A Revenue Manager has to focus on multiple tasks during the week but some of these items have to be done every day. The results of taking these actions have a very far reaching impact on revenue generation and maximizing. Here are top 10 habits of highly successful Revenue Managers.
1. Review of Reservations: Review the reservations booked from yesterday. Look through them to answer some of these questions. Which market segments it came from? The reservations made what rate did they come in at? Was it high or was it low? Do you spot a trend? How far out the reservations were booked?
2. Pace Analysis: Check the room nights and revenue picked up from last night and compare it to your Forecast & Budget of the month. Are you still in line to meet it? If not, decide on the next step. If yes, are there patterns indicating a strong month and can you capture more revenue based on pace you are seeing?
3. Competitive Review: Check on what your competition is doing. Have they changed any prices or launched a new special you should be aware of? If there are substantial changes compare it to the activity you are seeing on those days.
4. Inventory Control: Balance inventory to sell the appropriate product. Check if there are any days where an inventory imbalance is creating an availability issue, if yes, resolve it. This is also a good time to resolve oversell issues in any room types. Check for sold out dates too. Decide on the oversell limit based on expected wash and lead time.
5. Pricing Analysis: Doing weekly pricing adjustments is very common in hotels but based on business you are picking up make sure you are priced appropriately for high activity days or days where you are not seeing enough activity maybe the rooms are priced too high.
6. Channel Analysis: Is your inventory available in all channels? Sometimes hotels sell out of rooms on certain days on OTA’s or vice versa, make sure you have matching inventory available across all channels to avoid rate parity issues.
7. Market Segment Review: Check the segments you are getting the bookings from. Whether it was transient or group, what worked well and what didn’t? Based on the performance of the segments decide on what you need to do boost business or extract more out of a segment.
8. Web Analytics Review: Always look at the basic analytics metrics (link to web analytics article) on a day to day basis, why? Because you will start realizing what to expect from the site in number of visitors, what kind of conversion you can see, any traffic spikes & new sources of business. Once you are familiar with the metrics get working on getting more conversions.
9. Same Day Inventory Check: Decide whether you want the hotel to sell more rooms or you think the hotel is right where you want it. Talk to the FOM (Front Office Manager) let them know what you are planning to do if you are in an oversell situation. Keep them included in this, they will appreciate it.
10. Daily Reports: Create a report that you can share with your Exec Team & Managers. This should be a simple and easy to follow. Just because you are familiar with the report and understand it quickly not everyone can. Think about your audience and simply!
Are there other actions you would add to this list, what do you think?