Today's Revenue Management thought:-

The guiding light…..

Leveraging data analytics will help you to identify booking trends and make informed decisions.

Understanding booking trends is key to making informed decisions about pricing, inventory, and marketing strategies. By leveraging data analytics tools, you will gain insights into factors such as peak booking times, preferred room types, and customer segmentation. 

Armed with this knowledge, you can adjust your offerings to better meet the needs of their target audience, ultimately leading to better guest experiences and increased revenue.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Clarity in your tech stack…..

All too often I hear - "the system (with reference to the PMS) doesn’t work”. 

I question this, as the “system" is only as good as you make it to be. Re-thinking your goals, and knowing what limitations your systems have, allows you to structure your tech stack thereafter.

And if you are going to take the investment in new technology, you will need to define your goals, and know the limitations that new systems have.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

What your customers think……

Reviews are an important part of the formula that drives conversion, and it’s often overseen by hoteliers.

By writing powerful and creative replies to your reviews, you attribute to increased revenue, generate new sales, connect with your guests and increase your visibility. 

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Summer time wondering………..

Being on holidays is a great time to let your mind wander.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Do we always need to know “WHY”….

As revenue managers, we are analytically focused, which means we look to data for answers.

We like to dig, drill, chart and graph…. but do we always get the answer to our “WHY” ?

With data that is constantly swinging, and from an increasing number of sources, automatically feeding our algorithms and analytical tools….. will we ever get an answer to “WHY”

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Simplicity in revenue management….

Unfortunately, many revenue managers have a tendency to create overly complicated process that can overwhelm others working in hotels and themselves.

We can benefit from simplifying our process’ and making our routines less complicated.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

When is it right to trust your gut instincts?

We can benefit from letting our minds wander to another – unrelated activity – as the unconscious brain crunches the data and makes the decision for us.

If you want to fine-tune your intuition, then, you might first try to get in touch with your emotions more generally.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Summer reflections………..

Sitting in idyllic surroundings on a Norwegian fjord, has given me time to reflect on the first half of 2023 that has simply flown away.

We have experienced war, geo-political instability, inflation, currency fluctuations, changes in consumer sentiment & purchase behaviour, drastic changes in work culture, to name a few.

Some destinations are harder hit than others. But even when you are hard hit, you need to shake off the dust and rise…… and now is no better time to do so. Being on holiday’s takes you away from the daily focus, allowing your mind to wander. I tend to jot down my ideas, no matter how crazy they are (you will always find something sane in between).

Once the holidays are over, we will be back to the grind stone - future strategies will start to form effecting everything from revenue goals, technology investments to operational expenditure. Your jottings, and holiday thoughts can prove to be useful here.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Confusing messages………..

In these times of offering, one needs to be clear in your communication.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Making Sense of the Madness…..

Holiday sales are in many destinations growing in line with expectations and some are even better, although the level of promotional activity raises questions about the most important outcome: profits.

While customers love the thrill of a deal, they don’t like feeling fooled.

Maintain some level of integrity in your promotions & pricing.

Have a profitable week.

✌🏼