More Hotel Revenue
More market shares through revenue management
Revenue management (turnover or income management or yield management) is becoming more and more important. This is not only the case in the hotel industry but also in gastronomy and in the conference area. The combination of hotels and restaurants is interesting. There is a price and capacity control with individual and constant observation of the market capacities, cancellation rates, and demand. The latter is influenced by external factors such as the seasons, days of the week, weekends, holidays, and trade fairs. The aim is not only to create a perfect hotel concept but also a stable hotel occupancy rate and the desired average rate.
What kind of prices do you offer in the hotel? Are there any promotional prices for the low season? How is the off-season advertised? Do you check your prices regularly? Do you regularly evaluate your competitors? I can help you in creating a pricing structure and a successful revenue strategy.
Before revenue planning begins, the concept should be checked for profitability by determining key figures. Key points should be taken into account here:
- Business plan
- Market, location, and development analysis
- Competitor analysis (identification of strengths, weaknesses, opportunities, and threats)
- Concept review
- Definition and elaboration of the unique selling propositions
- Customer analysis
- Business mix (product policy, pricing policy, communication policy, and distribution policy)
- Budget planning
- Budget planning
- Personnel structure and team
Revenue planning supports, for example, the following questions: which booking mask (booking engine) should be used? Is a GDS (Global Distribution System) access necessary? If so, from which provider? How do bookings come to the hotel? What proportion are direct bookings, online bookings, inquiries about tour operators, or fixed quotas? Which channels are used to generate hotel bookings? What costs do we have through which channel? What are the commission payments or markups? Is there already a sales strategy?
Revenue Management Segments: Every hospitality area where the demand varies - luxury hotels, boutique hotels, private hotels, design hotels, country houses, castle hotels, boarding houses, apartments, studio hotels, theme hotels, or holiday hotel businesses. But also, in gastronomy areas such as locations, events, trade fairs, or conferences.
Do you want to generate more sales? I will help you with this. Johannes Fritz Groebler - Consulting Hotel & Gastronomy #hotelfritz