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.
Step 3 in our Revenue Management implementation plan:
- Develop and update your demand calendar for any recognized exceptions.
- Implement day by day budget, by segment with room nights and average selling rate.
- into action a rolling forecast to keep 12 or 13 months day by day rate strategies open on all your public distribution channels.