Scary revenue management facts for Halloween hoteliers 😱
As Halloween approaches, here are 10 scary Revenue Management facts to make every hotel manager shudder with fear...
- The majority of hotel revenue managers haven’t had any formal training in this field. Just think of all the profit that could potentially be going to waste - it sends a shiver down the spine!
- Although revenue management is one of the key drivers of hotel profitability, mysteriously some hotels don’t replace this area during periods of absence.
- There are hotels who don’t use external metrics to benchmark their performance against their marketplace. Even though some frightfully good tools are readily available for FREE, such as the hotel survey from STR
- Some hotels don’t have any revenue management processes in place at all - terrifying!
- It’s true that a horrifyingly high number of hotels often don’t understand their booking window, which makes revenue management decisions futile.
- It’s a freaky 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 for some unearthly reason, they don’t revenue manage these areas of the business.
- Some hotels are happy to pay hefty commission bills to online travel agents but won’t invest in their own wicked website.
- 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 in the dark.
If you need to address any of these chilling thoughts, then contact us today; we’re here to help drive your revenue management strategy forward.
We’re fully flexible in what we do, providing revenue management solutions to fit your circumstances. For more information and an introductory chat, please contact us. (Don't worry, we don't bite... usually... 🧛♀️)