Today's Revenue Management thought:-

What’s your value proposition……

Very seldom is your customer buying from you because of price alone. 

Clearly your price is an important factor but support, service and of course quality can be equally important.

Let your customers know you appreciate their business.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Let it go……….. maintain your sanity !!

There’s a fine line when it comes to separating your data driven mindset & your private life.

Have a profitable week & a fabulous summer !

✌🏼

Today's Revenue Management thought:-

Playing the winning hand….. The house always wins !

Hotel cancellation policies not only contribute in generating revenues but also affect consumers’ reservation behaviours.

The increased popularity of last minute deals, and more so mobile applications that target customers seeking the last minute deal, entails the need for policies that reflect these booking patterns and won’t leave you hanging dry in the event of cancellation.

Optimal cancellation policies are a major tool to ensure proper market differentiation and effective price discrimination. 

Explore your options, 30 days, 1 week, 72 hours, 24 hours, same day 2 PM, non refundable, etc etc…. Tailor your policies to reflect your perception of consumer behaviour, whilst at the same time reducing potential losses.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Are you maximising ALL your revenue streams ?

In times of low room demand, a well-thought-out ancillary revenue strategy can help you maintain your bottom line. By leveraging ancillary revenue opportunities and ensuring profitability, you can rest assured that your property will perform better than those hotels that rely on a single revenue stream.

Having said that, even in less challenging times, ancillary revenue strategies are an excellent way to earn additional income via upselling and cross-selling hotel products and services.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

How much do you put on the shelf for sale ?

Guest rooms are the most valuable and profitable asset for most hotels.

How you make them available & to what price, can have serious impact on your bottom line.

Nothing new here….. but how far out in the future do you make your rooms available & how you price them can determine if you win or loose when there is a sudden surge in demand.

Have a profitable week !

✌🏼

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 !

✌🏼