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What is the meaning / definition of Yield in the hospitality industry? Yield simply means revenue made. But a common mistake is to assume that Yield is the revenue created from the selling of rooms and suites and from in-house services within the hotel. That is not necessarily so! Yield can sometimes also mean the money generated from different outlets [...]
What is the meaning / definition of Worldspan in the hospitality industry? Worldspan is a company providing worldwide electronic distribution of travel information, internet products, connectivity and e-commerce capabilities for travel agencies and other travel service providers, such as hotels. Its main system is the GDS (Global Distribution System) – used by travel agents and OTAs to book/ sell hotel [...]
What is the meaning / definition of ‘Workcation’ in the hospitality industry? The term ‘Workcation’ is formed by blending the words ‘Work’ and ‘Vacation’. By combining business and leisure travel (also known as Bleisure), people can combine work trips and vacation as a chance to explore new and exciting places whilst being away for work. Example: The office sends you abroad, and you invite your partner [...]
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Based on the previous articles on the definition, fundamentals and culture of revenue management we have defined a few simple action steps for hotels.
Are your contracted non-yieldable segments adding to your bottom line? Or are they displacing revenues that can be generated by selling public transient rates? Important questions from a revenue management perspective.
Revenue Management is more than technique for creating prices. It is a philosophy and a culture that must be implemented throughout the hotel.
The objective of rate parity in hotels is to encourage consumers to book direct. They should not find any advantage of booking via a third party website over making a reservation on your own hotel website. Learn in this weeks article how to get organized and use rate parity as a hotel revenue management tool.
Don’t forget that the price is a Selling TOOL. Price lets us segment and attract different target markets with the objective of maximizing Revenue. But we have to be careful our revenue management strategies based on price sensitivity don’t turn against us.- We hear a lot of talk about Opaque Pricing and Opaque Travel Websites, but what is it really? It is in short a non-transparent value offer. What??? This needs to be explained in a bit more detail, right? Another arrow in the quiver for your revenue management plan.
