As revenue strategy continues to evolve and become more dynamic, weaving its way into all parts of a hotel’s operations, revenue managers must continue to adapt and improve to keep their hotels on top of their game.
In our latest webinar, Advanced Tips from Revenue Management Professionals, Duetto’s Gayle Ehrean, senior director of customer success, Chris Knothe, senior solutions engineer, and Tim Kolman, senior solutions engineer, each shared best practices and other revenue management lessons learned from their extensive careers. (Combined, these three have nearly 50 years of experience at some of the biggest hotel brands including Marriott, Hilton, Interstate and Mandarin Oriental.)
Here are some of their best pieces of advice:
1. Be aware of your market. Revenue management is not a desk job. You must understand the influences that affect your operation and you must use that information to better your rates and strategy.
2. Work with your team and gain their respect. Conflict can come when the revenue manager is saying ‘no’ and no one understands why. It’s important to communicate and bring others in on the revenue strategy so they can support and help it (and you) succeed.
3. Consistent communication is key. Meet with your leadership team weekly and go over reports and strategies. Bring in other department heads as needed. When there is a collaborative environment across the entire operation, everyone will help the strategy succeed and there will be no surprises along the way.
4. Invest in technology. It will save you time that you can reinvest into more important tasks.
5. Track business. That old saying, “What doesn’t get measured, doesn’t get done,” holds true, so be sure you have your finger on the pulse of what’s happening so you can not only track and understand, but also predict and update.
6. Never stop learning. As the RM discipline continues to evolve, it’s critical for successful leaders to constantly educate themselves and be aware of new opportunities and strategies that can help them succeed further.
7. Bridge the RM and Sales gap. While these departments are different, they are also deeply connected. RMs should reach out to the sales team to better understand what they do and how they do it. Find out what reports they use and build those tools into your strategy. The benefits of working together should always be measured based on the success of the hotel.
8. Big data allows you to be proactive instead of reactive. The more information you have about external influences affecting bookings and rates, the better off you’ll be at executing your RM strategy.
9. Question the norm. Look at Open Pricing to optimize revenue. The more price points you have, the more revenue you will capture.
10. Give guests a reason to book direct. Now that the market is stable, it’s time to re-influence how customers find you and book with you.
Don't forget to register for our next webinar, “Transitioning from Excel to a Revenue Management System,” coming up at 9am PDT August 27th.