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.
Here are your second steps in our Revenue Management action plan:
- Challenge your market segmentation, should you introduce pricing points?
- Identify non-Yieldable segments, and try to move them to become semi-yieldable.
- Can you identify trends and KPI per market segments? Check which PMS reports can provide knowledge on;
- Length of stay per arrivale date.
- Lead time information per day of the week and segement.
- Cancellation ratio per day of the week.
- Total revenue per client and market segment
- Can you move some of your non-yieldable segments to become yieldable or semi-yieldable?
- Review the production of your main clients on basis of the displacement analysis. What is their true revenue gain? Assess if you could revise your pricing accordingly.