revenue strategies
An Example of Profitable Corporate Wellness Programming
Adam and Larry Mogelonsky | November 29, 2023
By Adam Mogelonsky, Larry Mogelonsky In the post-pandemic bullwhip we are still ebbing and flowing through, one big question mark is surrounding the future of business and group travel. Gone are the days of the LOS=1 road warrior as those meetings can be cheaply substituted for videoconferencing. Instead we are seeing more LOS=3 MICE where groups are looking to actually experience a destination or add in a wellness component in order to better facilitate real conversations and more meeting productivity. This is still a very unsaturated space; while leisure has embraced wellness across most categories, business and bleisure are not there...
Why Legacy Systems Can Limit Revenue Potential When It Comes to Attribute-Based Selling
Aaron Shepherd | November 28, 2023
By Aaron Shepherd Are outdated technologies preventing your hotel from meeting guest expectations and maximizing profitability? In the hotel industry, profitability is increasingly influenced by a variety of market changes, including the introduction of new technologies, shifting consumer preferences, and fluctuating operational costs. In response to these challenges, the industry is turning towards innovative pricing strategies, with Attribute-Based Selling (ABS) (also known as attribute-based pricing) emerging as a notable trend. Research from the Hotel Electronic Distribution Network Association (HEDNA) suggests that hotels implement...
Tips To Optimize Hotel Management Operations
Russ Spencer | November 27, 2023
By Russ Spencer For hotel operators, customer satisfaction is the lifeblood of business. It’s important to keep guests satisfied and create a memorable experience to keep them returning. While guest occupancy remains the top source of income for hotel operations, there are ways to transition business models to add new, fruitful revenue streams. An important aspect of hospitality services to consider is the food and dining experience. When vacationing or traveling for business or personal affairs, hotel customers look for dining experiences that are convenient and enjoyable. Vacation is all about relaxing and indulging, and there is no be...
From Silos to Synergy: Getting Commercial Teams on the Same Page
Lynn Zwibak | November 21, 2023
By Lynn Zwibak Now that the hotel industry has moved away from siloed departments, you expect your commercial teams to work together. But that’s impossible when each department is still operating independently. Team members outside the revenue-management department often feel mystified by the hotel’s pricing and availability decisions. And that’s holding your hotel back. Picture this: The marketing team dreams up a brilliant marketing campaign. They design beautiful content with compelling text, get it in front of the public through all the proper channels, and then celebrate its success. But the hotel misses forecast and the S...
The Dark Side of Revenue Management: Avoiding Ethical Pitfalls
Connor Vanderholm | November 16, 2023
By Connor Vanderholm The Temptation of Hidden Fees Rate Manipulation Let’s face it; we’ve all been tempted to play with rates to boost revenue. It’s the oldest trick in the revenue management book, you might even say that’s exactly what revenue management is. But I’m specifically referring to the practice of lowering prices during the booking process, then adding hidden fees later. The guest feels like they’ve been duped, but hey, you’ve made a few extra bucks, right? Now, I’m not saying this is the path to take, but it’s a path some hotels have chosen. And while it might pad the bottom line temporarily, it’s a risky ...
The Gotham Hotel Switches to Mews to Unlock More Revenue and Personalized Stays
Mews | October 26, 2023
The independently owned, family-operated 67-room Midtown Manhattan boutique hotel opted for Mews to unlock more revenue and operational efficiency. [NEW YORK – 26th of October] Mews, a leader in hospitality technology, has been selected by The Gotham Hotel to manage their upscale rooms and suites while catering to the needs of the luxury traveler. The Gotham Hotel occupies a slender, high-rise structure once home to the famous Gotham Book Mart bookstore, which inspired the hotel's name. Located in Midtown East, the hotel's communal terraces, larger-than-life rooms, and suites with private balconies were all designed to reflect New Yor...
Looking at the Net Revenue Impact of Chatbots With Tata Crocombe
Adam and Larry Mogelonsky | October 25, 2023
By Adam and Larry Mogelonsky Artificial intelligence will be a topic for hotels for decades to come, but right here in Q4 2023, it’s all about deploying incremental solutions to drive more and more efficiencies and profitability. Foremost amongst all the other AI tools that hotels can deploy is the guest-facing chatbot which has the potential to help drive a channel shift away from more expensive third parties. And yet, it’s rare to see a lot of financial scenarios published on the matter that explicitly show the contribution of these technologies onto the bottom line. In collaboration with Tata Crocombe, we investigated the chatbot...
Maximizing Hotel Profitability by Connecting BI, Ops and Maintenance Software
Larry Mogelonsky | October 18, 2023
By Adam and Larry Mogelonsky If there’s one resounding message in the current world of hospitality technology, it is consolidation, consolidation and consolidation. That in itself can be a nail-biting process, but from our perspective as asset managers we want to highlight the new ways that hotels can unlock value once these integrations and data centralizations have been set up. While in the near past, a lot of our technology consultation work was focused on figuring out the proverbial ‘low-hanging fruit’ to therein derive a critical path for tech upgrades that will incrementally save on costs or free up the team’s time, now th...
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