👋 Contact: Chris at hotelrevenueman.com
📊 Revenue Management Basics: Understanding revenue management is crucial for hoteliers. The first step is to analyze historical information to make informed decisions about pricing.
📅 Historical Data: Use data from the same date last year or last week to gauge occupancy and rates. For example, if a $100 rate achieved 70% occupancy last year, you can estimate similar results for the current year.
🏨 Comp Set Analysis: Evaluate your competitive set to see how your rates compare. If competitors are priced higher or lower, adjust your rates accordingly. Remember, not all competitors may be making informed decisions.
🛒 Market Shopping: Act as a consumer and check rates on platforms like Expedia. This helps you understand where your property stands in the market. If your rates are significantly lower than competitors with better reviews, consider raising your rates.
📈 Pacing and Guide Posts: Track how full your property should be at different intervals (1 month, 2 weeks, 1 week out). For instance, if you aim for 25% occupancy a month out but only have 10%, consider lowering rates to boost bookings.
📊 Pickup Sheet: Develop a pickup sheet to monitor occupancy trends over time. This tool helps you make timely adjustments based on how quickly rooms are being booked.
🤝 Support: For further assistance, reach out to Chris at hotelrevenueman.com. I provide guidance to hotels across the nation and internationally.