How important revenue management is for your hotel?
February 17, 2020|Hotel Marketing
Revenue management allows a hotel to implement a dynamic pricing strategy based on seasonal demand.
Believe it or not, there are still hotels in this day and age that do not practice any revenue management activity. They do not check pickup reports, upcoming room blocks, and competitor’s rates. Everything is up in the air. They simply hope that they will get the best value out of publishing the same rate every single day.
The beauty of the hotel business is that our room rates can vary every day. Real estate leasing businesses, on the other hand, do not have that kind of flexibility. They have long-term flat rates that are, in some cases, slightly adjustable depending on state law.
If you do not maximize the advantage of adjusting your room rates to meet the changing demands of the market, you are missing out. If you cannot identify potential opportunities and anticipate future demand, you are not reaching your property’s fullest potential.
You have to check every room block and every event that is coming up at least weekly, if not daily. If you do not have a full-time revenue manager, every department has to come together to align revenue management strategies, whether you are a smaller or bigger property.
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