Today's Revenue Management thought:-

What are the other guys doing ?

Monitoring competitor pricing is crucial in revenue management.

Understanding how & why competitors price their rooms and services allows revenue managers to position their hotel competitively in the market.

This information helps in setting rates that are attractive to potential guests while still maximizing revenue.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

Sometimes tough decisions have to be made…….

Luckily - revenue teams have the numbers to support the decisions.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

In Denmark we have a tradition for flying the flag when celebrating great things…… like my birthday.

In Hospitality many properties are referred to as “flagged” when associated with a brand.

Does being “flagged” in hospitality have a greater impact on your ability to grow revenues ?

Have a profitable week.

✌🏼

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.

Have a profitable week.

✌🏼

Today's Revenue Management thought:-

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

Have a profitable week.

✌🏼

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.

✌🏼

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.

Have a profitable week.

✌🏼

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.

✌🏼

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.

✌🏼