I know it is lame, but the standard definition simply has to be mentioned: Revenue management is selling Òthe right product to the right customer at the right time to the right priceÓ. Furthermore I would like to add through the right channel.
Insights from ITB Ð How hotels can maximise their revenue performance for the next fair
To maximise the revenue performance during a fair or high impact event might be easier said than done. Many rely on returning business to bring in a safe level of base occupancy to a slightly higher rate and surely their ADR and RevPAR will increase accordingly a couple of euro. But is that enough?
The best practices for a successful wholesaler
Just as for corporate contracting, you only have one chance per year to get your prices and allotment allocations right for your wholesalers and tour operators. As this means quoting prices for business in the far future, usually now for Q2 2018 to and including Q1 in 2019, it makes the decision even harder and more important.
Take back control of your inventory
The RFP process is an important process that hotels must take seriously since it is the one and only chance per year that they have to optimise the prices and inventory sold in the corporate segment. So, think it through carefully and analyse your corporate accounts. What do they bring you?
Build a revenue culture and align departmental goals to gain competitive advantage
Work flow, communication, staff happiness, and your bottom line results, will all be positively impacted by a well-aligned and understood revenue management culture.
The sacred forecast – why a hotel should do it
A closer look at three main reasons why forecasting is crucial for the success of a hotel and why accuacy is as important as achievement.
A closer look at KPIs and defining your compset
Setting and measuring performance and growth targets is very important, but here’s why the 100 RGI market share target is often pointless.
