Member Article

Building blocks for the future

Laying the foundations of Revenue Management is essential to any hotel, large or small, and could be the difference between success and failure.

In order to keep up with the ever evolving world of hotel revenue management, a hotel must:

1: Understand the importance of having processes and procedures ‘right on the ground’ within front office and reservations. Some daily tasks, albeit mundane, form an integral part of the revenue management jigsaw puzzle, and without them, a clear picture cannot be drawn.

2: Understand the market place and how market conditions affect a hotel’s performance.

3: Price for profit. Getting the pricing strategy right will make a huge difference on the bottom line – don’t leave money on the table.

4: Have the correct tools in place and ensure that the technology available ‘in house’ supports the hotels plans, both present and future.

5: Invest in its people through revenue management training and revenue management courses. This will be the best long term plan a hotel can adopt.

6: Don’t forget the customer. The power of review scores can sway a customer’s decision, so ensure that online reputation is managed effectively and understand the correlation this has with revenue optimisation.

If your hotel needs help and support with revenue management, Octopus Revenue provides revenue management training courses that will focus on key areas of revenue management for all levels of ability. Alternatively, for hotels who don’t have the time or budget for training, outsourced revenue management could provide a good short-term solution.

For more information on the revenue management training courses and revenue management services available from Octopus Revenue, please contact us or visit the web-site

This was posted in Bdaily's Members' News section by Sarah Thompson .