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You’re struggling to improve revenue management in hospitality. What technology can help you?

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Revenue management is a crucial skill for any hospitality business that wants to optimize its profitability, customer satisfaction, and competitive advantage. But it can also be a complex and challenging task, especially in a dynamic and uncertain market. How can you leverage technology to improve your revenue management strategy and performance? Here are some tools and techniques that can help you.

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Nicolò Rolle

Global SaaS Business Leader | TechPreneur | Padre | Actualmente CCO en Lybra & Business Evangelist en BeSafe Rate -…
Hasan Mohd Hamidur Rahman

Certified QuickBooks & Xero ProAdvisor | FreshBooks, Wave Expert | Professional Accountant & Bookkeeper | Digital…

1 Data analytics

Data analytics is the foundation of effective revenue management. It allows you to collect, process, and interpret large amounts of information from various sources, such as booking channels, customer feedback, market trends, and competitors. Data analytics can help you identify patterns, opportunities, and risks in your revenue streams, and provide insights for making informed decisions. You can use data analytics software, such as Excel, Tableau, or Google Analytics, to create dashboards, reports, and visualizations that can help you monitor and analyze your revenue performance.

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Hasan Mohd Hamidur Rahman

Certified QuickBooks & Xero ProAdvisor | FreshBooks, Wave Expert | Professional Accountant & Bookkeeper | Digital Solutions| Content Creator | Helping Clients Thrive Across Diverse Sectors of Business.
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Implementing dynamic pricing software like Duetto or IDeaS can optimize revenue by analyzing demand patterns. Also, a robust Customer Relationship Management (CRM) system aids in personalized marketing strategies, enhancing guest loyalty. Additionally, investing in data analytics tools for market trends and guest preferences can inform pricing and service adjustments, boosting revenue.

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2 Forecasting models

Forecasting models are mathematical tools that can help you predict future demand, occupancy, and revenue for your hospitality business. They can help you adjust your pricing, inventory, and distribution strategies according to the expected market conditions and customer behavior. Forecasting models can also help you evaluate different scenarios and outcomes, and plan for contingencies. You can use forecasting software, such as RevPAR Guru, IDeaS, or Duetto, to generate accurate and reliable forecasts based on historical and real-time data.

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Nicolò Rolle

Global SaaS Business Leader | TechPreneur | Padre | Actualmente CCO en Lybra & Business Evangelist en BeSafe Rate - Maximizando oportunidades de revenue para hoteles.
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The optimization of revenue forecasting hinges on diverse data utilization. Historical data reveals patterns, while OTB data offers real-time insights. Evolving market dynamics post-pandemic necessitate prioritizing recent trends. Integrating qualitative data, such as activity notes, enhances accuracy by contextualizing historical trends. By blending quantitative and qualitative insights, forecasts strive for precision amid dynamic market conditions.

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3 Dynamic pricing

Dynamic pricing is a technique that allows you to change your prices according to the fluctuations in demand and supply. It can help you maximize your revenue potential, attract more customers, and gain a competitive edge. Dynamic pricing can also help you respond to changing customer preferences, market trends, and external factors, such as weather, events, or seasonality. You can use dynamic pricing software, such as RateGain, Atomize, or Beonprice, to automate your pricing decisions based on data-driven algorithms and rules.

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4 Channel management

Channel management is a process that involves managing and optimizing your distribution channels, such as online travel agencies (OTAs), direct bookings, or third-party platforms. It can help you increase your visibility, reach, and conversion rates, and reduce your costs and risks. Channel management can also help you maintain consistency and accuracy across your channels, and avoid overbooking, underbooking, or rate parity issues. You can use channel management software, such as SiteMinder, Cloudbeds, or Sabre, to connect and synchronize your inventory and rates with multiple channels.

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5 Customer relationship management

Customer relationship management (CRM) is a strategy that focuses on building and maintaining long-term relationships with your customers. It can help you improve your customer satisfaction, loyalty, and retention, and generate more revenue from repeat and referral business. CRM can also help you personalize your communication, offers, and services, and enhance your brand reputation and value. You can use CRM software, such as Salesforce, HubSpot, or Zoho, to manage your customer data, interactions, and feedback.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You’re struggling to improve revenue management in hospitality. What technology can help you?

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1 Data analytics

2 Forecasting models

3 Dynamic pricing

4 Channel management

5 Customer relationship management

6 Here’s what else to consider

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