In this podcast, LodgIQ’s Fabian Bartnick sits down with Glenn Haussman, host of No Vacancy podcast, to make the case for data driven revenue management. We ask one important question: Is revenue management via Excel spreadsheet alone still effective? We’ve spoken a lot about how buying behaviors and demand factors are evolving, but let’s speak...Continue Reading
Predictive and prescriptive analytics are the focus of Machine Learning 401. Here are Machine Learning 101, 201, and 301, in case you missed it. If you made it this far, congratulations. You’ve learned a lot, but here’s where it starts to get tricky. This is where predictive and prescriptive analytics come into focus, two areas in which modern revenue management...Continue Reading
Analytics is the focus of Machine Learning 301. Here are Machine Learning 101 and 201, in case you missed it. Analytics are a valuable tool to finding new ways to generate more hotel revenue. But to fully impact hotel profit with technology, different types of analytics must be leveraged. Not all analytics are created equal, especially when it comes to...Continue Reading
In Machine Learning 201 we explore the role of data patterns in modern revenue management strategies. Here’s Machine Learning 101, in case you missed it. Patterns rule the world, but understanding them, and using them to our advantage was previously complicated, if not outright impossible. But modern revenue management trends are proving that all is revealed...Continue Reading
One of the biggest buzzwords of the modern age is “machine learning.” It certainly sounds cool and futuristic, but what is it, and how is it relevant to the hotelier’s life? We’ll answer that in this educational blog we’ve playfully named Machine Learning 101. Simply put, machine learning is the ability for a computer to...Continue Reading
Welcome to Finding relevance in big data – Part 2. Listen to Part 1 here. How can hoteliers make big data work for them? Big data is a buzzword that has gotten plenty of mileage and for good reason. Hoteliers looking to maximize room rates can look no further than their destination’s incoming data. Through...Continue Reading
There’s one constant every business person understands; the law of supply and demand. In the hotel business, it’s the fundamental underpinning of how rooms are priced on any given night. But there is a catch, what the typical hotelier sees as demand is not an accurate bellwether of actual demand. It’s what we perceive demand...Continue Reading
Finding relevance in big data is a concern on the minds of many hoteliers. What should you act on? How do you, as a hotelier, determine what data has the biggest impact on pricing? In this series, we discuss how evolving buying behavior impacts the amount of data points to be considered and how each data point...Continue Reading
How to use RevPAR to Maximize Your Property’s Revenue While your occupancy and/or your average daily rate (ADR) both give you good insights into your property’s financial performance, they aren’t sufficient to give you a holistic view. Even when used together and compared against your comp set. That’s where RevPAR, or revenue per available room,...Continue Reading
There’s one metric every general manager (GM) wants to grow and maintain year over year — their average daily rate, or ADR. Your ADR is the average revenue earned from each room sold, per night. It’s one of the key metrics hotels use to measure the performance of their operation in comparison to their direct...Continue Reading
