mid-term, perhaps. In the long term, if you ask me, definitely not. Currently there is no doubt that travel industry is hit extremely hard and travel is down. In total for 2020, UNWTO expects a drop in international tourist arrivals somewhere between […]
Declining demand usually means lower room revenues for hotels, caused by lower occupancy combined with lower average rates. Revenue Management itself does not generate additional demand in the market, but it does help to manage the existing demand in the best possible way and achieve the highest possible revenue share among competitors. Revenue Management alone […]
Market share benchmarking is without a doubt one of the most important metrics used today by Revenue Managers, Hotel Managers and Owners. It gives an exact overview of your own sales strategy and sets the revenue per available room in comparison to a well-defined competitor set. Benchmarking allows you to calculate your own market share […]
Hotels may receive few to dozens of group requests daily from various partners, however with limited capacity and a need to optimize total revenue, hotels must carefully decide which groups they should make an offer for and which they should decline. So, what factors should a hotel consider when analyzing a group request? Before analyzing […]
With the dawn of the upcoming low season in some destinations across Central Europe, hoteliers and their revenue managers are looking for ways to capture more demand and fill their capacities. But how to do so without cannibalizing your demand which is willing to pay the full amount of your BAR or early-booker-rate? How does […]
In recent years, many articles on Revenue Management and Online Distribution have been written on topics that have either pushed for an increased number of channels and therefore exposure of the individual hotel or the optimization of commission costs per channel. Rarely has yielding or reducing the number of channels depending on demand been mentioned, […]
I don’t want to claim that I’m the first one to address this subject. But, from my research I can conclude that there are few officially accepted “meeting, incentives, conference, exhibitions” (MICE) key performance indicators (KPIs) in general. They all seem to differ in their acronym depending on where you look and who you ask. […]
In today’s hotel landscape, we still often find hoteliers not being fully aware of the benefits of categorising their business into relevant segments. However, if you want to be successful in the way you manage your business and start applying sound revenue management practices, it is an essential step to have a clear idea of […]