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Get your Revenue Management in Shape for 2015!

Get your Revenue Management in Shape for 2015! During the first few days of a new year, everyone is busy planning their personal new year’s resolutions. But although most of us spend the beginning of each year focused on self-improvement, we rarely think about new year’s resolutions for our business. For hotels, this is an[…]

 
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Deep Discounting Doesn’t Work

Black Friday is a day filled with discounts on every product imaginable and for days beforehand, serious bargain-hunters are strategically planning their “plans of attack”. This past Black Friday, which took place last month, gave US discount shoppers a fantastic opportunity: the ability to purchase hotel stays at many properties across the country for only[…]

 
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Think Beyond the Compset

When did your Compset die?

For many, many years, hotels have used their property’s compset (also known as the competitive set) in order to gauge their hotel’s performance against the competition. That is definitely a smart business decision! But unfortunately, many of those same hotels are using their compset as their only basis for determining pricing of their rooms –[…]

 
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Is Revenue Management Only Useful For Luxury Hotels?

In the past, revenue management was a practice that only high-end, luxury properties implemented for two major reasons: first, it was hugely cost prohibitive, and second, it required the hotel to hire a revenue manager to execute the processes (or oversee the revenue management system – RMS). Only properties with large budgets – both for[…]

 
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Three Tough Questions for the Hotel Industry

Three Tough Questions for the Hotel Industry

I was taking a road trip a few weeks back that really started me thinking about the current state of the hotel industry. The trip started in Miami Beach, Florida and over the span of ten days/nine nights, I drove to Georgia, South and North Carolina, where I was attending a conference. During the drive,[…]

 
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The Billboard Effect… Revisited

It seems like the summer is prime time for hotels and industry experts to re-examine the basic revenue management concepts that they have always held to be true. Most recently, an article was published on Tnooz.com called “Does the Expedia billboard effect still exist for hotels?”, which examines the billboard effect and the various studies[…]

 
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Revenue Management: How to Price Your Rooms Correctly Every Time

https://www.revparguru.com/importance-of-automated-revenue-management/

In today’s highly competitive travel industry, implementing effective real-time pricing strategies has become an operational imperative for all hotels, no matter their size, type or star rating. While revenue management has been a hotel buzzword for years, many hoteliers seem to have conflicting understandings about what exactly constitutes revenue management. So, I’m here to remind[…]

 
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TripConnect: A Hotelier’s Best Friend?

In October 2013, TripAdvisor launched an advertising bidding tool called TripConnect, a new metasearch channel (one that aggregates all of the available online prices in a single list) that enabled hotels to send potential bookings originating from the site to their own website instead of to an OTA. TripConnects breakthrough bidding process will allow independent[…]

 
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Bitcoin: The Newest Way to Pay for Hotel Rooms

Will your property accept Bitcoin as an alternative method of payment? Our answer is ‘yes’, because if you don’t, you could be losing out on a valuable revenue stream – all the customers who want to pay solely with Bitcoins. Once you’ve decided to accept Bitcoins, you must ensure that your online booking engine is[…]