Today's Revenue Management thought:-

Aligning you revenue strategies.

By aligning your revenue strategies across different departments and functions, you can optimise revenue, enhance guest experiences, and drive overall business success.

It does however requires effective communication, collaboration, and a holistic approach to revenue management that considers all revenue streams and their interconnectedness.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Pricing is a crucial driver in hotel revenue management. Effective pricing strategies can directly impact a hotel's revenue and profitability.

It's important to note that pricing is just one element of a comprehensive revenue management strategy. Other factors such as distribution, marketing, and sales strategies also play significant roles in maximizing revenue and achieving overall business objectives.

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✌🏼

Today's Revenue Management thought:-

Pricing is a critical driver of not only profit, but also client engagement and the sustainability of every hotel.

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Today's Revenue Management thought:-

Let’s see if our tech people can get this up and running !

Don’t over complicate your tech stack - invest in what you need & can get you the results, and not In what you might need.

Have a profitable week.

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Today's Revenue Management thought:-

A helping hand - the role of ChatGBT in Hotel Revenue Management.

ChatGPT can play a supportive role in hotel revenue management by providing insights, data analysis, and recommendations. By leveraging its capabilities, revenue managers can optimize data analysis, pricing strategies, personalized offers, inventory management, and real-time communication.

It's important to note that while ChatGPT can provide valuable support, human expertise and judgment are still essential in revenue management. The AI model should be seen as a tool to assist revenue managers in decision-making processes, rather than a complete replacement for human involvement.

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Today's Revenue Management thought:-

Give me a break !!!!

Many of us a planning our annual vacation, and intend on using it in the coming weeks. This often coincides with one of the busiest seasons for many hotels.

Who runs the show, when the property RM is on holiday.

Sudden changes in demand and occupancy if left unchecked can have serious consequences for the bottom line.

Automated systems are a great help, and if set-up correctly can alleviate the need for someone to be there. Some colleagues check-in once in a while on their vacation, to ensure that the ball is rolling correctly - but they should be enjoying a well deserved break.

Plan and structure your tasks, such that you don’t come back to a headache after a well deserved break.

Revenue never sleeps……..and the ball keeps rolling.

Have a profitable week.

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Today's Revenue Management thought:-

“What’s another year” - shot Johnny Logan to great success in the Eurovision Song Contest.

As revenue managers, we should also be asking ourselves “what’s another year”. Looking forward, it’s 12 months, 52 weeks, 365 (366) days with which we can prove our abilities.

However many of us look back…. 2019…. That’s 4 years ago, 48 months ago, 208 weeks ago and a whopping 1461 days ago….. long time ago, but feels like yesterday.

As revenue managers do we work against time, or with time. A day passed can never be regained…. and our job is to identify when and where we create gain, whilst the clock works against us.

We must balance the need to work efficiently within time constraints while leveraging historical and future time-based data to optimise revenue management strategies.

Have a profitable week.

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Today's Revenue Management thought:-

Plan ahead & ensure your rate structure, cancellation & deposit policies & stay controls are in place…..

You never know what the next reservation will bring.

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✌🏼

Today's Revenue Management thought:-

How stringent are your stay control policies for the upcoming summer season ?

Your stay control policies, such as minimum length of stay or maximum length of stay requirements, should be implemented in a way that balances your hotel's operational efficiency and revenue goals with guest preferences and needs.

Remember that every stay control policy can be tailored to your specific circumstances and market dynamics. Regular monitoring, analysis, and adjustments are essential to optimize occupancy and revenue while maintaining guest satisfaction.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

A few considerations for defining your cancellation policies for the upcoming summer season !

Clear communication: It is crucial to clearly communicate the cancellation policy to guests at the time of booking. Ensure that the policy is transparent, easy to understand, and prominently displayed on your website and booking platforms. This helps set expectations and avoids misunderstandings later.

Flexibility for guests: Providing flexibility in cancellation policies can enhance guest satisfaction and attract more bookings. Consider offering different tiers of cancellation options, such as non-refundable rates with lower prices and more flexible rates with a moderate cancellation fee. This allows guests to choose an option that aligns with their needs and risk tolerance.

Consider lead time: Adjust your cancellation policy based on the lead time before the reservation. For example, you might have a more lenient policy for cancellations made well in advance and a stricter policy for last-minute cancellations. This approach allows you to have some flexibility while also protecting your revenue.

Special circumstances: Take into account special circumstances that may necessitate cancellations, such as medical emergencies, natural disasters, or unexpected travel restrictions. Having a provision to accommodate these situations with more lenient cancellation terms can demonstrate empathy and goodwill towards guests.

Group and event bookings: For group bookings or events, consider having a separate cancellation policy that takes into account the unique nature of these reservations. These policies may have different terms and conditions due to the complexity and potential impact on the hotel's operations.

Evaluate market standards: Be aware of industry norms and practices regarding cancellation policies. This can help you remain competitive while ensuring your policies are reasonable and in line with customer expectations. Monitor the practices of other hotels in your market and consider adjusting your policies accordingly.

Regular review and adjustment: Regularly review and assess the effectiveness of your cancellation policies. Analyze guest feedback, booking patterns, and market conditions to identify any areas for improvement. Adjust your policies as necessary to meet evolving customer needs and market dynamics.

Like all other property content, conducting an Audit of your cancellation policies on a regular basis is highly recommended.

Have a profitable week.

✌🏼