financials
Improving the Accuracy of Forecasts: Time to Ditch Gut Feeling Approach
Hotels are awash with valuable structured and unstructured data providing profitable insights that can help revenue managers create forecasts
Hotel Marketing Department Expenditures Reveal Changes In Tactics
A review of changes in marketing department expenditures provides some interesting insights into how U.S. hotels adjusted their unit-level marketing tactics
Accommodating Revenue Risk in Your 2022 Hotel Budgeting
There is a healthy range of revenue risk that lies somewhere between a careful analysis of historical trends and market projection topped with some optimism
Historical Data Carries Less Weight in Setting Future Budgets
Even in the best of conditions, setting up next year budgets include some amount of guesswork, relying on historical data and trying to predict the future
How To Budget Plan Amidst Uncertainty
With historical forecasts irrelevant, it can be useful to do “budget sprints” or shorter budgeting windows better suited to respond to dynamic situations
You Must Have A Plan To “Look After The Money.”
Now I know the truth and it is this: The money never looks after itself. You, me and everyone else must have a plan and a system to “look after the money”
How Do You Leverage Your Hotel Rooms Market Segmentation
The analysis of market segmentation is the backbone and the business intelligence that fuels our revenue management strategies
Marketing Budgeting for 2022
Because digital marketing changes so quickly, it is important to make sure your online presence is keeping up with it as budget season arrives
How To Maximise Marketing Budget Return For Your Luxury Hotel
A roadmap is essential to ensure your hotel marketing budget isn’t wasted and the correct channels are used to satisfy your marketing plan’s goals
A New Age of Hotel Management: Digital Collaboration Powered by Data
Strategic roles like finance, revenue management, marketing, and others require more data driven decision making than hands-on experience at the property