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:-
There is no victory at bargain basement prices.
Keep this in mind for challenging times.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
The Christmas holidays are unlike any time of the year.
As you prepare your hotel for the Christmas season, make sure you re-evaluate your pricing strategy.
The holiday season can be stressful for hotels that aren’t prepared to keep up with the high demand for promotions and intense competitive rivalry.
Don’t get distracted by the festivities, but stay focused.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Why is revenue forecasting important?
Mainly, because it shines a light on the state of your business moving forward. It helps you plan effectively, make strong decisions, and take your business to new heights – without fumbling in the dark.
Most intriguing is that forecasting is driven by concrete information and actionable insights.
This takes your hotel’s future from wishlist to business plan.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
What’s the right pricing strategy for your property ?
Whether your hotel is located in a bustling city environment or nestled in the quiet countryside, establishing an effective hotel pricing strategy is vital for success.
• Demand-based pricing
• Rate parity pricing
• Occupancy-based pricing
• Optimised rate level utilisation
• Market segmentation pricing
• Day of week (DOW) pricing
• Competitive pricing
• Penetration pricing
• Discounted and promotional pricing
• Length of stay pricing
• Flex rate and semi-flex rate pricing
• Package pricing
What works for you does not necessarily work for your neighbour…. But how do you determine which is the right strategy to employ and when ?
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Remember... No matter how good your pricing is, the next transaction entails that you should restart your calculations to find the optimum.
Let’s just let this hang there for a while, and reflect.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
“The most reliable way to forecast the future is to try to understand the present.” - John Naisbitt
Let’s just let this hang there for a while, and reflect.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Plans are only good intentions…...
Put them in action and see them come to life.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Dare to be different !
Why do you want to compete with other hotels on a level playing field and have the same chances of winning as the next hotel ?
If you’re looking for your rate startegies to succeed, you need to tilt the odds in your favour - there's a simple way to do just this - by doing your homework and being prepared !
Find that winning formula.
Have a profitable week.
✌🏼
Today's Revenue Management thought:-
Choosing the right KPI’s !
Revenue is an essential department, but its function is meaningless without metrics that guide the team in the right direction.
EBITDA of a hotel, should be another key metric in revenue management.
So, what is it for and what does EBITDA tell us?
The main quantitative information provided by this metric is profitability in order to meet debts and interest - it measures the value available to pay fixed expenses.
This is a key metric and one which a revenue manager should pay great attention to, enabling forecasting of the properties economic growth trends.
Have a profitable week.
✌🏼