Hotel Revenue management Basics

Content mentioned in the video:
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Intro Video- Introduction to Hospitality Revenue Managemen:
• Intro Video- Introduct...
A higher average daily rate and better occupancy - sounds like every hotel's dream, right? And that's exactly what Revenue Management can achieve! In this video, we will reveal the secrets of successful hotels and show you how to effectively implement this concept in your business. We'll walk you through the basics of revenue management step by step. Discover how to understand and predict your guests' demands. Learn to segment your market into different target groups and develop the optimal pricing strategy for each group.
We'll also cover key metrics such as occupancy, average rate and RevPAR, so you can always keep track. We will also explore technologies that can simplify your daily revenue management tasks.
This video is the perfect introduction for all hoteliers looking to optimize their pricing and maximize their profits.
Timeline
00:00 Hotel revenue management basics
00:47 Revenue management for hotels definition
01:14 Context and history of revenue management
01:45 Hotel room nights are a perishable good
02:13 Hotels have a fixed inventory
02:32 Time variable demand makes revenue management more relevant for hotels
04:21 Price: price is a function of supply and demand also for hotels
05:31 Segmentation: different guest have different needs and wants
06:49 The right channel for your hotel sales impacts your profitability
07:50 Product: dont just think hotel room
09:03 The right time and understanding hotel pickup
11:05 Occupancy rate, average daily rate and RevPar - KPIs for your hotel
11:49 Revenue Management System
with Elisha Schoppig linkedin.com/in/elisha-schoppig/
Hotel-Spider is a cloud-based online distribution platform with a deep-rooted presence in the hotel technology market. We empower hospitality distribution as we imagine, develop and deploy customer-driven software solutions. Our goal is, to simplify the complex distribution landscape through our systems. Our Hotel-Spider Hospitality Distribution Platform includes booking engine, metasearch (Google, Trivago, Tripadvisor), central reservation system, PMS connectivity, and channel manager. Trust your Swiss specialists to optimize your online sales with an integrated and fully automated approach.
www.hotel-spider.com/en/solut...
www.hotel-spider.com/en/solut...
www.hotel-spider.com/en/solut...
www.hotel-spider.com/en/solut...
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