Vlatka Barcan, Founder & CEO at Fifth Revenue joins Priority Status to discuss the current state of hotel revenue and some top market insights as we move into a potential shift in the industry. If you work in the hotel business, especially on the revenue side, you’re going to want to listen in: http://bit.ly/JPRPriorityStatus — with Vlatka Barcan.
We spend a lot of time focusing on online channels, distribution and promotions, but sometimes we forget the importance of our own reservations team. They are panting the first picture of our property. Whether it is outsourced reservations central services, part of our front desk staff or in-house department, those hidden gems are our main sellers. Continue reading “THE IMPORTANCE OF YOUR RESERVATIONS TEAM”
The chains may have revenue management wrapped up but for independent hotels it’s harder. Fear not, help is at hand. Ahead of the Smart Travel Data Summit North America 2018 in Miami next year where Vlatka Barčan will be speaking, she shares five revenue insights for independent hotels. Continue reading “5 Revenue Management insights for independent hotels in turbulent times”
Many factors will influence your hotel’s pricing. The very first step to this process is to do in-depth competitor analysis. You need to make sure that you are comparing ‘apples to apples’ before you adjust your pricing based on other hotels actions. Start with hotels with similar size that are in your area, and compare all different aspects of your businesses. How strong is your loyalty program, are you offering the similar level of service and what facilities are you offering in comparison to your competitors, are just some of the questions that you need to answer during your analysis. Keep in mind that you may not find the right competitors in your near proximity. For example, if you are a 200-room hotel near JFK airport and all other hotels in your area have more then 500 rooms, you should rather compare yourself to a 200-room property near a different airport. Continue reading “The fundamentals of your hotel’s pricing”
Revenue Management was only born in late 70s in the airline industry and many hotels have still not recognized the importance of it. Most common scenario in non-chain hotel is Owner or General Manager wearing all the hats, and therefore sub optimizing rate yield. It is “good enough” and until they are shown the missed opportunities for revenue growth, they continue to “know the best”. Continue reading “Why would Hotels Outsource Revenue Management?”