We know that reputation management is important, but how involved should revenue managers be in that process? I brought this topic to the leaders of the HSMAI Revenue Optimization Advisory Board to discuss our role in reputation management. Here are our top five takeaways.
New partnership between RateGain and FLYR Hospitality provides hoteliers with a holistic, streamlined solution to achieve AI-driven rate optimization across distribution channels
New industry first AI capabilities make it easier for revenue managers to find insights and capture more growth opportunities
Next week I am visiting Walt Disney World with my kids and their best friends. While I've managed to book our flights, car rental, lodging and park tickets with money to spare, there are a lot of unknowns to be accounted for, and this is largely due to revenue management practices. Here are a few examples of how my family was directly affected by the practice I love so much, and how we expect to be affected on site.
While the effectiveness of these hotel revenue management strategies will vary by location, audience and the economy; here are ten effective ways to increase your hotel's revenue in 2024.
It is important to consider not only competitors in your destination when determining rate strategies, but also competitive destinations. By understanding your hotel's unique value proposition as well as your destination's selling points, you can determine the 'willingness to pay' of your clients and remain competitive in a multi-market playing field, no matter the season.
If you had the opportunity to peruse our latest article on The Value of a Contact Center, you might now be wondering how you go about fostering a mutually beneficial relationship with your contact center - lets dive in!
Artificial intelligence is everywhere. It's making inroads into practically every field of human activity. It's integrated into search engines, word processors, and various apps likely installed on your smartphone in your pocket. And there's a reason for the tech's proliferation: it is incredibly adept at analyzing data much faster and at a much larger scale.
When we think about revenue management, we often think of large cities, overbookings, big box hotels and a competitive marketplace. We don't typically think of a 44-room inn located in a remote destination. However, Rate Yield sat down with their loyal client, Manoir Belle Plage, to discuss what the revenue management software has done for them.
Revenue management systems play a critical role in the hospitality industry. Traditionally, these systems attempt to predict future demand from past trends to optimize pricing. That's a reasonable approach. But as the pandemic taught us, relying on the past to predict the future doesn't always work - the unexpected still occurs. Now, what if I told you it was possible to predict future demand based on current trends?