Today's Revenue Management thought:-

The good old crystal ball……. (part 1)

Our industry, see’s demand fluctuate significantly due to various factors, and accurate revenue forecasting is essential for optimising profitability and resource allocation.

Forecasting is a complex but essential process for maximising profitability.

By using appropriate models and following best practices, hotels can make informed decisions and adapt to dynamic market conditions effectively. Accurate forecasting empowers hotels to optimise pricing, occupancy, and overall revenue management strategies.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Is this the truth, the whole truth & nothing but the truth ? ………

Don’t be afraid to question & validate the integrity of numbers being presented to you

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

There are several sources of data that can be analyzed to create context and better understand and predict guest behavior as well as upcoming trends. Predictive analytics can be used to analyze past customer behavior, identify patterns and trends, and then use those insights to inform future decisions. Examples of forward-looking data include customer reviews, purchase histories, website analytics, surveys, and complaints.

Additionally, hotels can use social media monitoring tools to track customer sentiment, identify emerging trends, and understand what their customers are saying about their services.

I also tend to seek inspiration from external data both at micro and marco levels.

Macro data:

• Global economic forecasts

• Market research reports

• Travel industry reports

• Consumer confidence index

Micro data:

• Local economic and tourism trends

• Weather patterns

• Social media sentiment

• Hotel-specific data as previously mentioned

More often than not, it’s about seeing the big picture and filtering down to the property level.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

The most valuable thing you can make is a mistake – you can’t learn anything from being perfect

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Up or down….. how’s your day going!

Experiencing a change in service providers can be a daunting task.

Today, I found myself feeling helpless after changing my mobile and WiFi providers, leaving me with no connection to the world.

It reminded me of the importance of uptime as a vital performance metric for any service provider.

We rely heavily on these systems to keep our day going, which is why having a plan of action for when things go wrong is crucial.

Whether it's for half an hour or half a day, being prepared can make all the difference.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

That’s it…… September is gone & we welcome October !

As we enter October, many destinations face a challenging month with shorter days and school breaks.

City properties are particularly affected, but don't let this get you down!

Take a deep dive into your numbers, analyse your competitors, and talk to your corporate clients.

Remember, lowering prices isn't always the answer.

With savvy strategies, these challenges can be overcome.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

“Always ask those thought awakening questions ”………

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Provoking “thoughts !! (part 4)

Certainly, revenue management is a complex and dynamic field that involves optimizing pricing and inventory to maximize revenue. Here are some thought-provoking ideas and considerations related to revenue management:

1. Sustainability and Revenue: Consider the role of revenue management in sustainable business practices. Can optimizing pricing and inventory also contribute to reducing waste and environmental impact?

2. COVID-19 and Revenue Management: The global pandemic disrupted traditional revenue management practices. Reflect on how businesses adapted and what long-lasting changes may result from this experience.

3. AI and Automation: As artificial intelligence and automation technologies advance, how might they reshape revenue management strategies and the roles of revenue managers?

These thought-provoking ideas should stimulate discussions and encourage hotels to think critically about their revenue management strategies in an ever-evolving business landscape.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Provoking “thoughts !! (part 3)

Certainly, revenue management is a complex and dynamic field that involves optimizing pricing and inventory to maximize revenue. Here are some thought-provoking ideas and considerations related to revenue management:

1. Competitive Pricing Strategies: Analyze how businesses can use revenue management to gain a competitive edge. Are there innovative pricing strategies that can disrupt traditional industries and create new market leaders?

2. Regulatory and Legal Considerations: Explore the regulatory challenges that revenue management can face, particularly in industries like healthcare, where pricing can have significant social and ethical implications.

3. Data Privacy and Security: With the collection of vast amounts of customer data for revenue management purposes, there are significant concerns about data privacy and security. How can businesses responsibly manage and protect customer data while optimizing revenue?

These thought-provoking ideas should stimulate discussions and encourage hotels to think critically about their revenue management strategies in an ever-evolving business landscape.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Provoking “thoughts !! (part 2)

Certainly, revenue management is a complex and dynamic field that involves optimizing pricing and inventory to maximize revenue. Here are some thought-provoking ideas and considerations related to revenue management:

1. Customer Loyalty and Price Sensitivity: How does revenue management impact customer loyalty? Explore whether frequent price changes and discounts can lead to customer mistrust or, conversely, whether loyalty programs can mitigate the effects of price fluctuations.

2. Balancing Occupancy and Revenue: In industries like hospitality, airlines, and car rentals, there's a constant struggle to balance maximizing occupancy with optimizing revenue. Reflect on the trade-offs and strategies involved in this balancing act.

3. Long-Term vs. Short-Term Revenue: Revenue management often focuses on short-term gains, but what about the long-term impact on brand reputation and customer relationships? How can businesses strike a balance between immediate revenue and long-term sustainability?

These thought-provoking ideas should stimulate discussions and encourage hotels to think critically about their revenue management strategies in an ever-evolving business landscape.

Have a profitable week !

✌🏼