Today's Revenue Management thought:-

Consumers have a different perception of how hotels set their prices, than what actually happens.

“Bargain hunters often say hotel prices go down at night.”

“The best day of the week to book your hotel at the lowest rate is Monday for domestic travel and Tuesday for international travel according to Expedia.”

“Hotels go down in price closer to the date only when there is inventory available.”

Do you consider consumer price perception & behaviour when setting your prices ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

First day of business after a long break.

It’s always extremely interesting to observe sales on the first day of business after a long break.

Some properties experience a massive sales boost from the start of business, others are slower out of the box.

Some experience many bookings for the immediate future - mainly corporate related, whilst others see a large number of reservations for future holiday dates.

How does your property perform on such a day ?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Back in business after a 5 day Easter break.

With 10 weeks until the summer holidays start, we have 10 weeks where we have opportunity to shine as revenue management experts. 

Historically the months of May & June tend to be busy for most major destinations, with high demand from all segments (Business, Leisure & Group / Convention.

Please remember to ensure your distribution strategies are in place, and that your pricing startegies are top tuned. Re-evaluate your demand forecasts and have a deep look into what you competitors are doing. Cross check with operational departments that they are clear about upselling & upgrading opportunities. Identify opportunities where you can “package” your properties services to increase overall revenues.

How do you intend to shine, are there any tips you want to share?

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

So we’re off for the next 5 days………

A lot can happen during these days…. Revenue never sleeps.

How do you run the show during these days ?

Have a profitable EASTER.

✌🏼

Today's Revenue Management thought:-

Discounting on the GDS……a little effort can lead to amazing results.

I have noted that many properties go all in when discounting on the OTA’s, but totally disregard offering similar discounts on the GDS systems. The ease of setting up advantageous rates on the OTA’s is more than likely the reason herefore.

However friends, don’t under estimate what you can gain by being active on all your distribution channels.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

It’s a short work week……

Despite many taking advantage of the short work week, by taking time off, there is opportunity to be had for the save Revenue Manager.

Position your hotel(s) prices advantageously and ensure you have the necessary availability to fill requests for the coming holiday season. Even if you are running close to full, ensure that those last rooms get occupied.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Not all revenue seeker’s have the same methodology.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Capturing the right data……

In today’s digital world, data availability is seldom a barrier, but the quality of data frequently is.

In order to generate the deeper insights that drive smarter pricing decisions, hotels need to be selective about the data they use, how they get it, and how they analyze it.

That doesn’t just mean using “data scrubbers” to clean it up, but developing a data sound structure, together with establishing processes and incentives to get the right data in the first place.

Hotels also need to look at data sources outside to highlight new opportunities in order to fine-tune their prices to covert to revenue.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Reducing risk and unlocking value.

Hotels should always seek to reduce the risk of loss by using revenue management strategies, this allows you to maximise your profits by setting prices that will generate the most revenue.

Pricing always involves risk and uncertainty. You make the best decision you can, but you can’t tell how it will play out until you put your price in front of customers and see how they react.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

You never know when opportunity will arise.

Yesterday I met by chance 2 individuals (in 2 different airports) that I have not seen in years.

Have a profitable week.

✌🏼