RevOptimum Blog

Revenue management is a critical component of the hospitality industry, especially in the Caribbean, where tourism is a powerful economic driver. Revenue management has become increasingly important in recent years as hotels and resorts seek to maximise profits and maintain a competitive edge in a crowded market.

Hotel revenue management is a crucial aspect of the hospitality industry, involving data and analytics to optimise pricing, inventory, and distribution strategies to maximise revenue and profits. Frankly, revenue management strategies that were effective in the past may not be as effective today, as hotels need to adapt to new trends and emerging technologies to stay ahead of the competition.

All guests have a specific level of expectation when they plan to stay at a hotel. What does it take to make guests happy? What do guests really want? These are important questions. We all know that guests only return if they are satisfied. Hence, if guest reviews can be critical, as we know they are, how do you optimise the guest experience? Regardless of the number of amenities your property has or what kind of experience you provide, it is critical to ensure guests are excited about the hotel they are planning to visit.

Travel predictions and trends indicate domestic and international travel surges for 2023. And this brings new opportunities for hotels - especially in digitising hotel operations. For half a decade, the travel and hospitality industry has been trying to incorporate technology to enhance how it interacts with its customers. Let's learn about the 4 ways you can successfully use guest data to transform their experience.

RevOptimum offers an innovative RMS that allows independent hotels to increase their revenues at the level of the major hotel chains. For years, large hotel chains have had the technology and budgets to create a strong presence in the hotel industry to obtain significant market share. Now, independent hotel operators can better compete in the hotel business by applying the new RevOptimum RMS to earn the same market share as large hotel chains.

After the lowest couple of years in the history of the hotel and travel industries, 2022 gave hotels rejuvenation. However, the craze from pent-up demand will only go on for a short while. Looking ahead to 2023, hoteliers and revenue managers must watch for the major trends in hotel travel coming in the new year. Read this article for 4 tips any hotelier should take with them into 2023.

For independent hotels, Remote Revenue Management is outsourcing a revenue specialist or a revenue management group that can mitigate the hotelier from various issues associated with everyday operations, including the implementation of revenue management strategies and developments to improve and maximize the hotel revenues—enabling the hotelier to enhance the guest experience and quality of service.

The Hospitality Industry continues to grow vastly year after year. The Hotel Revenue Management field and RMS (Revenue Management System) technology remain on the ascent to help hotel companies attain their market share. Now, independent hoteliers are focusing on new revenue strategies, revenue streams, and elasticity.

Independent hotels do not have the significant global resources of hotel chains when building classic guest loyalty programs. But independent hoteliers are driving progress and finding innovative ways to reward loyal guests and guests who book direct. Learn about the five tips to build big-brand loyalty without necessarily being a "big-brand" hotel (with a BONUS tip!).

As the global happenings are surprisingly increasing the hotel industry's performance, hoteliers face more challenges to attract guests and opportunities to gain new clients. Positioning a hotel in a highly competitive trend today requires active involvement in the business to rise. What should your hotel be doing now to beat the competition and gain permanent revenue growth? Mia Frothingham, a Harvard graduate and hotel tech-savvy; Co-Founder and CMO of RevOptimum – a Hotel Revenue Growth Company, offers the following strategies to get your hotel moving towards revenue improvement.