Strategic revenue management and technology quickly leads hotels to make decisions that bring in higher revenue and profits – and translate into cash flow that impresses any hotel owner.
Since every hotel requires substantial financial investment, you can be certain your owner cares significantly about seeing the value of their asset increase.
And since impressing your owner remains high on your priority list, there are some things you should avoid saying to keep them from feeling less than impressed.
Below are five things you never want to tell your hotel owner:
“Our hotel doesn’t need automation”
Your hotel has been using the same manual revenue practices for years, so how could you possibly benefit from automation? Many hotels experience immediate improvements in average daily rate (ADR), occupancy and shoulder night increases once they implement an automated RM system.
In fact, one of the top benefits of automated technology is that it frees up time previously spent on manual activities to allow you to prioritize and focus on strategy.
Plus, it does more than just improve revenue performance; it also improves the organization’s overall revenue management culture to mutually focus all departments on achieving profitable hotel goals.
“I just have a feeling about this Saturday night”
Increases in revenue performance always catch the eye of an owner, but relying heavily on gut feelings and risks can quickly turn your revenue results into a bad roll of the dice. Rather than discussing what you think might happen based on what happened before, focus on what the best possible outcome could be.
Use your advanced analytics to detect demand patterns not readily detectible to the human eye. These could include distinctive patterns in length of stay, days to arrival, seasonality, cancellations, and more.
Assessing your hotel demand from an analytical viewpoint gives you the ability to discuss and improve revenue performance based on valuable insights – not on a gut feeling.