Our team of experts will conduct an in depth hotel revenue management audit. We will focus on the following categories with the aim to assess their performance and identify risks and opportunities in Revenue Management. The audit should take between 2-3 full days, ideally on-site as there are some questions to ask on current practices.
We begin our hotel revenue management audit by looking at your people and processes. Our aim is to measure the overall understanding and appetite for revenue management. We will also look at how you are performing against your current KPIs, and which metrics you should be measuring. This provides background and context so that we can tailor recommendations to your specific needs.
To develop an effective revenue management strategy, we need to understand how you compare against your competition. By comparing their strengths, weaknesses wand pricing models, we can create Rate Value Assessment. This enables us to position your hotel in a matrix with your competitors, showing how you match up against their attributes and respective rates.
There are many different software solutions available, and it can be difficult to know which is right for your hotel. We believe the key to success is simplicity, ensuring the tools help rather than hinder your employees. We research the best systems for your needs, including property management, revenue management and channel management systems.
The financial review is arguable the most important step in your hotel revenue management audit. We conduct in-depth financial reviews of your month-end reports and review key metrics, including Net RevPAR, Total RevPAR, TRevPEC, GOPPAR and RevPAM. This stage is vital for developing an data driven revenue management strategy.
Your revenue management strategies should apply to group business just as it would any other customer. We will review your current arrangements, future demand and forecast per segment to understand availability for groups. From here, we can develop marketing and pricing strategies for the sales team.
We will review your out of order and out of service rooms, your yield restrictions and length of stay. We also review and recommend revenue management software. By integrating your RMS with your channel manager, we help ensure optimal occupancy and rates across all channels.
Negotatied rates can often be a win-win situation for everyone involved. However, you should never enter into these agreements lighlty and there can often be room for improvement. We will review your current agreements and help you develop an approach to ensure you get the best out of future negotiations.
We review your pricing against all of the data that we’ve collected throughout your revenue management audit. External data comes from our Competitive Analysis, while internal data is collected through the Market Segmentation and Financial Review. We will then build out pricing strategies to maximise your Total RevPar and GOPPAR.