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Stop Working, Start Planning

Sometimes we are just to stuck in the ways we do our job on a daily basis. We are lowering rates as the competition just launched a special deal, offering group rates based on other quotes travel agents have received, and answering emails within an hour or at least 24 hours.

Yes we live in our inbox and we answer the phones. All reactive behavior... 
coinstack-256
To get better results for your business though you have to start planning and work more pro-actively. But, how to do this? How to get organized?

First of all you have to start implement some measurement tools like daily, weekly and monthly reports. Reports that tell you how you have performed, and how you got to where you ended up.

And yes this costs time, which you think you probably do not have. Not true. The first step is basically being willing to break your daily pattern. Be a rebel and step outside the established order of your organization. You have to challenge the status quo.

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You need to build a culture of change and evolution in your company. Always looking for ways to improve what and how you are doing things. Brainstorming for new creative ideas and an out-of-the-box thinking mentality is what you need to achieve.

We are not saying it is easy. Well partly yes. You have to define this way of working as a goal to achieve better results. You have to put it at the foundation of all your activities.

And yes now you are thinking, this will cost you a lot of time. And you already don't have enough. Just block one hour a day, or half a day per week to work on new things. Disconnect your email and your phone so you don't get interrupted. And above all encourage your team to do the same.

How to manage your hotel's pricing and distribution strategies more efficiently? Below a suggestion for a structured way of working on your revenue management and pricing strategies;

column-chart-256x256Daily

  • pick-up and status report by day (12 months)
  • daily price comparison for fluctuations (30 days)
  • small price adjustments (90 days)

Weekly

  • detailed pick-up and status report per segment by day and by month (12 months)
  • trend comparison to last year’s last week results
  • competitive price positioning comparison (90 days)
  • price adjustments for distressed trend deviations and heavy pick-up dates

Monthly

  • detailed pick-up and status report per segment by day and by month (13 months)
  • trend comparison to last year’s last week results
  • competitive price positioning comparison (12 months)
  • price strategy adjustments for distressed trend deviations and heavy pick-up dates
  • budgeting and price positioning of same month next year according to this year’s trends and results

As you can see, we don't wait till October to set rates for next year, but we maintain a 13 month calendar. We can apply what we have learned about these months right now to next year already. It is still fresh in our memory, we understand it better.

And we can adjust our strategies as we learn from each new month for the whole of next year...

It all comes down to taking a few hours per week, and planning things well. Extract yourself from daily tasks and short term thinking. This long term strategy works well and will create more stability in your pricing strategy. You won't have to move up and down with rates on a daily basis.

HotelScienz

Smart Revenue Management Software

HotelScienz by Xotels Get a Demo!!



How to set your rates for next year we will be touching upon soon, but first we need you to...

stop working, and start planning!

Cheers,

Patrick Landman @ Xotels

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