rightrevenue

Customers are already making choices based on a desire to have an ‘alternative product’ and the days when your options will have an effect on your revenue strategy are right around the corner

The traditional RFP season is almost upon us and whilst contracting can happen at any time, we are all used to the manic few weeks that is ‘RFP season’.

We are busy right? So what’s the problem? Well, the problem is real profitability lies in the detail. So here are top 5 revenue management tips for ensuring your Summer is as profitable as possible:

Not that long ago, an OTA was seen as a partner and often junior members of our teams were allowed to sign contracts without a second thought. My advice now, is to take back control.

Why Are we Dropping Rates so Close to Arrival Date? Most Revenue Managers would be used to pulling these figures and presenting them to the GM and perhaps getting ready for 40 lashes!!

Most of us realise that Booking.com have automatically opted our hotels into their new ‘Early Payment Scheme’, but what exactly does this mean and how does it doubly affect our hotels?

You need to watch for a new practice Booking Basic. This is where Booking.com will offer to make a booking for your customer on another third party site if they find a cheaper price than their own site.

Revenue Managers are often promoted through the ranks of Reservations or Front Office and often thrown into ‘spreadsheet mania’ without any thought or respect given to the enormity of the job.

Revenue Managers rule the world, right? Of course … But now and then, I see Revenue Managers who haven’t had the training or mentoring needed and due to no fault of their own, get it wrong.

Utter the words ‘rate parity’ and we all shudder… after all, ensuring that we have the same rates on all channels isn’t always straight forward. Often the rates aren’t updated simultaneously on all channels but that is often the least of our problems.