hotels revenue management action logging boosts revenue

Hotels Revenue Management Action Logging

Hotels Revenue Management | Action Logging

If you’re new to hotels revenue management or a seasoned professional, you can benefit from the action logging technique. In today’s fast-paced world of hotels revenue management, it can be overwhelming to keep up with the demands of the market, hotel constraints, technology partners, marketing actions and management demands.
In this post, I’ll explain the action logging technique, when you can use it, how it can work for you, along with some examples of bad and excellent capture methods.

XML activity logs built into channel managers & hotel revenue management tools are exceptional at keeping track of actions put through them, but they have a  problem. They don’t reveal the real reasons and related marketing actions that accompany hotels revenue management decisions.

The truth is action logging in hotels revenue management gives more context to logged action. As a result it can keep situations fluid, calm and collected.

When gauging hotel performance, the vast majority of managers opt for historical comparisons, meaning results are either higher, the same or lower than the same period last year. But, a question leads to more questions such as; why is it happening? How can we repeat it? How can we prevent it? What marketing actions were taken? So, how can you ensure you can answer any question that comes up? With a good action log structure and capture method.

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revenue management for hotels

Hotel Technology Projects – Requirements Planning

When it comes to technology company partner selection for hotel technology projects, requirements planning is crucial! The real key to success is taking the time to define and understand your own unique requirements and documenting them properly!

Spending the time at this point will save you and any technology company considerable time and energy. Even if a partner company is not successful, your effort will be appreciated and they will be more likely to participate in future project bidding processes.

Make sure the requirements are categorized and explained in simple bullet points using a ‘Request for Proposal’ (RFP) document.

The same RFP can be sent to similar providers, ensuring that you receive their solutions to your requirements in a fair and controlled manner. It has the added advantage of revealing partners showing strengths and weaknesses against the various requirements set in the RFP.

Partner selection can be a lengthy process covering a range of areas, however the time will be well spent. Continue reading →

Blend of Revenue Management and Marketing Departments in Hotels

Calling all hotel revenue, yield & e-commerce managers. You have marketing diamonds at your fingertips, it’s all in the data. It’s time to tap in.

The role of revenue management in hotels is changing at a profound rate. Gone are the days of locked away number crunching.

These days revenue managers are reporting directly to top management and are bypassing sales and marketing in most cases. The insight and know-how they have is incredibly valuable. This phenomenon, driven by technology is causing disruption for property owners. Harnessing the power of revenue management insight and marketing creativity will significantly make marketing efforts more targeted.

Technology is driving this phenomenon at an unprecedented rate! Continue reading →

Password Manager

Password management is a critical step in guaranteeing your efficiency and security, when working with the numerous web based systems contributing to your hotels overall internet sales system! Some tools will be free, others will be subscription based, but all of them will have login credentials, consisting of a specific URL, username and password, as well as other security information.

Passwords are the keys to your hotels digital life, and the variety and quality of your system passwords is central to online security!

A typical hotel is likely to have many accounts across key areas:

  • Social media: Twitter, Facebook, YouTube, Instagram, Snapchat, Google and consolidator tools.
  • Partner Extranets: B2C & B2B, GDS and others.
  • Reputation: TripAdvisor, HolidayCheck, consolidator tools.
  • System tools: Channel manager, booking engines, revenue management tools, competition shopping, etc.
  • Website back office, website development tools.
  • Statistical tools for data analysis, website monitoring & auditing.

How can a password manager help? Continue reading →

Hotel competition checking software

Competition shopping is a vitally important area when trying to maximize your property’s revenue. Being aware of your competitor price changes presents a serious challenge for manual monitoring. 

These days, there are some fantastic platforms capable of dealing with this challenge head-on. They allow you to follow competition on variable lengths of stay with change notifications sent directly to multiple e-mail addresses. You can view the reports on screen or export them to Microsoft Excel for further analysis.

Key ingredients to consider when choosing the right competition shopping software:
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Working with B2B Wholesalers

Working with wholesale distributors is a great way to distribute your hotels inventory and rates to a variety of online travel agencies, retail agencies, tour operators and airlines through a single interface.

Wholesalers normally request to receive NET contract rates (Static Rates), although in recent years this has changed to also include BAR contract rates (Dynamic Rates) which are distributed via the channel manager.

Key ingredients to consider when working with wholesalers: Continue reading →

Choosing a payment provider

Most booking engines support a wide range of payment providers.

Payment providers are specifically set-up to deal with the financial transactions taking place via your online booking engine.

This is an extremely sensitive area and you should be very cautious when dealing with payment providers. Choose a reputable provider, supported by your booking engine. Do not just subscribe to any company, since it is very important they have all the necessary special licensing and approvals in place to operate in such a capacity. Contact Visa, Master Card or your local bank to verify any payment provider’s credentials.

Payment Provider Checklist: Continue reading →

Working with Predictive Analytics

Revenue Management Systems give you greater control over your revenue potential by taking a number of variable factors into consideration, such as competition pricing, available rooms, current pricing, in an attempt to drive up your revenue.

Most providers in the market will need connectivity to your Property Management System (PMS), which can be challenging since not all hotels use the same systems. New connections may need to be developed and thoroughly tested to ensure they work correctly, which can be time consuming and costly.

A relatively new concept for most hoteliers is the idea of ‘Predictive Analytics’ which is very powerful, however it does have its challenges! The idea is that the revenue management system will take your current availability, current pricing, current competitor pricing into account, and then offer optimized pricing suggestions. Continue reading →

Property Management System (PMS).

A Property Management System (PMS) is a critical application for properties of various types and sizes. It is a central control system for your hotel. Some important features include, availability/ room type management, reservations, guest history tracking, sales and statistics, points of sales, back office inventory, guest spending in house, financials, staff and much more.

Every aspect of your hotel is handled by a single integrated system to make your property management more efficient, giving you the opportunity to focus on improving guest experiences, without the worry of tracking the various aspects of your business. Continue reading →