The Hospitality Industry continues to grow vastly year after year. The Hotel Revenue Management field and RMS (Revenue Management System) technology remain on the ascent to help hotel companies attain their market share. Now, independent hoteliers are focusing on new revenue strategies, revenue streams, and elasticity.
While hotel revenue experts support these efforts using RMS innovations and cost-effective Revenue Management Platforms to achieve revenue increase goals and hotel profitability. The company, RevOptimum, presents various examples to attain support for your Hotel RMS, system specialists, and available Revenue Management tools to gain your hotel market share successfully. These essential factors provide a greater perspective on hotel revenue management's profitable resources.
Hotel RMS Technology and Available Support
A great RMS characterizes by serving all hotel platforms and executing all hotel tasks. RevOptimum works with pioneering Revenue Management Systems to help hotels manage the daily revenue management tasks and to assist the operation of automated hotel systems. At the same time, assessing the revenue strategies, decisions, and opportunities to increase revenue.
However, several Hotel Companies attain advanced RMS platforms. Once the RMS experts complete the implementation and launch, the hotel struggles to maintain the system's efficiency. This is due to the lack of knowledge in managing the complexity of tasks within the RMS structure or a change in the revenue management division. On several occasions, the Revenue Manager trained to handle the Hotel RMS transition to another company, and a new staff member gets hired. However, his lack of knowledge in managing the platform's operation is detrimental to the operation. Therefore the system becomes obsolete and very costly for the hotel.
"We're all for building a stronger technology deck, including plugging in an RMS, but if the hotel does not have the proper talent to manage an RMS, the system loses its optimization strength and becomes a costly, useless tool for the owner." Says Scott Frothingham, founder and CEO of RevOptimum.
Hotel Revenue Management Skilled Talent
Once the hotel property purchases a new RMS platform, it is essential to retain qualified talent to maintain the efficient functioning of the system and to be able to maximize its value. Suppose the hotel experiences a change in the revenue management team and a sudden lack of savvy staff to operate the RMS. It is crucial to cover the gap by hiring an immediately outsourced revenue management company with vast expertise in the field. This way, the transition will happen effortlessly and may continue to provide the best results.
"The right talent and staff knowledge must be part of your team once the hotel obtains advanced RMS software. This strategy guarantees revenue increase and returns on investment." says Marisol Frothingham, co-Founder and COO of RevOptimum "A team with an extensive understanding of the RMS functionality and Revenue Management strategy will provide a sustainable revenue growth and valuable hotel operation". States Marisol Frothingham.
Successful Revenue Management Cost-effective Solutions
Alternatively, several hotels with restricted budgets can't afford to purchase advanced RMS platforms or lack the resources to hire qualified talent to maintain a healthy revenue management operation. Most times, these hotels are independent properties that encounter difficulties finding personalized revenue management solutions and cost-effective advanced revenue management tools.
"We created powerful solutions to counter market disruption and generate stronger more sustainable hotel business growth." Says Mia Frothingham, co-founder and CMO of RevOptimum. "The ideal solution for hotels with restricted budgets is to acquire solutions like RevOptimum that offer a proprietary Hotel Rate Strategy report implemented into the hotel's PMS". Says Mia Frothingham.
When implementing revenue management solutions and tools like RevOptimum, the independent properties experience nearly the same success as those with the budgets to implement a costly RMS platform. Independent hotels also experience a significant reduction in costs and sudden hotel profitability. Additionally, solutions like RevOptimum include the human touch and help with the day-to-day running of the revenue management operations. This way, the hotel can constantly communicate with RevOptimum's experts and use this venue as a resource for building tactics for constant revenue success.
Hoteliers Get Help to Achieve their Market Share
"RevOptimum's main focus is to help hotels integrate successfully into the hotel market to gain market share." Says Scott Frothingham. RevOptimum is a company that focuses on creating revenue management strategies that support the revenue increase of the hotel operation and obtain the best value for their RMS Platforms.
The company achieves this by utilizing several yield management strategies. To mention a few, updating the hotel metasearch channels, avoiding inaccurate listings, and to undercut OTAs in a direct effort to optimize performance. RevOptimum also helps independent properties by implementing revenue management changes that create high revenue income — executing complex hotel technology implementation, connectivity and operation of hotel platforms, and creating, managing and analyzing results of their growth tools for profitable revenues. Differentiation of the company's solutions is to assist all types of hotels and resorts in managing and optimizing their Revenue Management Systems.
"The team specializes in all hotel Revenue Management Systems. PMS, CRS, CM, RMS" and all other ones". Says Scott Frothingham. Additionally, the company customizes and implements a revenue increase plan for each hotel to attain the most efficient results and smooth hotel system operation.
Their team will become an extension of your operation and provide daily revenue management support. Also, the team will customize the hotel insight reports and strategy to accelerate powerful revenue growth production through their Blue Signature Tool: The Hotel Rate Strategy Report System©. This tool is a powerful revenue management platform that translates hotel data into actionable strategies for revenue increase.
The company's solutions and products are designed to power precise hotel revenue management strategies, achieve efficient RMS operation and valuable revenue management tools, and obtain high levels of performance and profitability for your hotel - all at a cost-effective rate.
30 years empowering the hotel industry's revenue growth, RevOptimum is dedicated to advancing hoteliers and hotel achievement by:
- Pioneering remote hotel revenue management solutions and revenue platforms.
- Creating innovative and cost-effective revenue-growth tools and effective strategic plans.
- Committing to impacting hospitality groups and communities worldwide positively.
- 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.
Get the personalized revenue management service your hotel needs today.
RevOptimum enables revenue management transformation for the hotel industry and supports hoteliers through our expertise and innovative revenue increase structures and proprietary tools. Every day, we strive to deliver the highest revenue performance, client excellence, service quality, and integrity that bring the power of success to the hospitality industry.
We are ready to work with your hotel to build a revenue management plan that brings in more RevPAR closely. Contact us to learn how you can reach all of your hotel revenue goals quickly.
About the Author
Marisol Frothingham is a Hotel Business Expert with more than 20 years of experience in increasing hotel performance and revenue growth. Marisol is responsible for the successful development and implementation of RevOptimum’s strategic vision and global operations.