Today's Revenue Management thought:-

How to determine & set your room or service’s prices shouldn’t be a haphazard decision focused entirely on profit.

It should be a calculated, informed choice in which your identity, brand and financial stability are considered.

Have a profitable week.

✌🏼

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Today's Revenue Management thought:-

Prices are more than just numbers.

The way you price your rooms or services can be a reflection of your business’s identity, how you view and treat your competitors and how you value your customers.

That’s why it’s important to have a carefully planned pricing strategy.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Always think about how to add value to your business & services.

The more value you create in your business, the more you earn the right to raise your prices.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Hotel management teams love having data to help make decisions.

Data is awesome.

It just doesn’t tell you what’s in your buyer’s mind.

If you want to win more business at higher prices, you need to have value conversations with your guests.

Listen to your customers & your market.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Hotel management teams love having data to help make decisions.

Data doesn’t always give us the answers. 

Data allows us to test theories or strategies & provides interesting correlations between variables.Regardless of what our data tells us, in the end, we need buyers to be willing to pay more. 

• They don’t pay more because we don’t ask them to.

• They don’t pay more because they have a price limit.

• They don’t pay more because they don’t know how good our product is. 

Who knows ? 

You should & your hotel should!

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

New day…. same procedure ?

Success is often the result of boring consistency applied to the right things.

Have a profitable week.

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Today's Revenue Management thought:-

Budgets in pen.

WTF……….

That’s “What’s the Forecast” - for those who did not see yesterday’s post.

Forecasts in pencil.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

WTF…….

How many times do you say this to yourself on a daily basis ?

The abbreviation is however not what you think - What’s the Forecast - is what you should be thinking day in & day out.

Forecasting allows you to find :-

• Hidden opportunities, 

• Dates in need for corrective measures 

• Increase Operational Efficiency 

• Reach New Levels of Profitability

So continue thinking WTF…….

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

All too often we focus on sales….. how many have dipped into lost sales.

Don’t just blame price for lost sales. There is so much more to a buyer's decision than price.

• Not enough value was on offer

• Presentation of value was poor

• Booking process confusing

What happens if I reduce lost sales ?

Cha-ching! It all comes down to two words “more money.”

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Few hotels understand their true value and they had to work hard to learn what that value is.

Knowing the value of your product isn't easy, but it's worth it.

It's how you get to earn better prices, better customers, and better profit.

Have a profitable week.

✌🏼