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Since the early days revenue management has been applied in hotels, there has been an intriguing ongoing discussion. What drives more value to the business, ADR, average daily rate, or occupancy?
We have written extensively about hotel revenue management strategies. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
In this first article we will go over the definition of what is revenue managementย in the hotel and hospitality industry. Additionally we will be covering the fundamentals of revenue and yield management.
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The hospitality industry has undergone a seismic transformation since 2020. This period of change is set to continue through 2022 and 2023, with shifts in demographics and technology, and the post-pandemic transition to a new normal all playing decisive roles. As a hotel management company with clients around the world, we have seen these trends in the tourism and hospitality industry take shape and evolve.
If youโre reading this, chances are youโre looking for ways to improve your hotelยดs operational performance โ and you are unsure what actions to take and which tasks to prioritize. And understandably so, since creating a successful hotel business is anything but a straightforward โ cookie-cutter process and success definitely doesnโt come overnightโฆ It requires careful planning, prioritization and dedication to achieve great results for a hotel.
Running operations as a hotel management company and hotel revenue management consulting for a diverse portfolio of independent and boutique hotels in a variety of cities and countries, our hotel consultants have seen the same concerns pertaining prioritization and decision making. There is always room for improvement on challenges the hotel industry faces, whether it is making the right decisions, optimizing work processes, providing higher quality service, or aligning departments and objectives.
Google is taking the hotel industry by storm to gain market share and grow their advertising revenues. We will take a look at how Google is penetrating the hotel distribution vertical with Google Hotel Ads, and what opportunities this gives in terms of hotel revenue management and marketing.
Innovation has always held a central position in the hotel industry, fueled by the need to stay relevant and excite guests with new products and services to create unique guest experiences.
To get inspired, we from XOTELS-hotel revenue management consulting and hotel management company have put a list together for you consisting of hotels that truly embrace the concept of innovation and apply creative ways to deliver top-notch experiences to their guests.
Enjoy our list of creative and innovative hotel concepts and get inspired!
Standing out from the crowd has always been a perpetual task demanding full attention of any hotelier, but has become even more apparent in the post Covid-19 era.
The countless marketing, sales, and operational tools available in the market have allowed hoteliers to gain quick returns in the past, but unfortunately mediocre strategies and cookie cutter approaches won't cut it anymore.
This brings us to the real question: ยจwhich hotel management actions will truly help us to differentiate ourselves from the rest of the hotel market and thrive in the post Covid-19 era.ยจ
QR Codes have taken the hospitality industry by storm, and can be seen used anywhere from restaurants menus to playing a role in sharing information about health and safety measures.
We will share our insights as a Hotel Management Company:
About the Author:
As CEO and Founder of XOTELS, Patrick Landman has made it his mission to turn hotels and resorts into local market leaders. XOTELSยด diverse expertise and deep-knowledge across revenue management consulting, hotel management, and hotel consulting, enables us to drive results for independent boutique hotels, luxury resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.