Revenue Management

Defining Revenue Management – What’s the right time?

Revenue Management is defined as allocating the right space (room) at the right price at the right time to the right customer so as to maximise revenue. The right time is about what mix of customers you need on a particular day or in a particular season. So on peak or high days the mix […]

Also posted in budget, Hotel revenue management. pricing structure, Hotels

5 steps to take on your Corporate Accounts before the RFP season

With the RFP season approaching it is time to review your corporate accounts and decide your actions moving forward. So here are the five key activities you need to undertake. 1.   Evaluate the accounts You need to review how the accounts are performing in terms of the contribution to your business. So some of the […]

Also posted in Corporate Accounts, Hotel revenue management. pricing structure, LRA, RFP

What’s the right price for my hotel rooms?

Revenue Management is defined as allocating the right space (room) at the right price at the right time to the right customer so as to maximise revenue. This blog takes a closer look at what is meant by right price. Price vs value This is about ensuring that your price is a good value proposition. […]

Also posted in hotel pricing, Hotel revenue management. pricing structure

If you charge higher prices than your competition you will get a better RevPAR.

This blog reviews the results and conclusions from research by Cornell University Centre for Hospitality Research into Competitive Hotel Pricing in Europe and gives some hints and tips on how to use the information to improve the revenue management and performance in your hotel. Price Elasticity is a myth The traditional wisdom is that the […]

Also posted in hotel pricing, Hotel revenue management. pricing structure, Hotels

Looking forward to May

So May is generally a good month with mild weather and the flowers are blooming, but what about business? With two Bank Holidays and one that is normally part of the school half term then this can affect the pattern of demand for your hotel. So have you got your plans in place? Business Hotels […]

Also posted in Bank Holidays, Hotels

What’s the right room type supplement to charge?

Charging a supplement for your premium product in order to maximise revenue is a good revenue management principle. However if you get it wrong it can have implications for your revenue. If it’s too high customers won’t pay it and if it’s too low you are leaving money on the table. So how to check? […]

Also posted in Room type supplements