Wouldn’t it be ideal to earn higher revenue without investing more? Yes, it’s possible!
We’ve come a long way from the days when Revenue Management, the science of maximizing earnings, was limited to big hotel chains and airlines. It is now accessible to every hotel, B&B and Hostel.
Our talented experts help you achieve both ADR and Occupancy Growth. Using our efficient Pricing Strategy & Methodology, we increase your sales.
Simply put, our goal is to increase revenue or RevPar by helping you sell more rooms and set ideal prices.
Revenue Management Methodology
Revenue Management isn’t just about numbers. It’s the process of establishing a personal connect with the property to build organizational culture supporting sales and revenue.
Our team analyzes multiple booking channels, demand, market trends and channel profitability to gain knowledge about the target audience.
To seize moments of opportunity, we work closely with partners to set processes and timelines directly impacting the target market, and thereby, the revenue.
Enhancing your Revenue
Our mission is to easily connect you with the best minds and technology available on the market. It has always allowed us to be creative with strategies we bring to the table.
With our strong belief in teamwork, we assign a dedicated team of revenue managers, supporting you at every step of the way.
Our strength is in the flexibility to create a tailor-made revenue management plan for each partner to meet specific expectations of the organization.
Training & Education
With a global team of revenue managers, strategists and marketers, all with profound experience in the hospitality industry, we’re backed by solid training and experience.
With good understanding of several technologies, property management systems and brands, we constantly stay ahead of industry trends.
While training your staff to manage room pricing and use certain tools, we also make conscious efforts to help property partners increase their knowledge.
HotelMinder acts as a partner throughout your journey, implementing solutions to affect efficiency, productivity, long-term sustainability and revenue.
A Successful Revenue Management Strategy
Every hotel is different, but for us, whether you’re a 5-room property or a big hotel chain, the fundamentals of Revenue Management remain the same.
Though strategies need to be tweaked as per size and volume, we’ll still incorporate 4 key areas into the Revenue Management system.
Collecting the right data
Data is what enables decision making, which later translates into price and distribution strategies. Through your PMS, data can be easily collected.
Important data points include on-the-books data, pick-up or pace data, average rate of pick-up, public pricing behavior, and market segmentation.
We also analyze direct competitor pricing decisions to ensure you don’t miss an area of improvement.
Making pricing grids
The pricing grid is a tool that helps decide the room rate for each day. With different levels of pricing separated by hurdles, it’s a great way to strategize.
When a threshold of rooms sold for a specific day is hit, prices will move up. On the other hand, decline in demand brings the prices down at the right time.
The pricing grid also considers the minimum length of stay, overbooking, and events calendar.
Interpretation of information
Analysis and interpretation are important steps to leverage acquired data. Our team interprets several data points to forecast ADR, occupancy and sales.
While analyzing data, we also consider market segment production, seasonality, day of the week and other patterns that could impact revenue.
Our exact and dynamic predictions allow us to act on forecasts in advance and in real-time for best results.
Implementing and reviewing
We implement the revised Revenue Management strategy, which includes defining room type and occupancy supplements, and creating campaigns.
Other action items include creating packages and offers, defining pricing restrictions and cancellation policies, and updating prices.
We also monitor results, evaluate and benchmark KPIs, and develop action plans to maximise revenue.
The key to a healthy hotel business is sustainable long-term growth.
Revenue Management Systems
Using algorithms and disciplined analytics to predict consumer behaviour, a Revenue Management system predicts yielding opportunities.
With just a few clicks, you can get detailed information about recommended pricing, overbooking limits, restrictions and other important updates.
A Revenue Management system not only reduces human error but provides solid revenue maximizing opportunities to impact sales.
Scope for Human Intervention
A good Revenue Management system takes into account user insights, influence, competitive position and the possibility to override the system.
Every now and then, an expert in the field would know more than the ‘system’. Special events in the city or holiday season could need out-of-the-box thinking.
The Revenue Management system should allow overrides, and seek inputs from the owner. If there’s scope for this, you know you’ve made a good choice!
Core Revenue Management Services:
Strategic Planning
Rate Parity Management
Competition Analysis
Direct Booking Strategy
Channel Distribution Management
Daily Yield Management
Competitive Rate Shopping
Pricing Grids
Regular Meetings and Reports
Full Inventory Management
Special Projects
New Hotel Opening
RMS Integration
RevPar Boost
Employee Advisory & Training
Your journey with us starts here.
Get in touchWe'd love to explain the details. Let’s make it count!