Revenue Management Strategy for Hotels

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Hotel Revenue Management Action Steps 4

Monday, 30 November 2009 00:00

What are our trends? Do we have a surplus in demand? How many people did we turn away for a specific date? How far out do groups book? To answer these questions and map our unconstrained demand we will have start measuring all requests. Here are some hotel revenue management action steps to help you out.

Step 4 in our strategic revenue management plan is:

Record your turnaways or denials for all types of business: individuals, groups, day meetings, conferences etc.
Decide of the level of details of recording turnaways: days of stay, market segment, total revenue value.
Develop reasons for turn-aways in order to evaluate your decisions
Track your conversion ratio for groups, day meetings, conferences, etc.
Anticipate your room blocks wash in your decisions : analyze periodically the wash per group type (initial room block versus actual pick-up).

For more information click here: revenue management.

Cheers,

Patrick - Xotels