A Post-Crisis Top-3 Revenue Management Action Plan
Revenue Optimization
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Non-traditional Revenue Manager & Consultant
As we won't be able to rely on historic data and previous trends for a while, it will be increasingly important to develop a greater understanding of demand-, booking- and cancellation patterns moving forward.
A sophisticated business intelligence tool (and someone who knows how to use it well) which helps you gain new insights into the profitability and opportunity of all aspects of your business is essential in achieving this.This crisis shows us that we can even look beyond total net revenue management. On top of room-, MICE- and F&B (net) revenue we need to be creative and explore non-traditional incremental revenue streams. Especially during the off-season and low demand periods.
And let's ramp up our upselling!
Instead of taking care of every aspect of their current (or pre-crisis) role, Revenue Managers will need to increase their focus on developing creative strategies.
I recommend forming a small team of front desk and reservations agents to support the Revenue Manager in their day to day operations.
Not only will that free up some of the Revenue Manager's time, but it will also train additional members of your team in Revenue Management. And eventually, they could take over when your Revenue Manager moves on.