Scary revenue management facts
As Halloween approaches, here are 10 scary Revenue Management facts to make you shudder. In fact, they’re that frightening you may be terrified all year long!
- The majority of hotel revenue managers haven’t had any formal training in this field.
- Although revenue management is one of the key drivers of hotel profitability, some hotels don’t replace this area during periods of absence. Horrifying!
- There are hotels who don’t use external metrics to benchmark their performance against their marketplace. Even though some tools readily available are FREE, such as the hotel survey from STR!
- Some hotels don’t have any revenue management processes in place at all. Petrifying!
- It’s true that hotels often don’t understand their booking window, which makes revenue management decisions futile.
- It’s a fact that many hotels lose business by simply not answering the phone!
- Many hotels can have up to one third of their total hotel revenue generated from food and beverage outlets; but they don’t revenue manage these areas of the business. Chilling!
- Some hotels are happy to pay hefty commission bills to online travel agents but won’t invest in their own website. Terrifying!
- There are hotels who don’t factor reputation management into their revenue strategy and neglect to correlate review scores in conjunction with price.
- Competitor analysis is key to success, but hotels often pay no attention to what their competitors are doing and get left behind. Disturbing!
If you need to address any of these frightening thoughts, then contact us today; we’re here to help your hotel.
Octopus Revenue can support your hotel in all areas of hotel revenue management, from outsourced revenue management options to revenue management training courses.
We’re fully flexible in what we do, providing a revenue management solution to fit your circumstance. For more information and an introductory chat, please contact us.