Today we are joined by two of our regular contributors, Veit Meier and Till Benthien of berner+becker

In this video we discuss a checklist Veit and Till have put together recommending Daily, Weekly and Monthly tasks Revenue Management professionals should be undertaking during this crisis situation.

Hope you enjoy the video.

Here are the chapters:

1:06   Guest Welcome
1:59   Daily Checklist
9:43   Weekly Checklist
19:48 Monthly Checklist
29:43 Wrap Up

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Below you will find the Checklist:

Things to be checked daily:

  1. Pick-Up for next 2-4 weeks per segment (depending on current lead time)
    • Promotion performance (do they work or do we need to change them?)
  2. Pricing & Yielding strategy next 2-4 weeks (excess & low demand days with different strategies)
    • Competitor pricing, check how relevant
  3. Rate & Room Type availability, focus on arrival day and also plus 2 weeks, ensure straight line availability
  4. No-Show and late CXL revenue from last night

Things to be checked weekly:

  1. Feeder Market performance
  2. Channel performance
  3. Group pipeline (what is in current pipeline, follow up strategy, understand what is needed for conversion)
  4. Mid- and Long-Term Pick-Up check >1 months out and next year
  5. Pricing & Yielding strategy >1 months out and next year
  6. Fair and Event rescheduling + CXL policies and pricing
  7. Marketshare review (depending on relevance)

Things to be checked monthly:

  1. Group LOS/CXL analysis (understanding why groups did not book)
  2. Forecast update
  3. COR Account review (Accounts producing/not producing -> how to get more business)
  4. Analyse rate product performance (BAR, Early Booker, Packages, etc.) and set strategy to enhance performance
  5. Promotion planning next 2-4 months
  6. Analyze reviews on rating portals (review score vs. Pricing)

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