Based on the previous articles on the components of revenue management, KPI, market segmentation, yieldable and non-yieldable business and displacement calculations have defined a few simple action steps for hotels.
Here are your second steps in our Revenue Management action plan:
- Challenge your market segmentation, should you introduce pricing points?
- Identify non-Yieldable segments, and try to move them to become semi-yieldable.
- Can you identify trends and KPI per market segments? Check which PMS reports can provide knowledge on;
- Length of stay per arrivale date.
- Lead time information per day of the week and segement.
- Cancellation ratio per day of the week.
- Total revenue per client and market segment
- Can you move some of your non-yieldable segments to become yieldable or semi-yieldable?
- Review the production of your main clients on basis of the displacement analysis. What is their true revenue gain? Assess if you could revise your pricing accordingly.
For more information on hotel yield, click here: revenue management book.
Patrick - Xotels