Today's Revenue Management thought:-
Your inventory cannot be stored for later use.
Don’t be afraid to oversell, in a controlled manner. I am not recommending this for a small-sized property. But if you’re part of a pretty big hotel network, take a chance. It will definitely mitigate the consequences of last minute cancellations and no-shows.
The timing of this decision, as well as market knowledge is crucial. It’s better to adopt this strategy at the time of high demand or during peak season.
Have a backup plan, just in case. Shifting a guest to a similar property at the time of check-in could be one way to handle the situation.
Not earning money is losing money - Have a profitable week.
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