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Showing posts from April, 2019

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.