Member Article

10 Scary Reveue Management Facts..

As Hallowe’en approaches, here are 10 scary Revenue Management facts to make you shudder…

1. The majority of hotel revenue managers have not had any formal training in this field.

2. There are hotels who do not use external metrics to benchmark their performance against their market place – even though some tools readily available are FREE, such as the hotel survey from STR Global.

3. Although revenue management is one of the key drivers of hotel profitability, some hotels do not replace this area during periods of absence.

4. Some hotels do not have any revenue management processes in place at all…. HOW SCARY!

5. Some hotels do not have an understanding of their booking window, which makes revenue management decisions futile.

6. Some hotels are happy to pay hefty commission bills to online travel agents but will not invest in their own web-site.

7. Some hotels lose business by simply not answering the phone…. TERRIFYING!!

8.There are hotels who do not factor reputation management into their revenue strategy and do not correlate review scores in conjunction with price.

9. Some hotels can have up to 1/3 of their total hotel revenue generated from food & beverage outlets, however do not revenue manage these areas of the business.

10. Some hotels pay no attention to what their competitors are doing and quite often get left behind.

If you need to address any of these frightening thoughts, then contact us today – we are here to help your hotel.

Octopus Revenue can support your hotel in all areas of hotel revenue management, from outsourced revenue management options to revenue management training courses. We are fully flexible in what we do, providing a revenue management solution to fit your circumstance. For more information and an introductory chat, please contact us or visit our web-site.

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