Are you ready for RMS?
Some of you may be asking: "What is RMS?!" It stands for Revenue Management Software and if you've never heard of it, then you might not be ready.
On the other hand, I've spoken to many of you that know what RMS is, but you're not really sure if you are ready for this...
Is your DATA ready for Revenue Management?
Revenue Management can bring tremendous financial benefits to a hotel, but only if the key data is mostly clean and up to date. 100% accuracy is obviously ideal, but you can still get value from this process with 99% or 98% accuracy. It does not matter if you are using Excel or using...
Do you have a CULTURE of Revenue Management?
Culture gets developed over time, with repetition. And Company Culture is no different. Every company has a fairly unique culture, comprised of people, language, processes and styles. Revenue Management is a pretty analytical process, but companies do it slightly differently and...
Cancellation Policies can have major revenue impact
No hotel likes cancellations, but a sensible, well-measured policy can have a big positive impact on revenues. And a knee-jerk, unmeasured policy can have a big negative impact.
Cancellation policies should not change frequently, but they should vary by season. In the high...
How to create a plan for Revenue Management Projects
If you want to fly a 747 you can’t start there. You start with smaller planes and work up to the Jumbo Jet.
If you're building a house, you don't start by installing doors and windows. First you need to build a foundation and then walls and probably a roof. And then paint. ...
Why is Conversion SO important?
Many marketers pay a lot of attention to advertising and generating traffic to their website, but not enough attention to Conversion. But conversion can have a bigger impact on profitability. If you spent the same amount of money to get people to your website, but more of them turn...
How to generate traffic for Direct Bookings
If you are a GM or Revenue Manager, you still need to know about Marketing and Advertising. For several years, there has been a strong focus on Direct Bookings because there are no commissions, but getting Direct Bookings (in a profitable way) requires:
- Traffic and
- Conversion
In...
Airbnb - Competitor or Partner?
Airbnb started as a competitor, providing rooms and homes that compete with hotels. However, in the last year they have evolved into a distribution channel, much like an OTA, but with much lower commissions.
Airbnb has modified their platform and welcomed hotels - specifically boutique hotels...
Case Study: The high cost of never promoting
Many people think that discounting costs them money, but if you NEVER promote or discount, it can be costing you much more. Remember that simple discounts and price reductions are not the same as well thought out promotion strategy.
Naturally, this strategy depends on your property...