Hotel Revenue Management Strategies to follow in 2019 Every year, hotel businesses have to plan something to build better and effective revenue management strategies. As one of them, you might also be putting your shoulder to the wheel, so that you attract more bookings, increase revenue, cut your cost, etc. But, not always do these strategies perform up to scratch. Why? Regardless of the fact that you offer great services and amenities, you may miss out on certain vitals that can cost you a lot. As a hotel business, you need to understand and acknowledge your needs, so that you be the first choice for your guests.
While you do that, we have listed below some of the important and must have strategies for hotel revenue management​. Let’s have a look 1. ​Segmentation and price optimization Targeting every direction will not let you make the right strike for your business. With this we mean, you need to segment and pitch the right set of guests in order to formulate strategies accordingly. Also, identify the habits of your guests and their preferences in the hotel to create successful strategies.
2. Rate analysis of competitors If you really want to enhance your brand over others, you need to keep up with the rates that your competitors are offering to the guests. Analyze competitors’ pricing strategies, and update yours accordingly. Read More