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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.

Here are your first Revenue Management action steps:

  1. A Yield meeting should be organized once a week: agree on a same vision on how demand will evolve first.
  2. Develop culture of Revenue Management in your hotel: anyone should understand REVPAR, anyone should understand the reasons of saying NO to some business, and everyone should sell not only a price but also a value.
  3. Record statistics for knowledge based decisions. Train your team for recording properly reservation information. Keep consistent records of your data: reservations on the books, waitlist, denials, walk out, cancellations, offers.
  4. Do you know all options and reports available in your PMS & distribution software?

At the end of this series of articles all the action steps will give you a strategic plan to implement revenue management in your hotel.

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