Accelerating Hotel Revenue Management Recovery Plan
As we are exiting the most challenging times, it is time to plan and regain control by mapping all revenue scenarios and actions to deal with each one to reach hotel improvement, business recovery and to be prepared for the upcoming travel boom.
This article focuses on key actions to approach the restarting opportunities and quickly recuperate hotel demand by relaunching creative revenue management strategies.
Multi-Functional Revenue Strategy Plan for a Fraction of the Cost
Developing a multi-functional strategy plan to cover all possible scenarios and post-crisis solutions for your hotel, is essential to the resilience of your hotel business. During the crisis we are experiencing high volume of cancelations, demand drops, group booking cancelations, weekend demand declines, unworkable marketing campaigns and sales techniques that adapt to the current conditions. Paradigm shift is required now to envision how to obtain new markets, new distribution, new customer behaviors and additional revenue venues to begin increasing your bottom-line again. This strategy-plan is vital to your current hotel operation to remain prepared to the highly variable hotel industry moves and new revenue attain practices.
Planning with creative alternatives to increase revenues and finding different revenue sources is crucial in current hotel operations. As well, as to protect your existing revenue sources and finding high quality level revenue management solutions for a fraction of a cost.
The current conditions offer opportunities for hoteliers to subcontract solutions for reduced fees. But it is essential to research carefully to find a qualified remote hotel revenue management company that leads with integrity and experience to help your hotel with smart solutions to thrive during crisis and to expand your revenues as the travel industry varies and the boom approaches.
Enhance your Current Hotel Revenue Approach and Recovery
The best approach to win over challenging times, is strategy, preparation, and recovery. And finding Revenue Management tools to strategize your hotel statistics is key. Such tools will help you to optimize your hotel and plan to better position your property in a prime market position. Also, to adapt and respond to current and future market trends.
For hotels with constrain budget, outsourcing revenue management tools is a vital solution. This alternative helps to boost your hotel strategy, to be certain to the make the right actions for your hotel under any condition and to accelerate your revenues.
When outsourcing Revenue Management tools and products, ensure that such platforms improve your system in the following areas:
- Market mix and analysis
- Current sales pace (reservations on the books)
- Daily pickup & demand indicators
- Monitor market conditions, stay active with CVB or chamber
- RevPAR maximization
- Key performance metric indicators
- Inhouse and competitive set pricing
- Predictions & planning & executing
- Reports customized for your hotel
- Produce tailored strategic techniques
Such practices will enhance your hotel options and revenue resources to cover all aspects of guest demand, sustainability and revenue growth.
Simplify your Hotel Revenue Improvement
Thriving after tumultuous periods, means preparing for the revenue opportunity in capturing all the available demand and rate opportunity within the market. You must streamline your opportunities to succeed during difficult and soft booking periods. Data analysis and predicting upswings in demand are essential to recover control and strengthen your yielding process for revenue recovery.
To plan effectively, you need to focus on creating unique strategies that maximize and capitalize during current conditions and future market events. To thrive at the execution, you need to outperform your competitive set with creative promotions and techniques to expand your revenue opportunities during and post recovery.
Evaluating and reusing your working solutions will simplify your Hotel recovery process and ease the current happenings by offering you a vision to increase your revenue opportunities and results in an intelligent and productive way.
Increase your Revenue Opportunities and Results
Beyond the hotel management team, there is an important position that you need to fill out immediately. A revenue-recovery expert position. There are leaders in your organization that may have extensive experience in the hotel operations, but have no experience increasing revenues through a global crisis, and that is understanding, as crises and recessions are unpredictable, and is rare to find candidates with this type of expertise. But current conditions offer a real opportunity to create an enhanced hotel team. And that includes hiring hotel revenue-recover experts.
Involving revenue management recovery strategists can transform your hotel path to success and provide your hotel with a tested and proven strategy that will outlast your current revenue conditions.
Outsourcing a Trusted Revenue Management Partner
Consider saving costs and increasing your revenue growth by outsourcing a trusted Hotel Revenue Management partner. Reduce significant labor burden and Immediately gain a team of industry experts to analyze and expand horizon of revolutionary revenue management tactics to boost your hotel revenues.
30 years empowering the hotel industry’ revenue growth, RevOptimum is dedicated to advancing hoteliers and hotel organizations achievement by:
- Pioneering remote hotel revenue management solutions and revenue platforms.
- Creating innovative and cost-effective revenue-growth tools and productive strategic plans.
- Committing to positively impact hospitality groups and communities worldwide.
- Empowering every hotelier and every hotel business to achieve higher revenues and make it sustainable and permanent.
Interested in learning more about outsourcing hotel revenue growth experts? Contact us at RevOptimum - the pioneer of remote hotel revenue management.
About the Authors
Scott Frothingham is the Founder and CEO of RevOptimum, which focuses on Hotel Revenue Management and Revenue Growth distressed Hotel Businesses. Scott is a Pioneer of Hotel Revenue Management and has increased more than $2Billion USD in hotel revenue.
Mia Frothingham is a Harvard undergraduate. Business Strategy Expert and Revenue Increase Master. Mia serves as the CMO for RevOptimum – Hotel Revenue Management and Revenue Growth Company.
About the Author
Scott Frothingham is the Founder and CEO of RevOptimum, which focuses on Hotel Revenue Management and Revenue Growth distressed Hotel Businesses. Scott is a pioneer of hotel revenue management and has increased more than $2Billion USD in hotel revenue.