Today's Revenue Management thought:-

Holidays are ending… 2024 is just around the corner… time for planning & budgeting.

It’s a team effort, so get everyone involved !

Understanding how each department contributes to the performance of the hotel is essential.

So, why not include all department heads in the process?

Most importantly, a budget is not only about the numbers, it needs to be combined with an action plan. 

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Don’t be afraid of trying something new………..

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Is understanding pricing automation the answer …… ?

With automation, prices are determined automatically using software based on a pre-determined set of rules or constraints, as opposed to manually by a pricing manager. There is very little, if any, human intervention once the system is set up.

The more difficult element to pricing automation is defining the pricing strategy behind the automation.

Using the right strategy in the form of pricing logic is critical, and to create it takes a mix of science and the right mindset.

Have a profitable week & a fabulous summer !

✌🏼

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 !

✌🏼