Today's Revenue Management thought:-

The biggest untold truth…….

“Don’t worry we’ll make it up in volume”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

I have used this week to highlight some thoughts on distribution strategy.

The last step in coming up with a successful distribution strategy is to tie together all of the earlier mentioned strategies with the right technology.

• Channel manager

• Booking engine

• Revenue management software

• Property management system

• Guest relation and communication software

Once in place it is important that you have the ability to seamlessly connect your tools in order to form a cohesive and responsive distribution strategy.

In addition you will be building a strong data foundation which can assist in building solid sales & pricing strategies.

A passing word - “you don’t need a fleet of Bentley’s when you live on a hillside with a patchy dirt road”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Review & optimise the listings representing your property.

It is important to ensure that every platform that represents your property, provides accurate and updated information enabling a potential guest to view your property, services and facilities and to make the final decision to spend their hard earned money.

This includes high-quality photos, compelling descriptions, and information about your location, amenities, and other features that appeal to your target markets.

Review & optimise your listings regularly to ensure information is always accurate and up to date.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Select distribution channels your target audiences are prone to use.

Each channel type plays a different role in your distribution mix. Combining a mix of channels is recommended for sustainable growth.

• OTAs are great to drive visibility and traffic. Direct bookings is generally considered more profitable. 

• GDS is critical to reach the corporate market (YES even after Covid).

• Metasearch platforms such as Google Hotels, TripAdvisor, Trivago and Kayak pull rates from multiple OTAs and play their own unique role in capitalising on their search reach.

The goal with every channel is simple: maximize reach and visibility while minimising the cost.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Finding the right channel mix, coupled with competitive pricing is a critical part of any distribution strategy.

Having a real-time understanding of market conditions and the prices offered by a comparable competitive set will create a solid foundation for rate optimisation.

When it comes to rates, it is also important to not just set and forget.

Now more than ever before dynamic pricing is important.

Continuous monitoring & adjusting rates and stay restrictions based on local demand and market conditions, will increase the possibility of maximising rates & optimising capacity utilisation.

Rates, occupancy and competitor activity lie at the heart of an effective dynamic pricing strategy.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Our industry is highly seasonal & we see great fluctuations.

Using a seasonal hotel distribution strategy takes advantage of that nature and combines it with online reviews, and an in-depth analysis of your revenue streams.

With the right strategy, you can maximise peak season bookings while simultaneously boosting bookings during the off-season.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Knowing your target audience, who they are, their travel behaviour, interests, location, etc. is important to define your choice of distribution channels.

• You may want to attract more international visitors

• Do you need to improve your ability to fill last-minute vacancies

• Are you looking at relying on advanced bookings

All of the above require insight into who you are addressing & what distribution channel you are using to address them.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Distribution is by no means a “one size fits all” scenario.

It is also not a figure it out-once and forget about it task.

Your distribution strategy should evolve with times and consider several elements.

These include your target guests, business goals, pricing & choice of distribution channels (on-line, off-line, telephone - mobile marketing).

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Value is less about what consumers can get for their money….

Than what consumers want for their money.

A good value proposition, presents the right quality product, in the right context, accompanied by the right service for the right price.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

If you can't convince your customers that your product has a particular level of value, then you haven't earned the right to price your product at that value level.

• Create value.

• Communicate value.

• Then, and only then, will you successfully capture VALUE.

Have a profitable week.

✌🏼