Running the hotel business is a tricky job. The operational aspect comprises of various factors. The hospitality sector management is always in search of innovative ideas to generate significant ROI and maximum profit. Under booking, overbooking, and double bookingare the challenges that operation managers face on an almost daily basis.
Up-selling, as the name suggests, is a technique with which hotel chains aim to offer and convince their customers to opt for relevant enhanced services with higher pricing in order to up their profits.
The hotel industry completely revolves around guests and guest experience. Delivering a great guest experience not only increases customer satisfaction, but it also drives rate, improves rankings, fills rooms,and keeps your hotel ahead of the competition.
Yield management is a pricing strategy commonly used in the hospitality industry to generate maximum revenue from a perishable inventory, such as hotel rooms or airline seats.
Hotel revenue management is the practice of selling the hotel room at the right price, to the right customer, at the right time, through the right channel to maximize profitability for the hotel.
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