hotels revenue management action logging boosts revenue

Hotels Revenue Management Action Logging

Hotels Revenue Management | Action Logging

If you’re new to hotels revenue management or a seasoned professional, you can benefit from the action logging technique. In today’s fast-paced world of hotels revenue management, it can be overwhelming to keep up with the demands of the market, hotel constraints, technology partners, marketing actions and management demands.
In this post, I’ll explain the action logging technique, when you can use it, how it can work for you, along with some examples of bad and excellent capture methods.

XML activity logs built into channel managers & hotel revenue management tools are exceptional at keeping track of actions put through them, but they have a  problem. They don’t reveal the real reasons and related marketing actions that accompany hotels revenue management decisions.

The truth is action logging in hotels revenue management gives more context to logged action. As a result it can keep situations fluid, calm and collected.

When gauging hotel performance, the vast majority of managers opt for historical comparisons, meaning results are either higher, the same or lower than the same period last year. But, a question leads to more questions such as; why is it happening? How can we repeat it? How can we prevent it? What marketing actions were taken? So, how can you ensure you can answer any question that comes up? With a good action log structure and capture method.

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Blend of Revenue Management and Marketing Departments in Hotels

Calling all hotel revenue, yield & e-commerce managers. You have marketing diamonds at your fingertips, it’s all in the data. It’s time to tap in.

The role of revenue management in hotels is changing at a profound rate. Gone are the days of locked away number crunching.

These days revenue managers are reporting directly to top management and are bypassing sales and marketing in most cases. The insight and know-how they have is incredibly valuable. This phenomenon, driven by technology is causing disruption for property owners. Harnessing the power of revenue management insight and marketing creativity will significantly make marketing efforts more targeted.

Technology is driving this phenomenon at an unprecedented rate! Continue reading →

Working with B2B Wholesalers

Working with wholesale distributors is a great way to distribute your hotels inventory and rates to a variety of online travel agencies, retail agencies, tour operators and airlines through a single interface.

Wholesalers normally request to receive NET contract rates (Static Rates), although in recent years this has changed to also include BAR contract rates (Dynamic Rates) which are distributed via the channel manager.

Key ingredients to consider when working with wholesalers: Continue reading →

Working with Predictive Analytics

Revenue Management Systems give you greater control over your revenue potential by taking a number of variable factors into consideration, such as competition pricing, available rooms, current pricing, in an attempt to drive up your revenue.

Most providers in the market will need connectivity to your Property Management System (PMS), which can be challenging since not all hotels use the same systems. New connections may need to be developed and thoroughly tested to ensure they work correctly, which can be time consuming and costly.

A relatively new concept for most hoteliers is the idea of ‘Predictive Analytics’ which is very powerful, however it does have its challenges! The idea is that the revenue management system will take your current availability, current pricing, current competitor pricing into account, and then offer optimized pricing suggestions. Continue reading →

Property Management System (PMS).

A Property Management System (PMS) is a critical application for properties of various types and sizes. It is a central control system for your hotel. Some important features include, availability/ room type management, reservations, guest history tracking, sales and statistics, points of sales, back office inventory, guest spending in house, financials, staff and much more.

Every aspect of your hotel is handled by a single integrated system to make your property management more efficient, giving you the opportunity to focus on improving guest experiences, without the worry of tracking the various aspects of your business. Continue reading →

Hotel Online Sales Distribution.

With respect to decisions on how and why your prices are calculated, loaded into your revenue management tools, what policies will apply, which distribution partners will you be working with, what content will you distribute, what facilities will you advertise, it all starts with you!

Hotel sales distribution does not only relate to your hotel rates, it relates to text, images, video, rates, restrictions, policies and terms. In essence, it relates to any media that will be used to successfully attract and ultimately sell your property online.

Contact us for more information on this article. Continue reading →

Key Booking engine selection criteria

The hotel booking engine is the primary source of direct reservations for any property. Extra care and attention should be assigned to its selection and implementation! The hotel’s booking engine is normally located as part of, or linked from ‘brand.com’ (The official hotel website).

Here are some important ingredients when evaluating booking engine providers:

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Importance of Your Hotel Website

A travel website behavior study conducted in 2017 by ‘Fuel and Flip.to’ said, your hotel website is THE most influential factor for potential guests. The survey was compiled from more than 2,300 respondents, all of whom planned and consumed at least one leisure trip in the past 12 months.

Here are the Top 6 most influential sources:

  1. Hotel website – Direct visit to your ‘brand.com’.
  2. Word of Mouth – Personal recommendations.
  3. Online Travel Sites, such as Expedia, Orbitz, Priceline, Booking.com.
  4. Search engine – Google, Bing, Yahoo, country specific search engines.
  5. Review sites – TripAdvisor, HolidayCheck, TopHotels, Yelp etc.
  6. Metasearch sites, Trivago, Kayak etc.

60% of Online Travel Agent (OTA) bookers will visit your website before booking through an OTA. (Triptease 2016). Direct bookers deliver 9% – 18% more NET Revenue per Available Room (NET RevPAR), according to Kalibri Labs (2016). Continue reading →

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