If business is about making a profit, then the hospitality business is about making the highest possible profit from each guest. And to do that, you need to be selling to the right guest, at the right time, at the right price and in the right place. Ultimately, that’s what hotel revenue management is all about.
For good revenue management, there are several factors to take into consideration. Ultimately, the overall aim is to find a price that will help you maximise revenue without pushing potential guests away. So it’s important to pay attention to market demand, historical data, competitors’ practices and seasonality.
All of these require advance planning and a smart reading of data. Analytics tools will help you track the most important figures, and putting that information to good use is your revenue strategy.
Rate management technology is designed to help hospitality professionals increase hotel revenue. If you feel daunted by the details of hotel revenue management, these tools can help you identify the most important trends in your market.
In our ebook about increasing hotel revenue, you’ll find out what it is, why it’s important, and how you can make a start.