Hotel Revenue Management Action Steps 3
We have to start with a budget or forecast before we consider working on our pricing. But how do we forecast accurately. Here some hotel revenue management implementation action steps to help you out.
Demand Calendar – Hotel Revenue Management Tool
So how can we make informed decisions about our pricing strategies? I mean decisions founded on solid data and statistics. A demand calendar is the answer for your revenue management operations.
Forecasting in Hotels starts with making a Budget
The budget is indeed your first forecasting. But how do we make an accurate forecast for a hotel? To do so we will be discussing the following elements; unconstrained demand, stay patterns, booking pace
Yieldable vs. Non-Yieldable Segments
How much of your business is yieldable? And how much of your business in non-yieldable? Or how much of your business allows you to really apply revenue management? These questions are crucial for your hotel revenue management strategy.
Principles and Elements of Effective Hotel Revenue Management
To apply revenue management in a hotel there are a few basic priciples that apply. What are these basic requirements to be able to successfully yield and optimize revenue and profit of a hotel?
Hotel Revenue Management Action Steps 2
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 revenue management.
How to measure your efficiency? Hotel KPI
How can you measure the results of your revenue management strategy? Which KPI’s or Key Performance Indicators should you use?
Revenue Management Action Steps 1
Based on the previous articles on the definition, fundamentals and culture of revenue management we have defined a few simple action steps for hotels.
Displacement Calculation
Are your contracted non-yieldable segments adding to your bottom line? Or are they displacing revenues that can be generated by selling public transient rates? Important questions from a revenue management perspective.