The 10 Steps to Successful Revenue Management in a Hotel. Revenue Management Fundamentals
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1 The 10 Steps to Successful Revenue Management in a Hotel
2 What is Revenue Management? Revenue Management is the art and science of predicting real-time customer demand at the micro level and optimizing the price and availability of products. Robert G Cross The Founder of Revenue Management in Travel for American Airlines Suggested better way of pricing and inventory management Created a more discipline approach at est, $3M cost to generate an est. $30M in incremental revenue Program actually generated $100M incremental revenue in first year. 2
3 The 10 Steps to a Successful Revenue Management Strategy 1. Calendar Analysis 2. Competitor Analysis 3. Pricing Matrix 4. Segment Analysis 5. Demand Creation 6. Forecasting 7. Price Planning 8. Distribution Planning 9. Communication 10. Measuring Success 3
4 Calendar Analysis STEP 1 4
5 Calendar Analysis Review past 2 years Occupancy and ADR by DAY What dates did the market and hotel run high occupancies WHY? What dates did the market and hotel run low occupancies WHY What dates did the market and hotel run at a high ADR WHY? What dates did the market and hotel run at a low ADR WHY Look for trends across two-three years This may indicate a demand impacting scenario Identify HIGH and LOW demand patterns 5
6 Competitor Analysis STEP 2 6
7 Competitor Analysis Twice a year a hotel should do a full Competitor analysis. Site inspection Rate Analysis Channel Analysis Brand.com Analysis Service, Product & reputation Review 7
8 Pricing Matrix STEP 3 8
9 The Great Distribution Merge OTA Channels Wholesale Rates Public Rates Travel Agent Channels 9
10 Segment Analysis STEP 4 10
11 Segment Analysis All Hotels & Hotel Groups work with different segments but the Main Market Segments used are. You need to know how you perform compared to your Comp Set. Transient Discount & Retail Corporate Dynamic & Contracted Wholesale Dynamic & Contracted Corporate Group Leisure Group Aircrew 11
12 Demand Generation STEP 5 12
13 Demand Creation Demand Creation (Marketing) Demand Capture (Sales) Demand Management (Revenue Mgmt.) 13
14 Forecasting STEP 6 14
15 Forecasting A hotels forecast ties all the previous elements together. Forecasts SHOULD be done 12 months ahead Daily For next 30 days plus any LOW or HIGH demand days over the next 90 days Weekly Review the next 3 months Monthly Review the next 12 months and Add a forecast for the month just past for next year 15
16 Why do we need to know demand? Positive HIGH DEMAND We focus on the rate side of the REVPar. Occupancy will look after itself. Negative LOW DEMAND We focus on the occupancy side of the REVPar. We need to take business out of our competitor hotels. Hotels need to FORECAST DEMAND 12 months in advance - Many hotels in Asia do this just 3 weeks ahead. 16
17 What are some causes demand changes Public holidays in a city or in the hotels main emitting countries School holidays in a city and in the main emitting countries Events The days before and after large events Weather Transport issues lack of flights, flight cancellations, Price 17
18 Forecasting Steps to Forecasting Input Calendar dates from your calendar analysis Review Last year Hotel and comp set results. Highlight any LOW or HIGH demand generators Review Booking Pace Current pace vs last years pace, comp set pace vs last year Forecast using DEMAND inidcators plus changes on Year on Year on Booking Pace. The closer you get to the date, the more important OTB information is. Further out use your DEMAND inidcators 18
19 Forecasting Steps to Forecasting Review Pricing of your hotel and your comp set. Using all possible data points at hand, the hotel then should forecast Occupancy by day ADR by Day Segments by day ( rarely done ) Channels by day ( rarely done ) TIP: Forecast the same month next year at the end of the month. Ie: Beginning of August 2016 forecast July
20 Price Planning STEP 7 20
21 Price Planning Price planning is now the MAIN KEY ELEMENT in optimising revenues. Lower prices can help to generate demand for a hotel, even in periods of low demand for the area. You steal business out of competition, BUT YOU MUST NOT DO THIS WHERE IT IS EASY FOR YOUR COMPETITORS TO SEE or you can push a markets rates down. Use qualified rates / CRM Higher Prices are used to maximise price in a period of High Demand Packages help to sell your Unique selling points. Can be used for both High and low demand times 21
22 Distribution Planning STEP 8 22
23 Distribution Planning Main elements of Distribution Planning Close segments (X) MLOS Minimum length of stay ( 2 / 3 / 4 ) CTA Closed to arrival ( CTA ) Close Room Types ( X ) Close out low rate levels Close out Distributors / Channels 23
24 Distribution Planning Please remember that Distribution planning is a RESTRICTIVE approach and is designed to TURN AWAY / DENY bookings. These practices should only be used usually when forecasting high / full occupancy 24
25 Communication STEP 9 25
26 Meetings Communication Daily Review Pick up for next days and + & - event periods for next 90 days. Review Competitor pricing changes. Adjust pricing accordingly Duration 15 minutes Revenue Manager, DOS, Reservations Mgr, GM 26
27 Meetings Communication Weekly Revenue Meeting : Review next 90 days. Duration minutes General Manager Revenue Manager Reservations Manager Front Office Manager Financial Controller DOSM Marketing E-Commerce 27
28 Communication Meetings Monthly Revenue Meeting : Review next 12 months. Duration 90 minutes Forecast previous month for next year Review top account productivity Review OTA & Direct web performance compared to comp set. Review segments for previous month compared to comp set. Review Country of Residence for previous month Review Source Reports for previous month Review Return Guest Numbers 28
29 Measuring Success STEP 10 29
30 What are the best measurements RGI This measures your performance against competitors. It balances ADR & OCC %. The ideal is to have this by segment and by channel. Just having total RGI of the hotel creates more questions than answers and does not help a hotel to improve. FORECAST VARIANCE This measure how accurate your forecasting is. Should be measured by day 12 months out, 3 months out, one month out. Inaccurate forecast creates negative revenue outcomes. 30
31 Measuring Success How to Calculate ARI - Average rate Index - (Average rate is Rooms Revenue/Rooms Sold) Your ADR/Comp set ADR MPI Market Penetration Index ( Occupancy is Rooms Sold/# of Rooms ) Actual Share/Fair Share RGI Revenue Generation Index ( REVpar is Rooms revenue / Ttl # of Rooms ) Your REVpar/Comp set REVpar 31
32 The 10 Steps to a Successful Revenue Management Strategy 1. Calendar Analysis 2. Competitor Analysis 3. Pricing Matrix 4. Segment Analysis 5. Demand Creation 6. Forecasting 7. Price Planning 8. Distribution Planning 9. Communication 10. Measuring Success 32
33 33 Maria Taylor Regional Vice President SEA TravelClick Thank You
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