Healthy and Fit: Revenue Management Strategies from eRevMax

  • eRevMax
  • 12.29.10
Health and fitness provide you with a good balance in life and there is no exception to the rule for revenue management. 

Personal values of health and fitness are relevant to any professional performance. Sometimes nasty habits can take us off track without us realizing the side effects these can have on our overall health. Most of us need to be inspired to act healthy, sometimes we need guidance and other times we need support to encourage us along.

There are many opportunities in the online travel market and how you make the most of these will depend on your fitness levels. Most of us will admit we’re not necessarily in our prime all the time. That little extra practice and a better diet will dramatically improve our performance. Plus we need to take into account the environmental changes to better adapt ourselves. Similarly, as hoteliers we have to be aware of the changing trends in consumer booking and new tourism markets, which means we need to be alert and ready to act with each new development. 

Through this you want to balance your revenue by identifying ways to optimize your sales channels and ensure revenue remains healthy.

Just like a personal trainer eRevMax can provide insight to help you out-perform competitors, keep occupancy high, build a strong team and remain flexible to market conditions so you can remain independent. Your health and fitness needs your direct involvement. But eRevMax can certainly inspire and support your journey to full fitness and competitive performances.

Nutrition and Diet: A Good Balanced Approach
Nutrient – noun 1. any substance […] serves to sustain it in its existence, promoting growth, replacing loss, and providing energy.

Business success is the result of knowledge, intelligence and awareness within or that is recorded of a property. Opportunities to make more revenue are the results of feeding the hotel with the right data to help you respond appropriately to the markets. Nourish your team and your business with the right nutrients.

Feed Your Hotel with the Right Data
Business intelligence data helps you position your hotel among your competitors to offer the best value for guests and improve the revenue per available room (RevPAR). Benchmark room rates of multiple competitors, for multiple room types across numerous booking channels. Get a full overview of current market conditions from data extracted from booking engines, OTAs and GDS.

  • Gauge the best price points 
  • Know when to change rates 

Race ahead of your competition with optimum performance by offering the greatest value to the customer.

Forecast and Automate Strategy
Feed data direct into your revenue strategy. You can keep rates dynamic even when you’re not watching. Forecast data will deliver you stealth and stamina to remain ahead of competition by working with multiple rate strategy options that will change your rates and availability across channels automatically. 
  • Implement automatic rate strategies to keep your property performing even when you’re not looking. 
  • Know you can out-run your competitors.
  • Identify how your competitors react by looking into the future.
Customer Review Data
Know exactly what your customers and others are saying about you, your hotel and their experience. Good and bad reviews on consumer review Websites can spread fast. By receiving the latest guest opinion you can respond effectively and show you are a people property.
  • Receive all reviews from the most trusted Websites.
  • Know what your guests are thinking so you can respond to their needs.
  • See what guests are saying about your competitors.

A game is not just about two halves but how you prepare and how you behave at the end of the game. Be aware that guests are watching before they arrive and after they leave.

Raise Your Fitness Levels: Gain Agility and Flexibility
Agility – noun 1. the ability to think and draw conclusions quickly; intellectual acuity.
 
Fitness is the result of ongoing practice and attention to detail to create a healthier future. The more proactive you and your team are, the more you reduce risk, boost productivity, limit and manage costs, and know what lies ahead.

Agility and flexibility will make revenue management more efficient.

Competition - Strength and Strategy
Every athlete plays to their competitors’ weaknesses – make sure you have the data on yours.  Revenue management can be like a game of chess. You need to foresee your contender’s next move before you make a move. Take advantage of the right intelligent data.
 
Rate and Distribution Maneuvers 
As a captain of a football team you know who to play, where to place them and when to put them on the pitch – you know their performance. The same should be applied to all your sales channels.

Assess the data that shows you which channels are performing. Run a fitness test on all your players (third-party Websites) and start cutting out the non-performers. 

Remember – Your Goal is Bookings  
Set Targets, Measure Success, Analyze Development 
Sports players continually assess their overall performance. Keep raising your expectations and revising your training methods. Setting new targets will keep your fitness levels improve to become a more sophisticated sportsman. 

Market intelligence, booking behavior and future trend data gives you information that you need to become a top revenue management athlete.

Products include: Allocation management, allocation alert, GDS connectivity, real-time data, room close-out, weekday/weekend set-up, minimum LOS, inventory allocation, tax and commission, in-built calculator, currency control, set rules, extranet rules, hot dates, allocation pool control

Revenue management: A team game
Team – Noun 1. a group of people organized to work together

Revenue management need not be a lonely sport. Make it a team game to build your potential. Work with those at your property and get help from those who speak your language. A fitness instructor/coach can help you focus your efforts and make the most of what you have and encourage you to succeed.

Form a Team
Strong performers in the form of other keen revenue management athletes will make you a force to be reckoned with. Invest in training and ensure they practice every day. Once they have managed the basic, who knows what moves they pull to tackle the challenges of online sales.

Get an Instructor
The right training and support (fitness instructor) will come from those who understand your business, your objectives and can help you make the most of what you have. Instructors should be available when you need them.  A good coach will encourage you and inspire your team to continually do the best.
 
Install a Channel Management Gym
Training equipment will show your commitment and dedication to achieving the optimum fitness levels for your property. Keep your strategy working with your hotel; invest in right fitness training machines that will improve your revenue management muscles.

Vitamins and Supplements: Spur Your Strength and Enhance Your Performance
Supplement – noun 1. something added to complete a thing, supply a deficiency or reinforce or extend a whole.

Health fanatics have been boosting their fitness levels for centuries. Revenue management with the right additional supplements can spur your bookings to a new level. Boost sales opportunities by adding new marketing and sales techniques (including customer relationship management, market outreach and market segmentation). 

More hotels are taking advantage of niche markets, identifying a new type of guest and slicing visitors into more accurate consumer groups. 

With new technologies you can do this faster and smarter.

Digital Media Management
Bring traffic direct to your Website through digital and social media marketing. This performance add-on helps boost revenue by avoiding commission charges posed by OTAs and third-party booking channels.

Revenue Management Boot Camp
Get in shape faster and quicker, Boot camp’s intensive program will get your fitness skills up. Specialist revenue management coaches and classes will give you the insider knowledge to make you a winner in the field.

Distance Running
Work yourself harder and further to push yourself to the limit. Add Unlimited Channel distribution to your revenue strategy, or diversify your product offerings with different room types. A decathlon athlete didn’t specialize in 10 sports but pushed themselves to do well over time. Look beyond what you do to keep earning revenue.

Conclusion: Recovery and Relaxation
Recovery – noun 1. an act of recovering. 2. the regaining of or possibility of regaining something lost or taken away. 3. restoration or return to health from sickness. 4. restoration or return to any former and better state or condition.

No sportsman can win a competition without preparation, delivery, recovery and relaxation. With each step you can ensure you build your health levels, stamina, performance and control. By establishing the best techniques and continually assessing your performance you can achieve successful revenue management. 

Recovery and relaxation is not about giving in, it’s about improving your fitness.

  • Feed the right data into your hotel so you know how you and your competitors are performing. [PREPARATION]
  • Work out your revenue management every day to make sure it’s in top condition. [DELIVERY]
  • Get trained and supported by the right people to meet those targets. [STAMINA]
  • Boost your performance with the right tools. [PERFORMANCE]
  • Assess the success of your training. [CONTROL]

Discover the technologies that will keep your revenue strategy fit and healthy to keep occupancy levels strong and RevPar high with RateTiger.




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