Popular revenue management

practices your hotel needs to adopt by

2017!

2017

Before prioritizing any of your booking platforms, make sure that you know the pros and cons of each – calculate the earnings and costs associated with each and measure performance. You may be surprised by the results!

Evaluate your channels

Having a website for your hotel is such a fundamental prerequisite today so I’m not going to elaborate. But that’s not enough – you need to invest time, money and effort to optimize it for traffic and conversions, and that isn’t an overnight process so be patient!

Optimizing your website

Proper segmentation of your hotel’s database can provide you with rich information that helps your hotel better target different segments of the audience with tailored campaigns, personalize the guest experience, and save costs in the long run.

Segment your data

The conventional BAR pricing strategy is quickly losing ground and sticking to this outdated method may be costing your hotel significant profits. Rather, the open pricing model allows your hotel to take better advantage of the peak-season by eliminating unnecessary discounting.

Adopt open pricing

None of these are instant fixes – it takes time for a good revenue management strategy to permeate all levels of your hotel’s operations and begin to make a difference to your income sheets. Remember that in hospitality, what works quickly is likely to stop working just as quickly!

Be patient!

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