Yield management in hotels may appear another type of management of the many many types of management in the business landscape, but the management of revenues from the & # 39 is the basis of the hospitality industry, where the head of income should arrange bookings and room rates in such a way. that is the maximum income.
The main objective of the revenue manager (usually) all day was to follow the changing pace and update its own inventory in line with market equation to sell inventory at the best possible rates in shortest possible time and at the same time maintain a high occupancy rate. , RevPAR and ADR. However, as times have changed and technology stood foot in almost every industry, there are countless revenue management tool in hotels, such as the Rate Shopper, Manager Channel, Optimizer Rate, Online Reputation Manager, which halve the work of heads of income and doubled efficiency.
Furthermore, with progress in technology, some proven Do and Don & # 39 were found; ts for revenue managers, who can guide them in the development of a strategy of income. Let's discuss some of them here:
• Look at the big picture – A reasonable approach to a successful chapter income should be to stop focusing only on the income received from the sale of the premises, but also to begin to focus on the income received by a particular guest, that E. Give more attention to the life cycle of guests or customer life cycle. some of them might like to call it. As part of management experience with the guests at the head / income should lead to its guests report, including their choice and benefits, and provide them with a variety of services, which they could buy at the time of the next visit. Further explanation, depending on personal or demographic profile of your guests, you can offer them a variety of other services to your hotel, such as a spa, clubhouse, gym, disco and others. This practice creates new sources of revenue and increase overall revenue, even if the low cost of inventory purchased.
• Healthy mixture inventory and distribution – Against the backdrop of the maximum order, the head of income should know how to create the perfect balance for opening rooms for sale on the online and offline channels. A good approach – is not exhausted the entire stock of an OTA and not sell them directly. Tools come to the rescue in this requirement. Competent Internet Manager of channels can provide you with great support. the revenue manager must monitor the patterns and costs of direct OTA-customers, so you can optimize your sales with the right combination OTA booking and direct orders to achieve revenue goals. Modern managers channels allow managers flexibility revenues to enable or disable any OTA channel, which, in their opinion, does not give the desired results, or is very expensive.
• Monitoring the competition – In order to better revenue generation should always keep track of competitors in the market. A good manager must perform income prices, promotions, policies and processes of its competitors, which he / she can take to the hotel, as well as in case of need. In the hotel business, where prices fluctuate on a daily basis, it is even mandatory to maintain constant vigilance to the daily rate of its competitors. The good news is you have the tools to do so; Hotel Rate Shopper. This tool helps you to monitor the daily number of your package. It does not end, these tools will help you a variety of other tasks, such as; understanding of the overall market supply and the average market rate for your city, even Airbnb offers market and the average market rate, speed, and availability reports for your property at different sites and OTA Metasearch, comparing OTA rankings against your competition and set Roshan eyes. Advanced tools support track events for your city, so that if necessary, prior to the change room at the price. Competitors may warn you against the failure of any new business practices in this area, and if it will be successful, it is possible to adhere to the set.
• Focus on the picture of the hotel brand and reputation online – Developing strong customer loyalty can help the hotel stand out from the competition. Hotel reviews are important to create a strong brand image. Reviews and customer ratings are directly linked with the benefits of the customer and, thus, income. Even the most competitive price can not attract customers if the positive reviews. According to the study, only the prices are assessed in comparison with the positive feedback in the online travel booking. However, many consumers assumed that they would not book a hotel room, in the absence of positive feedback, even if the price is very low.
Industry understands that managing online reputation – this is not a one day job, not easy. Especially with a large number of social media sites, reviews sites to keep track of your responses as guests are present everywhere. Images are created by brands for many years and broken instantly. A very good reason for many hotels, independent hotels and groups that take reputation management online tools. Major hotels are increasingly using it to manage reputation restaurants.
Some of the revenue managers DONT need to follow when developing strategies to increase profits.
• impractical suggestions – Exclusive offers and packages – new fedydyi, and they are certainly a & # 39 is a powerful technique to attract customers to orders. However, the revenue manager must understand the hotel the ability to capture your reservation without offers. Often it observed that the head of income continue to be useless proposals only to follow their competition, losing a portion of the proceeds from the hotels.
• booking – Book over the existing inventory in the fear of cancellation can sometimes prove to be a smart move. However, this process should be very optimized, because any wrong assumption can lead to customer trouble that cause suras & # 39; serious damage to the image of the hotel.
• Reliability on single / limited sales channel – Smart Manager Revenue never relies on a number of booking channels for the sale of inventory numbers and always retains a profitable combination of OTA-channels for further orders. The tension in the adoption of new management revenue Revenue may cause settling in the hotel of the profits. RM should also monitor the performance of each of their channel partners. Set targets for all booking channels, check on the & # 39; the amount of the reservation, and length of stay (LOS) booking, analyze their profitability, etc. This not only reduces the dependence of the hotel from the OTA, but also helps to save heavy Commission OTA, thereby increasing profits.
• Ignoring social media– Social media have become the most clean and honest platform for customers to express their opinions, share their experiences and express complaints and even a book. Unaware of the power of social media can be a suicide, and therefore the head of income should ensure proper interaction with the staff and management with clients in social networks.
• Playing too safe – Business – it's courage and risk. The game is very secure and practice of normal business practices can save your bread, but to ensure that the business developed, it is important to take risks. Using the latest strategies, taking the road less expensive, the results can be extraordinary. Revenue Manager should know the art of take kalibranyya risk.
Over time, many new approaches have been tested, some of them will work, and some of them may fail. In this competitive industry changes – it is the only constant and managers of income must prepare for any turbulence, which can monitor the industry.