profit strategies
Should Revenue Management Be Involved in Reputation Management?
HSMAI | March 18, 2024
By Monika Morrobel, CRME, CHDM, Area Director of Revenue Management, Pyramid Hotel Group, HSMAI Revenue Optimization Advisory Board Member Recognition of Reviews as Influential Decision Drivers: Consumer behavior is heavily influenced by reviews, with a staggering 95% of potential guests considering them before making a booking. Direct Correlation Between Reviews and Revenue: Even marginal improvements in positive reviews can lead to substantial revenue gains, with a mere 0.5% increase potentially translating into a remarkable 25% boost in revenue. This underscores the tangible impact of reputation management efforts on the bottom lin...
5 Tips for Cutting Down Food Costs
HotStats | September 17, 2020
With COVID-19 slicing into hotel profit, cutting food costs is more important than ever—especially with so many hotels now relying on food and beverage (F&B) services to meet guest expectations. If hoteliers want to drive profit in the wake of COVID-19, it’s crucial to monitor F&B costs. Otherwise, the expenses from these important operations could be draining critical cashflow. Luckily, there are simple ways a hotel or resort can grab control of its F&B expenses and increase profit. And lowering food costs is at the core of that plan. Here are five ways to lower food costs in the hotel industry in the face of COVID-19: ...
