How to use revenue management tools to boost profits this Autumn/Winter

Guest blog by RevenueRich

With a new government in power, continued pressure on household finances and cooler-than-average temperatures to contend with, it’s safe to say that it hasn’t been the easiest summer for the UK hospitality industry. As the low season approaches for many of us, it could be an uncertain outlook for hoteliers, but with savvy use of the right technology, there is a plethora of ways to weather the storm and boost profits over the coming months.

Here, RevenueRich, a consultancy specialising in commercial revenue management, pricing, distribution and analytics for the hospitality industry, gives a quick guide on some of the commercial strategies that are most effective during the quieter months of the year.

#1. The Power of Planning

Stay ahead of your competitors by planning packages to excite and entice new guests at the times you need, well in advance.

Make the best use of your hotel’s facilities, include exclusive discounts and offers and communicate these clearly through collaborative teamwork across your sales, marketing, and revenue management functions; isolated activity rarely yields the best results.

#2. Reap the Benefits of Distribution Partners

Sell the right rooms, to the right people, at the right price! Extend your reach during periods of low demand by engaging with distribution partners, affiliations and Global Distribution Systems (GDS).

These platforms open doors to thousands of potential booking opportunities from online travel agencies, leisure agents, travel management companies and corporate travel departments looking for flights, transfers and places to stay.

Prices and packages can be adjusted to drive occupancy and total sales based on historical data and current trends, to help hoteliers maximise their profits.

Alongside this, revenue management software can support pricing decisions in near real-time using your hotel’s performance trends and local market competitor data.

#3. Nail Your Pricing

Take control of your pricing to boost sales and avoid loss-making promotions. Ensure your rates are set correctly for autumn, winter and beyond by using revenue management systems and techniques with competitor demand and pricing insights.

#4. Data Talks

Make practical decisions and see what does and does not work for your hotel by reviewing your data. Detailed reporting will allow your team to analyse trends, compare data from years gone by and make future forecasts for the low season ahead.

Data collected from your hotel PMS software, revenue management software, and market data sets will help you to create comprehensive weekly /monthly reports with strategic comparisons for planning.

#5. Be Proactive, Not Reactive

Don’t wait too long to react, make it happen! As we said above, planning is key – find the right software and expertise for your hotel, embrace the technology and get your revenue management systems and processes in place with plenty of time before the nights draw in and demand slows.

Choosing the Right Revenue Management System for Your Hotel

It’s no secret that tech now plays a crucial role in business growth for hotels. In fact, revenue management techniques and technology combined can grow sales on average between 5% – 17%.

With their expert knowledge, RevenueRich can help you to shop around and explore the various revenue management systems on offer before selecting the right software for your hotel, team and guests.

With over 45 years of collective industry experience, the team put revenue management, pricing, distribution and analytics at the heart of its approach, to help grow your bottom-line profit.

To find out more about RevenueRich visit our website or call 07709 321 237 to talk to a member of the team about how they could help your hotel.