Six building blocks for your hotels’ future
Laying the foundations of revenue management is essential to any hotel, of any size and in any location, and will prove to be the difference between success and failure. More so now than ever, it is vital that hotels re-visit their processes to account for every single penny.
Gains made through revenue management strategies, can just as easily be offset by a downfall in processes, a lack of understanding and poorly trained staff.
So, to keep up with the ever-evolving world of hotel revenue management, consider the following six points.
- Appreciate the importance of having processes and procedures within front office operations and reservations. Many daily tasks form an integral part of the revenue management jigsaw puzzle, and without them, a clear picture can’t be drawn.
- Understand the marketplace and how market conditions can affect your hotel’s performance, whatever the challenges, and keep an eye on the competition.
- Price for profit. Getting your pricing strategy correct will make a huge difference on your bottom line. Don’t leave money on the table.
- Have the correct tools in place and ensure that any technology that you have available ‘in house’ supports your hotel’s current and future plans.
- Invest in your people through revenue management training and revenue management courses. This will be the best plan you can adopt for your hotel’s long-term success.
- Don’t forget the customer. The power of reviews, both positive and negative, influences a customer’s decision, so ensure that your online reputation is managed effectively and understand the correlation this has with revenue optimisation.
Octopus Revenue provides revenue management training that can focus on key areas of revenue management for all levels of ability. Alternatively, if you don’t have the time or budget for training, outsourced revenue management or revenue management consultancy will provide a good, cost effective, short-term solution.
Contact us today for further information, we are here to help your hotel, whatever your circumstances.
