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:
- A Yield meeting should be organized once a week with the revenue managers and relevant decision-makers in the hotel: agree on the same vision on how demand will evolve first.
- Develop culture of Hotel 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.
- 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. Everything can be relevant to your hotel revenue management decision-making.
- 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 and start increasing revenue.