Revenue Management

📝 A TrustYou study shows 95% of travelers read reviews before booking. Authors read an average of 9.8 reviews, while those just browsing read 7.5 reviews. About 51.4% prefer direct hotel feedback; Google is used by 47.5%. Hotel guests often don't leave reviews due to time constraints (50%), unawareness of where to post (35.1%), or simply not wanting to post-travel (1 in 4). Incentives like room upgrades or discounts could motivate over 6 in 10 guests to review. Email surveys are favored by 63.7% for feedback. Personalized responses to feedback can increase review likelihood by 43%.

🎓 IDeaS co-founders, Dr. Ravi Mehrotra and Sanjay Nagalia, pioneers of revenue science in the hospitality industry, created technology to optimize hotel revenue and profitability. Their journey began at the Indian Institute of Technology and led to the development of systems that replace gut feelings with data-driven decision-making. Their innovations include dynamic pricing strategies and improved forecasting accuracy, transforming the hospitality industry with empirical science and predictive analytics. The company celebrates its achievements on Revenue Science Day, honoring the founders' contributions.

🐔 Wingstop UK, named the UK's fastest growing restaurant group in June for the second consecutive year, started exploring a sale after unsolicited buyer interest. Goldman Sachs is handling the sale process, begun recently, with the brand's valuation undisclosed. Founded in the US in 1994, Wingstop reached the UK in 2018 and has grown to 48 sites. They plan to open at Leeds's White Rose Shopping Centre and aim for 57 locations by year's end, with a long-term goal of 200 sites in five years.

🏨 U.S. hotel industry performance for July 21-27, 2024: occupancy at 72.0% (↓0.4%), ADR at $164.45 (↑1.3%), RevPAR at $118.37 (↑0.9%). New Orleans leads with occupancy increase of 16.9% to 66.7%. San Diego tops ADR growth at 12.0% to $294.80. Nashville faces the sharpest RevPAR drop, plunging 24.2% to $128.78, affected by 2023 George Strait concert dates comparison.

🍔 Restaurant delivery sales in Britain increased by 17.1% in June over the same month in 2023, following an 11.3% rise in May. The cool weather and Euro 24 football tournament prompted more at-home dining. Takeaway and click-and-collect sales, however, dropped by 1.1% year-on-year in June. In total, combined sales of deliveries, takeaways, and click-and-collect were up 9.7% compared to June 2023. Deliveries made up 11.2% of restaurant spending, while takeaways comprised 4.4%.

💰 Avoid common revenue management mistakes in the hospitality industry by incorporating real-time data, optimizing distribution channels, implementing dynamic pricing, focusing on customer segmentation, and monitoring competitor actions to enhance hotel performance and profitability. For instance, instead of static pricing, employ dynamic pricing strategies based on demand and market conditions using revenue management systems (RMS) and regularly review your strategies. Optimize OTA listings, promote direct bookings, and balance channel mix to maximize visibility and profits. Understand different customer segments to tailor marketing and offers for increased bookings and guest satisfaction. Regularly conduct competitor analysis and adjust strategies accordingly to stay competitive. Leave hotel revenue management to the experts like RevOptimum for a personalized strategy to boost RevPAR.