Today's Revenue Management thought:-

Understanding 'why' something is done is far more important than knowing 'how' it is done.

Sun Tzu illustrates this simply : “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

As leaders, we need to accept that we won't always make the right decisions.

We will screw up royally sometimes - understanding that failure is not the opposite of success, it's part of success.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Hotels try to avoid unnecessary risks by sticking with what they know. They wonder why they're not moving forward and seeing better results.

Marketing or Pricing experiments that test a hunch are low risk (and low cost) tests of your crazy idea. A simple experiment, teaches you lessons & gives insight that can pay off big time with very low risk.

What experiment will you start today?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

“It's kind of fun to do the impossible”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Value of your hotel room is not determined by those who set the price.

Value of your hotel room is determined by those who choose to pay it.

It’s a numbers “game” til you find the right number.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Your hotel can generate lots more revenue with some very simple commitments:

• Always respond quickly to emails, voice messages and inquiries - online is not always your most profitable or your only sales channel

• Always respond positively and proactively to reviews no matter how bad they are

• Do the hard things even when–especially when—they are inconvenient for you - drill down into your data & discover

• Communicate regularly and frequently to remain top of mind with your guests

  
  Have a profitable week.
  
  ✌🏼

Today's Revenue Management thought:-

If you’re not out of the start hole… you should get moving:-

• Keep yourself informed - reading of industry news, study industry statistics & trends from your feeder markets

• Analyse and track - how is the future on the books demand for your hotel vs destination vs compset moving

• Rethink Segmentation - To diversify your segment mix and target the right segmentation, you will probably need to think outside the box and be creative in your offers and packaging

• The price drop is the only way when value ends, don’t give up on value !

• Plan your revenue strategy per month: start now and revise when necessary, always keeping a close eye to the forecast.

Keep your friends close, but your enemies closer - assess your own and your competitors’ distribution mix, will make this the right moment to reconsider the channel mix and plan your strategy moving forward.

Write down your strategy but do it in pencil. Get ready to change, modify and adapt. Remain positive.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Lost opportunity:-

• Having flat pricing through the year or 4 seasonal rates

• Charging too little

• No differentiated - days of the week - pricing

• Failing to respond to demand changes (on time)

• Little price difference between Minimum & Maximum prices

• No use of Length of stay restrictions (LOS)

• Not really understanding the importance of dynamic pricing

I know that it can be difficult to do all of these things, but give it a try - tweek here & there - there is nothing to lose!

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Abraham Lincoln was quoted as saying - Give me six hours to chop down a tree and I will spend the first four sharpening the axe.

Make sure you have the right tools in place before you try to accomplish the task.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

More revenue is good, right?

Wrong !

You need to keep profitability in mind so that you don't drop rates to increase occupancy...and actually make less money because you have fixed costs to service each additional room.

Have a profitable week.

✌🏼