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:-
Pricing in uncertain times
As pricing experts, we are expected to make accurate decisions with imperfect information.
What steps can we take to reduce uncertainty, and risk ?
How do we "illuminate" the landscape and cast light on the unforeseen ?
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Timing Your Pricing Actions.
The timing of your pricing actions can influence how those actions are perceived and received - not only by the market, but also by your organisation.
Get the timing right and you probably won't have much of a fight. On the other hand, get the timing wrong and your actions may produce much more pain than gain.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
A provocating thought - Revenue management is nothing more than 50% pricing and 50% inventory management !
Together, they make up what I consider to be revenue management.
Pricing is one side of the coin, and on the flip side inventory management.
Is there a difference between Pricing and Revenue Management ?
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
When someone asks what I have done in the past …
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
My screen saver….. if anyone want’s to know.
Reminds me of who I am.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
With inflation pushing prices to unseen heights, do we just see prices as numbers or do we try to see some reality in relation to consumer buying power.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Even though predictions / forecasts are almost useless, we insist on making them.
Many of my colleagues tend to overfocus on the outcome rather than paying closer attention to the process’s involved.
Look back at the forecasts we made years ago. Most of them are inaccurate for the simple reason that they were overtaken by random or unforeseeable events.
If forecasts are so useless, why do we insist on making them ?
I don’t know if there is a clearer way to say this: A forecast is usually accompanied — directly or indirectly — by an effort to sell something. It’s as simple as that.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
“Room rates tend to go higher” or “Recessions are cyclical.” These are not forecasts, because they lack specifics.
The statement “Room rates will increase to €255 by the Q2 of 2023,” on the other hand, has all the elements of a forecast, and it will either be proven right or wrong.
Be specific and clear in your wording.
Have a profitable week.
✌🏼