Hotel Revenue Management | Top Mistakes Revenue Managers Make

When it comes to hotel revenue management most revenue managers make the same mistakes. And if your just getting started you have the same question, how to do revenue management. Perfecting your revenue management system by looking at your str report, room pickup report, rooms on the books, adr, and compset is just revenue management 101. Besides your str report their are a couple of finishing moves we forget to make as revenue managers and in this videos we will talk about what you need to do in your hotel market to stay away from these common hotel revenue management mistakes. #hotelrevenuemanagement #revenuemanagement #revenuemanager #hotelmanagement #hotelrevenue #hotelmarket #str

[@kimberlycancook5239]

I agree with your review score analysis. My hotel was loosing just for that reason which is why we revised our rate strategy.

[@HotelGuestManagement]

I seen a lot of hotels lose for this reason. They think a renovation is going to save them, but what good is a renovation if you still have terrible service.

[@doyrayburn2668]

Couldnt agree with you more. And so often ignored when analyzing market value. It also works in reverse in that discounted rates will affect guest perception which can affect the scores. You have to be dynamic in your analysis.

[@HotelGuestManagement]

Most revenue managers miss the importance of it.

[@doyrayburn2668]

Im actually looking for a rev mgr spot right now. I hope to get an assessment to complete from IHG.

[@bperez8656]

What hotel tier do you work for?
Your review score analysis is very logical, but doesn’t apply in all scenarios
Many luxury hotels have strategic positioning that is supposed to be irrespective of review score to competitor ratio.
A hotels long term strategy can’t be based off a stagnant review score on an OTA. Pricing isn’t driven by OTA position.
What % of your business comes from OTA? Lots of nuance to be had.

[@HotelGuestManagement]

It's so funny you say that, I was in an owners meeting, and he was trying to find his hotel on an OTA website. His hotel wasn't coming up, and the reason it wasn't coming up was because his filter settings were for 8.5 and higher.
Had he been a regular customer with the same settings. That customer wouldn't be able to book his hotel because the review score was too low to come up in the search.
Most Quality guest search for quality hotels based on their review. Most bargain guests search based price 1st and then review score. It all depends on the type of guest you're looking to attract.