Today's Revenue Management thought:-

This week we’ll discuss the 4 emotions behind price perception - Surprise, Doubt, Justification & Satisfaction

Your customers aren't tasked with determining pricing. An ideal price is one that meets acceptance but encounters some initial pushback. Predicting customer reactions to specific prices through direct inquiries is challenging because they themselves are uncertain about their responses.

Surprise: Customers may initially feel surprised or caught off guard by a price, especially if it's higher than expected. This surprise can trigger resistance as they reassess the perceived value of the product or service.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s Friday - time to contemplate.

What, Why, How and When……

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

What, Why, How and When…….

This week, I'll delve into the nuances between revenue analysis, revenue intelligence, and revenue analytics, exploring their definitions, purposes, methodologies, and optimal timing for implementation. These terms often get muddled, but understanding their distinctions is key for hotels seeking to enhance their revenue strategies.

When !

Analysis - Required when new solutions are needed or existing processes must be optimised to achieve business objectives.

Intelligence - Essential for day-to-day operational decisions, tracking performance, and conducting historical analysis.

Analytics - Crucial for strategic planning, mitigating risks, and uncovering new opportunities.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

What, Why, How and When…….

This week, I'll delve into the nuances between revenue analysis, revenue intelligence, and revenue analytics, exploring their definitions, purposes, methodologies, and optimal timing for implementation. These terms often get muddled, but understanding their distinctions is key for hotels seeking to enhance their revenue strategies.

How !

Analysis - Entails collecting requirements, analysing processes, and implementing solutions to address business challenges.

Intelligence - Utilises data analysis, reporting, and dashboard creation to visualise performance metrics and trends.

Analytics - Applies statistical analysis, data modeling, and predictive analytics to anticipate future scenarios.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

What, Why, How and When…….

This week, I'll delve into the nuances between revenue analysis, revenue intelligence, and revenue analytics, exploring their definitions, purposes, methodologies, and optimal timing for implementation. These terms often get muddled, but understanding their distinctions is key for hotels seeking to enhance their revenue strategies.

Why !

Analysis - To close the divide between information technology and business operations, ensuring that solutions align with business requirements and provide value.

Intelligence - Providing actionable insights derived from available data to aid in making strategic and operational decisions.

Analytics - Offering foresight into upcoming trends, empowering proactive decision-making to drive growth and efficiency.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

What, Why, How and When…….

This week, I'll delve into the nuances between revenue analysis, revenue intelligence, and revenue analytics, exploring their definitions, purposes, methodologies, and optimal timing for implementation. These terms often get muddled, but understanding their distinctions is key for hotels seeking to enhance their revenue strategies.

What !

Analysis - The process of recognising business requirements and devising resolutions for business challenges.

Intelligence - Utilising data to guide decision-making by leveraging insights from both past and present information.

Analytics - The discipline of scrutinising data to forecast forthcoming outcomes and trends.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s Friday - time to contemplate.

The truth lies in how you measure and understand your metrics - so measure accurately.

An ongoing review of your performance metrics is essential for maintaining relevance, efficiency, and competitiveness in the ever-evolving industry landscape.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

As we navigate through an ever changing landscape, it becomes increasingly evident that regularly reviewing performance metrics is paramount. This week’s 4 part we dive into the importance of continuous metric evaluation in optimising revenue strategies and staying ahead in today's competitive market.

Part 4: Strategic Decision-Making

Effective strategic decision-making relies on data-driven insights. Regularly reviewing your performance metrics provides valuable information for making informed decisions. Whether it's expansion plans, marketing initiatives, or capital investments, understanding key metrics enables hotels to align strategies with market trends and customer preferences, maximising the likelihood of success.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

As we navigate through an ever changing landscape, it becomes increasingly evident that regularly reviewing performance metrics is paramount. This week’s 4 part we dive into the importance of continuous metric evaluation in optimising revenue strategies and staying ahead in today's competitive market.

Part 3: Financial Optimisation

Regularly reviewing your performance metrics is essential for financial optimisation. Diving into metrics such as profit margins, occupancy rates, and labor costs allows you to identify inefficiencies and cost-saving opportunities. By optimising financial performance, hotels can ensure sustainable profitability and long-term success in a competitive market.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

As we navigate through an ever changing landscape, it becomes increasingly evident that regularly reviewing performance metrics is paramount. This week’s 4 part we dive into the importance of continuous metric evaluation in optimising revenue strategies and staying ahead in today's competitive market.

Part 2: Guest Experience Enhancement

Understanding your metrics provides insights into the guest experience. Monitoring metrics like online reviews, guest feedback, and repeat business rates helps you gauge satisfaction levels and identify pain points. By addressing concerns promptly and consistently, you can enhance the overall guest experience, leading to higher customer loyalty and positive word-of-mouth referrals.

Have a profitable week !

✌🏼