5 Top Tips to Improve Total Revenue Management for Struggling Hotels
By Lily Mockerman Founder, Total Customized Revenue Management | May 20, 2018
A property that is putting out fires every day due to lost revenue has no time to methodically analyze what the next steps should be.
But whether loss of revenue is from declining room reservations, groups that have decided to book elsewhere this year, or staff shortages due to a changing economy, without taking the time to design and follow a strategy, a hotel will never get out of the cycle of reactive management.
Biggest Revenue Challenges
Revenue Management is often seen only from the aspect of RevPAR and pricing, but there's so much more to consider.
Analyzing a property's comp set can provide much needed information in setting room rates and creating specials, but that's just the beginning. It is imperative to understand and accurately utilize the information available through industry tools.
- rate shopping solutions such as RevIntel, Rate360 or OTA Insight (to name a few)
- deeper analysis tools such as Demand360, Groups360 or Kalibri Labs' Hummingbird platform
These tools can provide essential data required to create a viable strategy. However, utilizing these tools effectively usually is done only by someone with the kind of training that someone dedicated to the revenue management field can bring to the position.