Tracking and assessing your hotel revenue is very important, as it gives you a good insight into gains and losses. That way, you can see what’s losing you money and what is your primary revenue generator. A reliable hotel revenue management tool can help you achieve that, and here are some tips and ideas on what tools to use and what strategies are very helpful.
Hotel revenue management strategies you can start using today
- Understand the customer’s behavior and what they are interested in. See how travelers behave in the current landscape and how they are booking and traveling. In addition, you also want to know how they explore, and what they need and expect.
- Plan how to promote your hotel business for the next 12 months, as that will help you ensure you reach your customers accordingly and at the right time. Some concerts and events might increase the number of people coming in, so use that to your advantage.
- Optimize your hotel strategy with dynamic pricing, depending on demand and what customers want from their rooms.
- Perform hotel market segmentation based on criteria like days of the week stayed, how much they stay, lead time, no-show ratio, and cancellations.
- Use hotel demand and budgeting forecasting based on info from previous years and market data.
- Assess the hotel revenue and see if there’s a need to increase prices to net a profit.
These tips can be very helpful when it comes to hotel revenue management, and they can help deliver a much better experience. With that in mind, there are also great tools you can use for hotel revenue management.
What tools should you use for hotel revenue management?
Property management systems
There are a variety of PMS you can use, and they can help with handling reservations, coordinating any housekeeping, setting the room dates, and helping you with payment processing. Some of the top examples here include Mews, Oracle Hospitality, and Cloudbeds.
Revenue management systems
Revenue management systems are very efficient too, and their focus is on collecting data like demand indicators, and historical and market data. That data can be used to assess customer behavior and identify what’s the right price per room. Here you can use Eviivo, RoomPriceGenie or IDeaS.
Business intelligence software
Having a business intelligence tool brings many advantages, one of them is the fact that you can have a unified operation. You can have access to performance reports, KPI tracking, and demand prediction. All of those can help with revenue management since you will have access to important, crucial business data. Great examples include Duetto, Actabl, or OTA Insight.
Other tools
Aside from that, you can also use other tools for revenue management. Online reputation management tools like ReviewPro, TrustYou, or Customer Alliance are very helpful. Don’t hesitate to use SiteMinder, RateGain, and other channel management solutions too, since they simplify rate regulation and room listings.
One thing is certain, having the right tools and strategy for hotel revenue management is incredibly important. It allows you to better optimize and regulate your business, while also helping you save a significant amount of effort and time. Use that as an advantage, and you will certainly appreciate the experience and process in the long term.
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