5 Revenue Management Trends in 2024
Hotel Speak » Hotel Revenue Management
by Duetto
1M ago
2024 will be a year of challenges and opportunities, as the hospitality industry continues to find its way in a post-pandemic world. Economic challenges unfold, but new opportunities are opening up. China outbound travel is returning, technology is innovating at a rapid rate, and hoteliers have more opportunities to revenue manage beyond room rates. Here are my five revenue management trends to look out for in the year ahead: Focus on Profitability The first thing, and I think, the most severe, is that we have seen heavy cost increases across all hotel cost drivers in recent months. This puts ..read more
Visit website
Survey Results: Revenue Management Trends & Predictions for 2024
Hotel Speak » Hotel Revenue Management
by Duetto
2M ago
The annual Duetto Revenue Management Trends & Predictions Survey results are in! After weeks of polling hoteliers from around the world, we can now deep-dive into the results and see what trends and predictions hotel teams are looking at for 2024. This is the third annual survey from Duetto. The 2023 results showed that hoteliers were hopeful of the return of business travel and group business, and mindful of short booking windows. There was also continued investment in technology, This year, we take a closer look at how that group business might be revenue optimized, a ..read more
Visit website
Tips To Maximise Hotel Revenue In 2024
Hotel Speak » Hotel Revenue Management
by STAAH
3M ago
Effectively plan and reach your business goals for 2024 with these smart revenue management and distribution tips. After a tumultuous couple of years, the industry is regaining its balance. To cope with a highly dynamic market, improve efficiency and meet the evolving needs of guests, there have been some shifts in revenue management and distribution. In this blog, we share some of these shifts and tips on how to adjust your strategy to maximise revenue. 1) Increased adoption of technology One of the most significant shift in hotel practices has been the accelerated access and adoption of tec ..read more
Visit website
Demystifying Hotel Revenue Management: A Comprehensive Guide for Hoteliers
Hotel Speak » Hotel Revenue Management
by BigfootHospitality
8M ago
In the dynamic landscape of the hospitality industry, effective hotel revenue management stands as a cornerstone for optimizing profits. By delving into market dynamics, guest preferences, and strategic pricing, hoteliers can fine-tune their room rates, distribution strategies, and other pivotal elements to achieve maximum occupancy and revenue. Understanding the Essence Hotel revenue management is a strategic process encompassing the precise pricing of hotel rooms to unlock their full revenue potential. This intricate practice involves dissecting market trends, discerning guest behaviours ..read more
Visit website
Five Ways to Increase Your Hotel’s Revenue
Hotel Speak » Hotel Revenue Management
by Hotel Speak Community
1y ago
Running a hotel is one of the most dynamic businesses out there. It makes a huge difference whether your hotel is a modest, comfortable, and affordable place to stay or if it is expensive, high-end accommodation. It’s easier to make money when you cater to those who have it, but those are never the only people who need a place to stay. When you are trying to increase your hotel’s revenue, there are a few methods to do it. Below are five ways to increase the revenue of your hotel business. Offer More Amenities The number of amenities your hotel has a direct effect on the price to book a room at ..read more
Visit website
Six Revenue Management Trends to Watch
Hotel Speak » Hotel Revenue Management
by Duetto
1y ago
2022 was a year when we saw a significant move to cloud-based technology. Staffing pressures and market variability meant that hotels needed to implement systems that could harness and process extraordinary amounts of data without having to hire large teams of specialists. The interoperability of HTNG-spec, cloud-based technology has meant that tech stacks have evolved rapidly across a range of areas of critical importance to hotels. Looking at the results of our recent Trends & Predictions survey, it looks like 2023 will be another year of increased tech adoption, as hotels continue to l ..read more
Visit website
How to Increase Revenue in your Hospitality Business
Hotel Speak » Hotel Revenue Management
by Smartpricing
1y ago
Increasing revenue is the primary goal of every business, and accommodations are no exception. But what actions can you take to increase your revenues? In this article we will walk you through 8 of them. Use Upselling and Cross-Selling Upselling and cross-selling are two activities that allow you to increase revenue quickly and without any major investment on your part. Upselling involves offering the customer making a purchase a better version of what they are buying. In your case, this means proposing the purchase of a higher category room with more amenities. Cross-selling, on the other han ..read more
Visit website
6 Revenue Boosting Strategies for the Hotel Industry
Hotel Speak » Hotel Revenue Management
by Hotel Speak Community
1y ago
In the years since the hospitality industry was shuttered by the COVID-19 pandemic, the sector has made a significant comeback. By the end of 2022, the global tourism industry has rebounded back, and some destinations are experiencing a double digit increase in visitors.  Hotels can make the most of this strong economy by implementing the following strategies to maintain and expand their revenue.  Upgrade Booking Systems Traditionally, hotels managed all of their reservations and guest requests through manual systems. Today, hospitality businesses of all sizes incorporate some type o ..read more
Visit website
Why Centralize Your Hotel Revenue Strategy?
Hotel Speak » Hotel Revenue Management
by Duetto
1y ago
Gorgeous Smiling Hotels (GSH) is a young company with the goal to become a pan-European player. We currently operate mainly in the DACH region (Germany, Switzerland, and Austria) with a mix of own-brand and franchised properties. We specialize in 3–4-star properties, with around 80% of our portfolio being low-service, lifestyle properties. We currently have 45 hotels in operation. In late 2021 we embarked on a plan to invest in IT. We knew we needed to look more closely at our technology landscape to move on. Central to this tech landscape are the PMS and Duetto. We decided to add in more ele ..read more
Visit website
Why Not Implementing Technology Also Comes At A Cost
Hotel Speak » Hotel Revenue Management
by Duetto
1y ago
The forecast and budget season is approaching again. This means that revenue and finance teams are currently evaluating revenue, profit and loss, costs, and investments. For some, investment in new technology might not seem a priority. But not investing in tech also comes at a cost. For decision-makers, you need to weigh up the revenue opportunity and the potential savings through increased efficiencies, against the cost of implementation. Typically, hotels run on Duetto will see a RevPAR uplift of 6% in the first year of operations, and a further 10% gain following that. In terms of market s ..read more
Visit website

Follow Hotel Speak » Hotel Revenue Management on FeedSpot

Continue with Google
Continue with Apple
OR