How to structure your rate structure?
A good rate structure needs to be straightforward, uncluttered and manageable. In this blog, we focus on setting up a rate structure in the PMS system, as this is one of the core building blocks for running a profitable hotel.
10 tips to maximize visibility and drive bookings online
The blog will discuss key channels and optimization strategies to help lodging operators increase their online bookings and drive more bookings and be more profitable.
9 things we’ve learned by doing pricing for hundreds of smaller hotels
Running a hotel is a lot of work. And pricing is often a secondary consideration, with the guest experience coming first. Sadly, the people who give so much energy to the guests may be missing out on many profit opportunities.
Your hotel’s prices are probably too low!
We often find that the hotels we set up are not, in our opinion, charging enough for their rooms. Especially now, in a post-corona period, when everything is uncertain, many hotels choose to sell low rather than sell their rooms for a good deal.
The 10 Best Revenue Management Software Providers and Which One is Right For Your Hotel
Revenue management software is the hottest topic in hotel technology these days. But although everyone is talking about it, not many people have it. A recent Skift report showed that only around 5-10% of hotels are using software and theses are almost exclusively large chains.
Implementing your revenue management strategies when using an RMS
We always say that a perfect pricing strategy is a combination of human and machine. The human role is to set up the strategy, rate policy and expertise in a context that the machine doesn’t have. The computer then does all the calculations to get perfect pricing.
Are you dynamically changing the price-gaps between your room types?
How much more should a superior room cost than a standard room? How much cheaper should the economy room be? What about the family room? The answer is, of course, that it depends.
Revenue Management basics for smaller hotels
Pioneered by the airline industry in the early 1980s, revenue management is a way of pricing and marketing products that are perishable; in other words, if you don’t sell it tonight, you can’t sell it tomorrow.
What is Revenue Optimization?
Put simply, revenue optimisation means setting the best possible price for your hotel rooms based on the information available. It means determining not just a good price, but the best price.
7 Revenue Management Differences Between Smaller and Larger Hotels
Revenue Management is an extremely important subject for all hotels; large and small. The difference between a hotel that carefully manages its revenue and one that does nothing could be as much as 20% of revenue per year.
5 Reasons Why Serviced Apartments and Vacation Rentals Should Be Using Revenue Management
The world of revenue management has come a long way from its airline beginnings. With new developments and technology, what was once reserved for the multi-million dollar airline companies and huge hotel chains, is now available to managers of even the smallest serviced apartments.
How Revenue Management and RoomPriceGenie Can Help Small Hotel Chains
The expansive and ever-growing hospitality industry has made way for an increasingly dynamic market. From a one-room Airbnb apartment to multi-billion dollar hotel chains, the industry is putting increased demand on its technology to meet its varied needs.
Revenue Management Software for Beginners
At RoomPriceGenie, we speak to a lot of hoteliers. Although they all know that revenue is important (that’s why they are talking to us), often the whole subject is very confusing.
