Latest Posts
What is the meaning / definition of Zero Base Budgeting in the hospitality industry? Zero Base Budgeting can be abbreviated as ZBB. The term is used when the budgeting for hiring employees takes into account the occupancy expected for a specific time period or season. This is commonly used in seasonal hotels or in hotels where workers may be hired [...]
What is the meaning / definition of Youth Hostel? A youth hostel is a lower priced accommodation type in the hospitality industry catering towards a younger target market. The facilities, amenities, product and services offered are all dedicated towards the needs and wants of younger travellers. Overall youth hostels are the preferred choice for backpackers and more budget conscious travellers. [...]
What is the meaning / definition of Yield Management in the hospitality industry? Simply put, the purpose of Yield Management (aka Revenue Management) is to achieve maximum revenue/profit. To do this, a yield management strategy needs to be both reflective and forward-looking. That is, yield managers should attain a clear yet detailed understanding of what has happened before, and what [...]
Popular Posts
Nothing Found
Subscribe to our free newsletter
Enjoy the latest trends shaping the hotel industry.
|
  Thank you for Signing Up |
*By subscribing, you agree to receive communications from Xotels as per our Terms & Conditions.
All Posts
So how can we make informed decisions about our pricing strategies? I mean decisions founded on solid data and statistics. A demand calendar is the answer for your revenue management operations.
The budget is indeed your first forecasting. But how do we make an accurate forecast for a hotel? To do so we will be discussing the following elements; unconstrained demand, stay patterns, booking pace
- How much of your business is yieldable? And how much of your business in non-yieldable? Or how much of your business allows you to really apply revenue management? These questions are crucial for your hotel revenue management strategy.
- To apply revenue management in a hotel there are a few basic priciples that apply. What are these basic requirements to be able to successfully yield and optimize revenue and profit of a hotel?
Based on the previous articles on the components of revenue management, KPI, market segmentation, yieldable and non-yieldable business and displacement calculations have defined a few simple action steps for hotels revenue management.
How can you measure the results of your revenue management strategy? Which KPI’s or Key Performance Indicators should you use?
