- Optimise your IT– first off, putting in place dependable IT systems (that is, database software and analytic tools) are a must; as they enable data analysis and the identification of trends and facilitate strategic decision-making
- Price fencing – obviously a hotel likes to go out of its way to serve guests, but ensuring rates are more restrictive when it comes to discounts will maximise your revenue throughout the year; for example, only offer discounts to those guests that book ahead and don’t forget to always sell to the room type, otherwise regular guests will expect upgrades on arrival
- Analyse demographics – try to price according to the type of guest if relevant and possible by analysing your market mix and working out what each group is likely to spend; for instance, conference groups tend to be a reliably high-yielding demographic
- Channel management – each channel of your hotel business will likely provide different costs to the overall booking; obviously these prices will vary due to different factors, but by adopting a reliable hotel revenue management software system you should be able not just to manage these channels as efficiently as possible, but also to maximise revenue
- Identify all your profit centres – and revenue manage them; that means upping room rates in busy conference periods and upping breakfast prices when it’s a lot busier because it means laying on more staff
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And, finally, as referred to at the outset, it pays off to approach each day as much you can as ‘a new day’; look at all the factors affecting costs and profiteering that day and manage the hotel’s revenue for that 24 hours individually.
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