So what is Revenue Management anyway?
Definition | Academic | Conceptual | How we see it... |
Revenue/Yield Management | Systems & procedures to maximize results from the sale of a product or service in more or less fixed supply, whose revenue producing ability diminishes with time. | Revenue management is the art and science of predicting real-time customer demand at the micro-market level and optimizing the price and avail-ability of products. | Selling the right room, to the right customer, at the right time, for the right price, at the right length of stay, from the right source! Simple right!? This is where we come in. |
You can see there are several definitions to Revenue-Yield Management however we like to take it a step further the whole process through a 4-step evaluation:
Understand your seasonality
Implement strategies against those seasons and competitors
- Develop the culture of Revenue Management within the organization
Execute, track, evaluate, adjust and start-over at number 2
This is an on-going process that we here at Hotel Revenue Management.com have had years of experience and knowledge on. We apply these principles to the Internet Yield Management Service we offer until we get the right recipe for success.
Here at Hotel Revenue Management.com we like to take the symbol of hospitality one step further; crack it open, plant the seed of Revenue Management and watch the knowledge come flowing out!
Whether 5 to 500 plus rooms or units, whether your property is on this side of the Earth or that side - Hotel Revenue Management.com can help, contact us today for a FREE Hotel Revenue Management Consultation.