Today's Revenue Management thought:-

Applying the brakes ??

Are you considering using stay controls in your hotel ?

It might seem counterproductive at first, but depending on your hotel type & location, they can be a valuable part of your revenue management toolkit.

Restrictions like minimum and maximum length of stay, minimum price, and closed to arrival can help drive bookings on off-peak days, increase occupancy and revenue, and lighten your staff's daily workload. By combining all these points, you'll likely see a lift in your profitability.

To establish the best results, you'll need to analyze demand data, booking pace, market shifts, and other data points. The good news is that automated pricing tools can now implement stay controls into your pricing strategies.

So, don't be afraid to use stay controls in your hotel. They can be a powerful tool to optimize your revenue management and increase your profitability.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Pump up the jam !!!!!

Upselling, cross-selling, and offering package deals can help you maximise revenue per guest.

Creativity is the only thing putting a limit on what auxiliary sales you can generate.

Curating these offers can be challenging, but with the right approach, you can increase your sales and improve your guests' experience.

Start by identifying the needs and preferences of your guests, then create personalised offers that add value to their stay. Make sure to communicate the benefits clearly and offer options that fit their budget.

Remember to track your results and adjust your approach accordingly.

With a little creativity and effort, you can boost your revenue and provide your guests with a memorable stay.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Want to increase your hotel's occupancy rates and revenue?

There are many powerful pricing strategies you can use!

Start by tracking competitor rates and hotel price trends, forecasting demand, offering incentives and discounts, and utilizing dynamic pricing software. With these tools, you can set prices that are both competitive and profitable.

But don't stop there!

Upselling, cross-selling, and offering package deals can help you maximize revenue per guest.

By carefully considering these strategies, you can effectively increase your bookings and drive growth.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

“Hmmmmmm”………

Hope this is not how budget decisions are made at your property….

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s a team effort !

Preparing a hotel budget can be a daunting task, but it's important to share it with various teams for feedback and refinement.

Achieving financial goals is a team effort, and getting acceptance of, and active support from everyone is essential.

Remember to revisit your budget regularly to refine your strategy for the future and understand current performance.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Laying the right foundation for your budget !

Discovering the most effective budget hacks is easier than you might think.

In fact, the 2 most powerful hacks I’ve found are simply looking at your data and talking to your customers.

It may not seem like a "hack," but it's logical and straightforward.

The truth is, most of the stuff worth doing isn't a secret or a shortcut.

Sometimes, the most powerful solutions are right in front of us.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Creating the right foundation for your budget

At which rate and how many rooms can you sell for every future day ?

Your hotel budget plan should be realistic but it is also time to set & review targets.

Your forecast will reflect the expected situation in the coming months based on all the data available on factors that can affect your sales in either a positive or negative direction.

Forecasts should be compared to the budget.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Q4 is rapidly approaching, and that means 1 thing …… BUDGET 2024 !

As a hospitality professional, it's important to focus on macro-level data trends when creating your budget.

While operational figures are helpful, macro figures will provide a broader picture of the environment you operate in. By incorporating macro-level data, your budget will become a true reflection of your business's surroundings.

Don't miss out on the bigger picture!

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

“WOOSH”………

and just like that we complete yet another month……….

8 down & 4 to go……& another 12 coming in the not too distant future

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Are you overlooking an essential cost metric?

Customer acquisition cost (CAC) for hotels direct reservations can range from 8% to 25% of room revenue. Yes, you did read this correctly !!

CAC includes commissions, reservation transaction costs, loyalty programs, and host of other expenses (the list is long) for labor, marketing campaigns, revenue management systems, other tech stack investments, share of PMS cost, etc., etc.

However determining the right mix of these resources in CAC spending can be complex.

The CAC mix can and will vary from property to property. Success will be achieved if you can steer your CAC to a minimum by carefully allocating resources where they have the highest return on investment.

Don't forget to keep track of this crucial metric.

Have a profitable week !

✌🏼