Grow Revenue Management: Need or Essential?admin
Grow Revenue Management:
Grow Revenue Management with BookingHotel If up till now you have not taken complete benefits of revenue management for your property you may be cutting an opportunity to maximize your hotel revenue and to boost much wanted competitive advantage.
Since there is no avoiding need for online channel manager for hotels, it is important to use them for your property’s advantage and it also helps you to increase your hotel’s revenue. Channel optimization is the skill of selling rooms over better profitable distribution channels, online channels are platforms cannot be avoided.
Points to be considered while managing online channel:
Our hotel channel manager gives an ability to manage the real-time inventory, which will assure you a good place by online channel distributions and that will benefit you to increase your revenue of hotel and also grow revenue management.
Properties should be estimated as per the expected requirement and competition. Revenue management means not trading a room today at a flat price to sell it tomorrow at a bigger price. It also means selling a room at a low price today if you do not anticipate higher demand.
Maintain the equal rates on all channels to avoid failing potential revenue and grow revenue management. Try to manage highest rate parity in all the time across online channels, online travel agencies (OTA’s like booking.com , goibibo, make my trip-MMT, cleartrip , travelguru , agoda & expedia.).
Forecasting the coming demand by the channel is a must. It can be as elementary as monthly room nights, average rate and revenue. This will help your hotel to strategize future rating and planning.
To understand the strategy applied, the revenue manager should evaluate the old data.