Insights & Strategies for Independent Hoteliers.
Today’s Revenue Management Thought - ran for 4 years
Now I publish Monday Revenue Rethink each Monday
5 Revenue Management Mistakes
Costing You Money
Dynamic Pricing Myths
Holding Your Hotel Back
How to Compete with OTAs
Without Losing Margin
The Power of a
Balanced Channel Mix
Today's Revenue Management thought:-
Asking for help is the scariest thing to do for many people. It can feel uncomfortable and embarrassing.
Mainly, it sprouts from the fear of judgement and relationship dynamic changes.
Even if you're an expert at what you do, accepting help from others is key to achieving success
When you allow others to help you, you strengthen your relationships with them and create opportunities for you & your business to grow.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Information comes to you from left, right and center in a constant flow.
There are price monitoring reports, performance analytics, price recommendations, constantly bombarding your inbox.
Automated pricing systems spit out rate change suggestions.
Do we really need to constantly react to all this information.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
A strategy is something you draw up on a piece of paper.
Anyone can do it, even if it has not been tried before.
The difficulty is convincing your team and transforming, implementing & executing the strategy into actual operations to generating the intended results.
Today's Revenue Management thought:-
A major challenge facing many hospitality business is the inability to provide reliable revenue forecasts for planning and budgeting purposes.
Accurate revenue forecasts are a key element for the design and execution of sound operational & sales strategies.
Forecast errors can lead to substantial budget management problems. While forecast errors can never be entirely avoided, budget revenue estimates systematically deviating from actual revenue will challenge your trustworthiness as a Revenue Manager.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Amongst the biggest challenges facing hospitality today are:-
- growing revenue
- hiring employees
- increasing bottom line profit
Challenge is necessary for business survival, but knowing the right solutions to use in order to solve challenge effectively and appropriately is also important.
Challenge your organisation with different ideas and points of view, but also be prepared to be counter challenged for your views & ideas.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
It is so easy to follow the crowd.
Understand the in’s and out’s of your hotel, why & where are we different from our competition.
Create thoughtful pricing strategies so that you can price correctly & don’t have to follow the crowd.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
It is so easy to blame price for the loss of sales volume.
That is not really the only issue.
Marketing and brand promises that do not live up to the promise, create situations where consumers try your product and it failed, so they will not come back or stay again. In addition they let the world know with a scathing review.
Create truthful messaging & concepts so that you can price correctly.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Progress is not uniformed, and the path is in never the same.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Will technology help reduce the impacts of rising inflation ?
There is a highly unpredictable & volatile future ahead, now might be the time for hoteliers to seriously consider revenue management solutions and leverage their capabilities to:
Optimise hotels' pricing power & adjust room rates to reflect labour and productivity expenses
Review and adapt pricing to maximise the length of stay & day of week trends
Examine the total revenue potential of group bookings versus short-term guests willing to book higher room rates plus ancillary spending earlier in the booking window
Review & control the buying down options on booking channels, especially when approaching a 30-90 day booking window
Optimise earnings by increasing rates for upgrading rooms at the time of purchase or upselling at check-in
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Inflation affects most of your competitors in similar ways.
However, they will not all react in the same way, nor will their actions have predictable effects.
Your competitors’ changing of prices is one of the most important factors to bear in mind when pricing; consumers will decide between you and the next best offer.
As competitor prices changes become more frequent and more pronounced the new situation with new opportunities needs to be understood quickly.
Have a profitable week.
✌🏼