Hotel Revenue Management

The Must Know Modern Revenue Management Trends

Gone are the days when only a few key strategies could help you run your hotel business successfully. Nowadays the trends to advance your business are changing every day. You need to keep yourself upbeat and with times to be able to succeed. The competition is tough, but these simple yet efficient must- knows can help your hotel business grow manifold. Featuring below are some steps that you must adopt to be able to profitably sustain your business in a competitive world, reduce your dependency on OTAs and boost direct bookings along with your hotel brand. Here are a few simple trends and techniques:
Revenue Managment
1.   Track your profits.
Every business works on the basic principle of less cost and more profit. To do this you need to periodically calculate and assess which channel is giving you the most profitable returns. Be it offline, online or OTAs. Cut down on the channels that have regularly shown low performance in expanding your business and concentrate more on the ones that provide you regular bookings.
2.   Make book direct bookings your ultimate motto.
While bookings through other channels is profitable to some extent, the real value and profit is earned through direct bookings. Advertise and market direct booking more than any other channel of booking. The best offers and services should first be reflected and  made available on your own website. This technique will help you maximise your growth and gain customer loyalty. Plus, it will increase the footfall on your website and make your business less dependent.
3.  Planning ahead is everything.
Make short and long term plans. A fool proof holiday season time and some attractive offers for off-season can help you grow with conviction.
4.   Optimum utilisation of data and channels.
You need to stay focussed and profitably utilise your data. Calculate, analyse and strategise to make sure no profitable channel or data ever goes waste.
5.   Keep your technology and tools up-to date.
Staying tech-savvy is a must in this era. Useful technology solutions are a must to make your business outshine. There is an ocean of software solutions and tools that help you manage, utilise and perform better. Doing this will surely boost your review.”
6.   Responsive web design.
With a boom in the use of smartphones and devices, your potential customer may be booking from their mobile, tablet, iPad or computer from anywhere in the world. By giving your website a responsive web design, you will never miss a customer and your direct bookings will increase.