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The Path to Total Revenue Management

The Rainmaker Hospitality and Gaming Blog 20 November 2018
The concept of total hotel revenue management industry has been discussed for years, to the point where some in the revenue management discipline are asking why the topic is still being discussed. It came up earlier this year at a roundtable hosted by Sherri Kimes in Singapore, where a group of RMS professionals and hotel executives spoke to students about the current and future state of revenue management. Total revenue optimization is still the future of our discipline. Here is where we are on the path to achieving the long-heralded concept of total revenue management for hotels.

Do You Know What Your Distribution Channels Cost?

The Rainmaker Hospitality and Gaming Blog 1 November 2018
Many hotels are not as focused as they should be on their channel costs. In fact, a report by the Hotel Electronic Distribution Network Association (HEDNA) revealed that just 65 percent of chains and 48 percent of independents look closely at cost of distribution. A key factor in your property’s growth and profitability involves developing an effective channel mix strategy. Crucial to that strategy, is accurately determining the costs involved in acquiring and retaining guests.

A Key to Hotel Business Success: Tracking, Trends & Time

The Rainmaker Hospitality and Gaming Blog 25 October 2018
A study of 170 travel and hospitality executives revealed an area where their organizations were lacking was effective use of data. It can be overwhelming to package all the metrics you collect into actionable insights that truly benefit your business. But with the right systems in place, your data can become a key pillar for identifying patterns and trends in your business - helping you not only recognize and expand upon positive directions, but providing the ability to course correct when necessary toward more lucrative opportunities.

7 Reasons Why You're Not Getting the Most Out of Your Hotel Technology Systems

The Rainmaker Hospitality and Gaming Blog 18 October 2018
The hotel industry is and always will be about providing good old-fashioned hospitality. With an ever-increasing volume of analytics to contend with, however, the need for shiny, new technology systems to improve business performance is also ever increasing. Fifty-two percent of hotels plan to increase their IT investments, and those investments are paying off. According to Starfleet research, hotels that upgrade their revenue management systems see a 7 to 10 percent average lift in RevPAR.

Hotel Budget Season: Getting Team Buy-in and Setting Expectations

The Rainmaker Hospitality and Gaming Blog 27 September 2018
Are you ready for a more productive and profitable 2019? Budget season is an important and challenging time for your hotel business. As you begin preparing your hotel budget for next year, there is one non-data-related component vital for your business success. And that is getting team buy-in on your shiny new budget plan.

Hotel Budget Season: How Revenue Management Technology Optimizes Your Budget Strategy (Part 3 of 4)

The Rainmaker Hospitality and Gaming Blog 20 September 2018
Hotel budgets are impacted by myriad factors like seasonality, economic conditions, events, and competition. Even unanticipated occurrences such as extreme weather conditions have the ability to dramatically skew your budgeted figures. A science-based revenue management system (RMS) goes beyond just revenue management and can guide you in profit optimization. It enables you to optimize your budget strategy in ways that drive not just top-line revenues but ultimately higher overall profits.

The Fundamental Problem with Hotel Group Revenue Management

The Rainmaker Hospitality and Gaming Blog 16 August 2018
“The meetings and events industry is thriving,” says Issa Jouaneh, senior VP and GM of American Express Meetings & Events. Companies are recognizing that meetings engender growth within their organizations. And this growth mindset is creating more opportunities for hotels when it comes to nabbing bigger slices of the “group business” pie. But along with these greater opportunities, we’re seeing greater competition as well.

Understanding Future Demand

The Rainmaker Hospitality and Gaming Blog 15 August 2018
Recently, we released five revenue management hacks. These hacks are designed to be simple things you can put into place whether you are using automated tools or working in a manual environment. This post examines how understanding future demand can help you better manage operational forecasts.

Why Group Business is so Valuable for Hotels

The Rainmaker Hospitality and Gaming Blog 9 August 2018
While transient business often generates the most discussion among hotel owners, group business plays a vital role in your hotel’s success. Meetings generated 300 million room nights in 2016, and nearly $50 billion in spending on guest rooms. Those room nights were equivalent to 25 percent of the total room nights at U.S. hotels as estimated by STR Inc.

Rethink Last Room Availability with Multi-Channel Strategy

The Rainmaker Hospitality and Gaming Blog 7 August 2018
Recently, we released five revenue management hacks. In the coming weeks, we will take a deeper dive into each of these. These hacks are designed to be simple things you can put into place whether you are using automated tools or working in a manual environment. This post delves into the topic of multi-channel strategy and how it might be impacting your profitability.
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Revenue Management for All-Inclusive Hotels: It's Both a Marathon and a Sprint

The Rainmaker Hospitality and Gaming Blog 26 July 2018
Modern all-inclusive resorts are transitioning from revenue management (RM) strategies based solely around optimizing package rates, to more comprehensive approaches that take ancillary revenue sources into account. And all-inclusive hotel owners increasingly recognize that harnessing the power of a robust RM technology solution is what they need to maximize revenue and achieve business success on both short- and long-term bases.
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Best Metrics for Revenue Managers at All-Inclusives to Focus On

The Rainmaker Hospitality and Gaming Blog 19 July 2018
While there is much debate among the business community as to whether renowned author and management consultant Peter Drucker ever said these famous words, there is little dispute regarding the truth behind them. In the all-inclusive model of decades past, measuring upsells and ancillary purchases were not typically a concern when it came to revenue management strategy.
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Shifting From High-Volume Bookings to High-Profit Bookings for All-Inclusives

The Rainmaker Hospitality and Gaming Blog 12 July 2018
When it comes to measuring all-inclusive hotel performance, it’s common to look at the occupancy rate alongside other key performance indicators (KPIs), such as revenue per available room (RevPAR), as part of an effective revenue management strategy.
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How Business Intelligence Connects Revenue Management and the Hotel Ecosystem

The Rainmaker Hospitality and Gaming Blog 28 June 2018
The data and analytics capabilities of a hotel business intelligence (BI) tool provide foundational support for today’s cutting-edge revenue management solutions. Working together, they have a powerful synergistic effect – significantly improving guest experiences and hotel revenue performance.
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Knowledge is the Key to Hotel Business Intelligence (Facts are Great but Insights Hold the Value)

The Rainmaker Hospitality and Gaming Blog 21 June 2018
A hotel’s competitive edge is shaped by business intelligence (BI). Forrester reports that although 74 percent of businesses want to be “data driven,” only 29 percent are actually successful at transforming analytics into action. All that data that your hotel collects is only valuable if you can translate it into actionable insights that lead to better decisions and drive business growth. To create real value from BI, hotels must focus on specific strategies that close the loop between data collection and knowledge.
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What Marketers Need to Share with Revenue Managers

The Rainmaker Hospitality and Gaming Blog 20 June 2018
When marketing and revenue management work in unison, there are natural synergies. Revenue management knows where holes in demand are, and marketing knows the consumer preferences to target the right customers to fill those holes.
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4 Things Revenue Management Has that Marketing Needs

The Rainmaker Hospitality and Gaming Blog 13 June 2018
A hotel’s marketing and revenue management departments each hold keys to data that could drive more hotel revenue. Often, however, revenue managers and marketing managers keep this intelligence within their own departments.
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Pair Up for Profit: Alignment between Revenue Management and Marketing

The Rainmaker Hospitality and Gaming Blog 6 June 2018
While both marketing and revenue management are vital to a hotel’s success, they typically operate with different perspectives and different tools to achieve similar goals. The question becomes, how much more powerful could the sum be, if these two groups practiced their disciplines in concert?
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Rainmaker's Profit Solution Series: Save Time by Understanding Demand

The Rainmaker Hospitality and Gaming Blog 25 May 2018
In our next entry to the Profit Solution Series, we explore how guestrev® can help you understand unconstrained demand by segment – not just in the near term but further into the future as well.
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What to Look for in Service and Support from Your RMS Provider

The Rainmaker Hospitality and Gaming Blog 23 May 2018
services. And there is definitely no one-sized-fits-all, cookie-cutter solution when it comes to an effective revenue management strategy. You need a reliable, responsive and experienced partner that can give you the power to concentrate on the profitability of your business rather than how to implement, maintain or upgrade RMS technology. Here, we discuss what to look for in service and support from your RMS provider, from training and tailoring the RMS to post go-live support.
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Defining & Leveraging True Guest Value Versus Total Guest Value

The Rainmaker Hospitality and Gaming Blog 17 May 2018
Guests can generate revenue for a hotel in many different ways. Revenue management powered by guest valuation algorithms enable hotels to increase guest wallet share, keeping guest spending on-property instead of losing it to local attractions, restaurants, spas or competitors. True Guest Value, which refers to the accurate valuation of your customer, is distinct from Total Guest Value, which aims to capture data to predict guest spend when on-property. Here, we further detail the difference between True Guest Value and Total Guest Value, and how algorithmic models and data can help you maximize revenue from potential guests.
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Rainmaker's Profit Solution Series: Do More With Less

The Rainmaker Hospitality and Gaming Blog 11 May 2018
Hoteliers are always being asked to do more with less. I would love to say this is industry specific, but alas, it is industry agnostic. Everyone, everywhere, is being asked to do the same. And in that ask is the perfect opportunity. As an industry, we have reached the all-important tipping point of data. It’s all there, available for use. It is the ultimate tool to do more with less. The question is “Are you putting it to good use?”
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How to Understand the True Costs of Your Hotel Distribution Channels

The Rainmaker Hospitality and Gaming Blog 3 May 2018
According to Travelport, out of the $2 trillion in annual travel spend in the U.S., $810 billion is booked through indirect channels. And with choices ranging from global distribution channels (GDS), travel agents and consortia, multiple online travel agencies (OTAs), and direct bookings, determining when and through which channels to sell your hotel rooms can be a daunting task.
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How to Balance Benchmarking and Performance

The Rainmaker Hospitality and Gaming Blog 1 May 2018
Every benchmarking tool in the industry teaches us an index of 100% or more is good, and anything below 100% is bad. However, is this always true? Some believe the biggest mistake the hospitality industry made was creating indices, encouraging hotels to spend more time comparing themselves to competitors than they spend comparing to their own performance. This post will illustrate why you need to take more than competitive benchmarking into account.
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Views, Balconies, Red Wine: How to Increase Your Hotel Ancillary Revenues

The Rainmaker Hospitality and Gaming Blog 26 April 2018
Airlines and cruise lines have been doing it very profitably for years. Now hotels are finally recognizing the lucrative potential of ancillary revenue opportunities. A study from Cornell shows that revenue management systems (RMS) are moving beyond techniques focused solely on room rate optimization. And today’s cloud-based RMS allow hotel operators to apply the same RM principles to non-room revenue sources. However, with half of hotels still not measuring any type of ancillary revenue, its beneficial to examine specific ways hoteliers can tap into this lucrative revenue stream.
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How Do You Inspire Your Guests to Spend More? Deliver the Right Offer at the Right Time

The Rainmaker Hospitality and Gaming Blog 19 April 2018
Data is transforming the hospitality sector. Forward-thinking hoteliers are making the most of historic guest interactions along with real-time and future data sets. They’re unlocking the hidden power of all that rich data with a revenue management system (RMS) that allows them to analyze it in multiple ways to create offers that increase guest spend. Let’s take a closer look at how you can use your data to present tailored offers to guests during those micro moments when they are most likely to convert.

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