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 with the revenue managers and relevant decision-makers in the hotel: agree on the same vision on how demand will evolve first.
2. 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.
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. Everything can be relevant to your hotel revenue management decision-making.
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 and start increasing revenue.