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5 essential components of Hotel RMS

                     1. ACCURACY & HIGHER MARGINS Rather than relying on human error-prone manual methods, a scientific approach uses statistical algorithms to effortlessly perform the computations necessary to develop optimal pricing and revenue management decisions. An advanced RMS incorporates wide-ranging factors, swiftly processing data to improve decision-making and produce more profitable results 2. SUPPLY AND DEMAND A key function of a science-based RMS is its ability to forecast unconstrained transient demand rooms that could be sold with unlimited inventory available at a highly granular level, i.e. customer segment, arrival date, room category and length of stay. This is crucial for true profit optimization. As an example, a 200-room hotel with demand for 300 rooms would require a very different pricing strategy than if there was a demand for only 100 rooms on a given stay night 3. Precise Forecasting When it comes to optimizing pricing deci
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Revenue Management Tips by Pawan Sahani

5 Ways to Balance between Revenue Management and Sales 1)     Keep Your eye on the Goal : - Often times sales and revenue Management teams, fail to connect due to conflicting goals. Revenue Management wants to drive average daily rate (ADR) and gets frustrated with sales override decisions and sales gets confused as to why revenue managers quote the rates they do. AN integrated tech stack ensures that sales has access to the big picture and can fully understand the potential of higher-value business that may be competing for the same inventory. 2)     A group is a sum of its parts : - Better evaluate a group’s total revenue opportunity by examining it on an individual level as well. Will attendees be buying contacts or colleagues drinks in the bar? Will they be utilizing spa services? These factors must also be accounted for when considering a particular piece of group business. 3)     Opportunity Cost : - A newer trend that’s occurring is that, groups are asking hot

Social Media Hacks

SOCIAL MEDIA MARKETING Social media marketing  is the process of gaining website traffic or attention through  social media  sites.  Your customers are already interacting with brands through social media, and if you're not speaking directly to your audience through social platforms like Facebook, Twitter, Instagram, and Pinterest, you're missing out! Great marketing on social media can bring remarkable success to your business, creating devoted brand advocates and even driving leads and sales. Some Easy Hacks for Social Media Marketing : Start With a Plan: What are you hoping to achieve through social media marketing? Who is your target audience? Where would your target audience hang out and how would they use social media? What message do you want to send to your audience with social media marketing? Great Social Content : Consistent with other areas of online marketing, content reigns supreme when it comes to social media market

5 KEY COMPONENTS TO AN EFFECTIVE REVENUE & PROFIT STRATEGY- Hospitality Minds

Looking to increase revenue in 2019? Get in line. The desire to generate more revenue is nothing new to hoteliers, but the journey toward higher revenues and greater profitability requires hotels to take a more holistic approach; one that implements technology that leverages data from disparate sources to develop actionable intelligence to help stimulate and optimize demand. Let’s take a closer look at five important areas of focus for your revenue journey. Channel Segmentation Your distribution channels – online, off-line, direct, and indirect – should be segmented and analyzed by guest type and acquisition cost. This lets you to determine where your most valuable mix of bookings and revenue is coming from. With OTAs charging hefty commissions, sometimes as, high as 30 %  you want a distribution strategy that drives as much direct business as possible. It’s important to regularly review your channel mix to ensure that it’s profitable and aligned with your property goals.

HOW TO GROW HOTEL BUSINESS - Hospitality Minds

Everyone is planning to grow their hotel business but there are many obstacles to grow business in hospitality industry. And this time, we've got just the right tips for you to have your way around the industry.  The hospitality industry is the one which is ever evolving; being at the forefront in comparison with other hotels. Every other day, you will find new competitors and new challenges to grow you business and make your hotel good in comparison with your competitors.   All you need to do is start with new ideas to grow your business. Here are top 5 tips to grow your hotel business. 1.  Work on Online Travel Agents (OTAs) strategies OTAs plays very important role in growing your hotel business online. Every hotelier should build connections with at least 2-3 OTAs for managing hotel business efficiently.  An appropriate hotel description, listing out your amenities and posting clear and relevant images of your hotel will keep you in the forefront and make you vis

ONLINE REPUTATION MANAGEMENT- Hospitality Minds

Strategies and Tactics for Online Reputation Management Across all segments of the hotel and hospitality industry, online reputation has become one of the most powerful drivers of revenue and growth. Whether you’re managing a boutique resort with a dozen rooms or an international destination brand with tens or hundreds of hotel properties around the world, your ability to monitor, influence, and improve the way your hotel is perceived online by existing and potential guests can spell the difference between winning and losing. This is where hotel reputation management comes in. To ensure that your online reputation is driving guests to your hotel — instead of away from it — we created a list of hotel reputation management best practices and tactics. 1. Claim your business listing- Whether you like it or not, whether you are aware of it or not, your hotel is probably already listed on a number of social media platforms, online review sites, and search engines. The first st

STRATEGIES TO DEVELOP A WEBSITE- Hospitality Minds

STRATEGIES TO DEVELOP A WEBSITE Since its popularisation, back in the 90's, the Internet has come a long way. In the last 25 years, websites have changed dramatically and these changes have also generated new dynamics of personal and professional interactions, influencing consumer habits and requiring new marketing strategies in which brands have to quickly adopt an approach centred on the users. In the hospitality industry, the changes caused by the new digital dynamics are huge. Nowadays, consumers have total control of all steps of planning a trip: from searching for a destination to booking the accommodations. This makes it mandatory for any hotel to have a solid online presence, in order to lead the consumer from the search engine directly to the hotel's official website – the main online sales channel and the primary point of contact between a guest and the hotel. Here are the 7 steps that you should follow to make your website more powerful, 1. Content is (st