Defining Revenue Management – Who’s the Right Customer for my hotel?

This is the fourth blog in a series looking at one aspect of the definition of Revenue Management – right customer. In hospitality the recognised definition of revenue management is as allocating the right space (room) at the right price at the right time to the right customer through the right channel so as to […]

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 […]

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 […]

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. […]

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 […]

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 […]

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? […]

Online reviews – Which are most valuable?

TripAdvisor introduced a controversial ratings system in February that it was forced to remove after just one week, reported Neil Gerrard of Caterer and Hotelkeeper. The system allowed users to rate establishments local to them anonymously, without actually visiting them or leaving a review, using a function called a “pop-under”. One TripAdvisor reviewer explained, “….(users) […]