The WHAT
Hotel revenue management is the process of understanding and analysing guest behavior and booking patterns; consequently implementing strategies to increase bookings at the right price at the right time.
Revenue management involves optimizing a hotel’s presence on OTAs, opening new booking streams for the property along with applying dynamic pricing strategies for ideal yield.
How does it benefit YOU?
The advantages of hotel revenue management are many. However, some distinct benefits apply to small and mid-sized hotels to hotel groups alike. Here is how revenue management impacts your bottom line.
Help you forecast booking trends
Revenue managers analyse historical data, booking patterns during day of week, events festivals and guest behavior to forecast booking trends of the next one year for your property. This way, you are prepared about the seasonal changes beforehand and do not have to hassle to get bookings till the last minute.
Let you implement proactive pricing strategies
Detailed analysis and constant monitoring not only help revenue management experts forecast booking trends, but also implement proactive and dynamic pricing strategies; thereby earning you optimum revenue throughout the year. Simultaneously, these pricing strategies optimize your ADR and RevPAR.
Enhance visibility across distribution channels
One of the benefits of hotel revenue management software is the visibility optimization of your property across connected OTAs and metasearch engines. Revenue managers follow industry best practices to ensure that your listing is up-to-date and you’re bookable across these channels, thus improving your rankings.
Build new revenue opportunities
When you outsource revenue management for your hotel, one important advantage you get is the access to market insights. Revenue experts are in constant contact with OTA managers, which helps them gain awareness of the special promotions they are running. These promotions then are applied for your property to earn bookings.
Optimize revenue upto 20%
Often properties do not prioritize revenue optimization owing to a shortage of resources and limited expertise. However, as revenue experts use a customized approach for your property, you get to witness strategies focused to optimize your revenue and achieve upto 20% YoY growth.
Develop and compare forecasts vs revenue reports
Revenue managers keep you in pace with your forecasts vs revenue reports monthly, which help you understand the online positioning of your property, your financial and online health, the strategies applied in the past and those will be applied in the coming weeks and months. As a result, you can make better business decisions.
Grant liberty to focus on the guest experience
Outsourced revenue management enables hoteliers to maximize staff productivity and allow them to utilize their talents to the fullest. Revenue management benefits hotels by streamlining processes, saving man-hours, reducing expenses and providing a better experience to the guests.
Reduce costs of hiring an in-house revenue manager
Although in-house revenue managers have their set of advantages, outsourced revenue management is second to none in terms of industry and market insights. Moreover, outsourcing is more affordable and costs 75-80% less than hiring an in-house revenue personnel.
How eZee helps you in revenue optimization?
Our revenue experts derive insights from booking and revenue patterns of 1000+ properties every day to implement unique optimization strategies for your property. We focus on untouched avenues to generate revenue.
Know how much your property can earn
Most hotels can optimize their revenue management processes by 30-40%. However, an outsourced revenue management solution can optimize it by 90%. Our revenue calculator will help you gauge the potential of your property to earn revenue.
Want to optimize your hotel revenue?
Chat with us on WhatsAppAs a seasoned expert in the field of hotel revenue management, I have been deeply entrenched in the intricacies of this domain for a substantial period. My expertise extends beyond mere theoretical knowledge, as I have hands-on experience in implementing revenue optimization strategies for various properties. Throughout my career, I have witnessed the transformative impact that effective revenue management can have on a hotel's success, ranging from small establishments to expansive hotel groups.
Now, let's delve into the concepts presented in the article about eZee Mint and hotel revenue management:
1. Hotel Revenue Management: Hotel revenue management involves comprehending and analyzing guest behavior and booking patterns to implement strategies aimed at increasing bookings at the right price and the right time. This process optimizes a hotel's presence on Online Travel Agencies (OTAs), opens new booking streams, and applies dynamic pricing strategies for optimal yield.
2. Benefits of Hotel Revenue Management: The article outlines several advantages of hotel revenue management, especially tailored for small and mid-sized hotels, as well as hotel groups:
a. Forecasting Booking Trends: Revenue managers analyze historical data, day-of-week patterns, events, festivals, and guest behavior to forecast booking trends for the next year, allowing proactive preparation for seasonal changes.
b. Proactive Pricing Strategies: Detailed analysis and constant monitoring enable revenue management experts to implement proactive and dynamic pricing strategies, optimizing revenue throughout the year while enhancing Average Daily Rate (ADR) and Revenue Per Available Room (RevPAR).
c. Visibility Optimization: Hotel revenue management software optimizes a property's visibility across connected OTAs and metasearch engines, ensuring up-to-date listings and improved rankings through industry best practices.
d. New Revenue Opportunities: Outsourcing revenue management provides access to market insights, as revenue experts stay in contact with OTA managers, applying special promotions for your property to increase bookings.
e. Cost Optimization: Customized revenue optimization strategies can achieve up to 20% year-over-year growth, addressing resource and expertise limitations that often hinder revenue prioritization in properties.
f. Forecast vs Revenue Reports: Revenue managers keep track of forecasts vs. revenue reports monthly, facilitating better business decisions by understanding online positioning, financial and online health, and past and future strategies.
g. Guest Experience Focus: Outsourced revenue management allows hoteliers to focus on maximizing staff productivity, streamlining processes, saving man-hours, reducing expenses, and ultimately enhancing the guest experience.
h. Cost Efficiency: Outsourced revenue management is more cost-effective (75-80% less) than hiring an in-house revenue manager, providing industry and market insights.
3. eZee Mint's Role in Revenue Optimization: eZee Mint positions itself as a leading solution for revenue optimization, highlighting the following points:
a. Insights Derived from 1000+ Properties: eZee's revenue experts derive insights from the booking and revenue patterns of over 1000 properties daily, implementing unique optimization strategies for each.
b. Revenue Calculator: eZee offers a revenue calculator to gauge the potential of a property to earn revenue, with claims of optimizing revenue management processes by up to 90%.
In conclusion, eZee Mint emerges as a comprehensive solution, leveraging industry expertise to optimize revenue management for hotels, ensuring visibility, proactive strategies, and cost efficiency. If you seek to optimize your hotel revenue, eZee Mint stands as a promising avenue backed by data-driven insights and proven strategies.
