Today's Revenue Management thought:-

Can I wake you up at 4AM and get your KPI’s ?

• Average daily rate (ADR)

• Revenue per available room (RevPAR)

• Average length of stay (ALOS)

• Occupancy rate (OTB)

• RevPAR Room Type Index (ReRTI)

• Market penetration index (MPI)

• Online review scores

You should know these figures like the back of your hand.

Knowing your KPI’s will give you a strong base from which to track your hotel's performance and make the right business decisions - see how far you’ve come, and challenge you to go even further.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Using Guest Feedback in Revenue Management.

It is important for hotels to understand what guests value in order to offer better services, improve ranking and visibility, drive bookings, and thus increase profits.

• Evaluate your hotel’s online reputation in different online review portals.

• Analyze your hotel’s online reputation on your main market segments.

• Establish and improve your hotel’s responsiveness to reviews.

• Encourage guest feedback on all booking portals.

• Verified reviews increase conversion rates.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Your hotel pricing strategy should be fitted to suit your hotel.

There is no simple or correct way to price your hotel rooms, but deciding on a strategy is important.

Consider what you have to offer, what your competition is doing and who you are trying to attract to your hotel.

There are a number of ways to price your rooms, while proving additional perceived value for your guests at minimal cost.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

We all know that hotel revenue management is:

• selling the right room

• to the right guest

• at the right time

• and at the right price

• on the right platform

How many can truly place a tick ✓ efter each of the above and say they are accomplishing this.

When a hotel’s revenue, operations, sales & marketing departments in unison are able to implement a successful strategy, which encompasses all of the above, they will find that they are able to:

• understand and predict a guest’s demands

• win against competition

• apply room rates with confidence

• and generally expand their business.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

That old saying, “What doesn’t get measured, doesn’t get done,” holds true.

Be sure you have your finger on the pulse of what’s happening so you can not only track and understand, but also predict and update.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Be aware of your market.

Revenue management is not a desk job.

You need to understand the dynamics & influences that affect your operation and you must use that information to better your rates and strategy.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

In tough times, hotels hunt for new sources of profitability and growth, frequently ranging far beyond their traditional offerings (thinking out of the box).

Yet by doing so, many overlook opportunities for generating sales from services they’re already giving customers for free.

Sometimes it makes sense to stick with a free model, hotels however too often make that the default option.

That’s a costly mistake.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Revenue management is about capturing as much value as you possibly can.

Every guest has a maximum value they can offer your hotel.

You can capture this value relatively simply by convincing the guest to:

• Book directly on your website

• Becoming a returning guest

• Enticing your guests to purchase up-sells or extras

When guests feel that they are getting maximum value for their hard earned money, it’s with very high certainty that they will be willing to spend more.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

What are you going to do to make today awesome !

Yesterday can only get jealous.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Profit is a condition of survival.

It is the cost of the future - the cost of staying in business.

Have a profitable week.

✌🏼