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Chances are that most properties impacted by Coronavirus will have already put measures in place to curb costs. Here are some other Revenue Strategies to consider

Strategy can be summarised in four boxes: supply, demand, own performance and relative performance (v competition). For each of these, you will have a lot of specific KPIs, data and metrics.

Data is the facts of what happened or what’s in the process of happening. Analytics are when you begin to make discoveries from that data, derive insights and maybe make predictions.

Hospitality’s next evolution should be to look more holistically at the role of hotel revenue management and ensure it is sustainable by improving revenue teams’ quality of life

Total Revenue Forecasting (TRF) enables hotels to get a better picture of both rooms revenue and ancillary revenue in order to plan more strategically.

The ability to drive rate will factor into profitability. If average daily rate (ADR) percentage growth is at or below the rate of inflation, it will be difficult for hotels to drive higher profitability.

The firm has predicted that hotel occupancy in the US will rise to 66.2% in 2019 – a fifth straight record level. That occupancy will be driven by a 2.1% increase in demand, although this will be somewhat rebalanced with a 1.9% increase in hotel supply.

The danger is if hotels become complacent and settle for the small gains. If ADR continues to grow at the rate of inflation while demand growth is good, what happens once demand declines?

Examining the challenges and opportunities facing hoteliers in 2019, it might be easy to say, “New year, same old story.” In attempts to drive revenue and increase profitability, hoteliers—like they have for seemingly the past decade—continue to focus on less costly ways to acquire guests.

One of the easiest ways for hotels to raise ADR and drive revenue without actually raising rates is by segmenting the property’s different rooms and accurately pricing them to encourage […]