It would be interesting to compile a list with the tools that a revenue manager should have his disposal. Let’s call it the ultimate Hotel Revenue Management Toolkit. We have done some digging through our revenue management excel spreadsheets reports, yield tools, systems and technology and came up with quite an extensive list of tools and gadgets a revenue managers requires to do his job well.
Here we go,
the ultimate revenue manager toolkit ...
- Pick-up Model
- Segment Pace Report
- Hotel KPI dashboard
- Booking Curve History File (per segment)
- Arrivals, Stay-overs, Departures, and No-Show Tracking
- Yield by Room Type Report
- Group Trends
- Demand Calendar
- Price Matrix
- Market Segmentation
- Call Center KPI
- Unconstrained Demand Statistics
- Yield Committee Minutes Template
- Weekly Conference Call Minutes Template
- Competitive Benchmark Survey
- Forecasting Tool
- 10-Day Outlook
- Three-Month Outlook
- 12 Month Yield Calendar
- Displacement Calculation Model
- Account Production Tracking
- Website Performance Statistics
- Corporate & Group Market Rate Survey
- Month End Summary Report
- Annual Budget Template
- Hotel performance and market trend reports by firms like PKF, STR, PWC, HotStats, HVS, MKG, Deloite, E&Y
Technology / Systems
- PMS with advanced rate management options
- Revenue Management Dashboard
- Channel Manager
- 2 Way seamless PMS interfaces / Direct Connect
Quite a list we put together already. Do you have any more suggestions? What else do you need as a Revenue Manager to be able to do your job / yield well? Please add your ideas and comments below ...
We have only looked at what you need as a revenue manager. Next step is to put a check-list together, with daily, weekly and monthly tasks.
Look forward to your ideas!
Patrick Landman @ Xotels