The smaller a business, the more difficult it becomes to obtain appropriate revenues. Revenue management has the goal to improve revenues and future prospects through relevant rate- and sales strategies. Of course, the revenue management strategy must be adjusted to the size of the business. This often means, that a high automation with use of revenue management software is more than just useful! The personal resources for analysis and strategy choices are often not available.
Experience shows, that revenue management strategies need to be adjusted and customized in terms of business type, guest segments, current booking habits, as well as technical starting situation. A big city hotel with high share of contract customers and 10 meeting rooms will need a different strategy than a garn hotel that only lives off of online travel agent bookings. Just like a holiday hotel with high share of regulars and maybe even higher event contingents will need another strategy and other steps for implementation. However, it has never happened in my practice, that no strategy at all would fit. Each strategy consists of analysis, strategy planning, measurement planning, success control and optimization planning.
Generally, the planning of communication with guests is an important part of the revenue management project. We have to answer the following questions:
Example:
Our rates vary, depending on travel time, room category, duration of stay, and booking date. We guarantee: The earlier you book, the cheaper it will be! The longer you stay, the cheaper it will be! Pay attention to our 7 for 6 and 14 for 12 offers.
Tip: Train all staff with customer contact before you implement the new strategy. Even the staff at the restaurant needs to know the most important changes and make a convincing argument.
Basic course revenue management for hotels and holiday resorts Revenue Management has many aspects to it, and works best in a team. Practical knowledge helps take away fears and makes one look forward to an exciting, profit optimizing project. This seminar can be done in one or two days and is a perfect starter, if […]
Do you like the content? Please share:
Gabriele Schulze Tel : +49 30 23137364
E-Mail: info@marketing4results.de