Revenue management consultants: 5 ways outsourcing your hotel’s revenue management could help you
To say it’s been a difficult year for the hospitality industry would be something of an understatement. The UK may be gradually opening up again, but how quickly our businesses can recover from and, indeed, survive this ongoing pandemic, is still a big unknown.
As revenue management consultants, we’ve seen more enquiries in the last few months than ever before from hotel managers desperate for solutions to optimise their hotels’ profitability – or simply to stay afloat.
Of course, there’s no silver bullet to fix all the problems hotels around the world are facing at the moment. Even if Covid-19 disappeared tomorrow, there would still be issues around consumer confidence and buying power.
But it’s not all doom and gloom. Consumer sentiment studies are showing promising rebounds of confidence in travel, so how can we capitalise on that shift to the benefit of our hotels?
Here are five ways outsourcing to a revenue management consultant could help you do just that.
1. You could see immediate results with a revenue management audit
The first step your revenue management consultant will take is a full audit of your hotel’s performance. This will form the basis of any recommendations or revenue management strategies we put in place.
As part of the revenue management audit, we will analyse the available data from all areas of your business – not just the number of rooms you sell at what price, but also the upselling opportunities you have, the alternative revenue streams, the costs of managing those revenue streams, and so on. This is particularly important in the current climate, where guests may be more reluctant to book a hotel stay, but could well be open to leisure provision closer to home.
But it doesn’t stop there – we’ll also be looking at the available data from your competitors, your customers and any other relevant businesses or services nearby.
This holistic approach to revenue management means we can immediately highlight any patterns and risks and help you to maximise any opportunities.
Read more about our revenue management audits here.
2. Upskill your team with revenue management training
Even for larger hotels with budget to cover their own in-house revenue manager, hiring a revenue management consultant can be a wise investment.
We offer training courses for all levels of expertise, from absolute beginners to experienced revenue managers looking for more formal training in specific areas.
As well as our scheduled open sessions, we can also tailor make individual courses, bespoke to your hotel’s specific needs. See here for more information on our bespoke revenue management training courses.
3. Minimal investment for maximum impact
Many smaller hotels simply don’t have the budget to cover a full-time in-house revenue manager’s wages, as well as the necessary investment in the latest technology and tools required.
Outsourcing your revenue management means you have the benefit of accessing industry-leading revenue management tools, knowledge and expertise, without bearing all the associated costs.
Our cost-effective consultancy packages start from as little as four hours a week, meaning we can increase or decrease our input in line with your budget, and we can work on long or short-term contracts, including maternity or sickness cover.
4. Free up your own time to focus on what you do best
There are so many elements to running a successful hotel and, as a hotel manager, you need to juggle them all, from managing sales, to marketing, to housekeeping, to customer experience, to supervising staff – the list never ends.
It’s no wonder revenue management often gets bumped further down the list of priorities when the day-to-day duties are so demanding.
Outsourcing your revenue management to a consultant can really ease the pressure, helping you focus on the activities that will be most beneficial to your business.
5. Get the edge on your competitors
As revenue management consultants, we aren’t confined to the same limitations that internal revenue managers can face.
We have the benefit of a comprehensive view of the industry. And, working with so many businesses in such varied markets over the past 30-plus years, we also have vast experience of seeing what does and what doesn’t work for hotels.
This experience and knowledge can make all the difference for gaining that edge on your competitors.