How to do Revenue Management for Hotels? Improve ADR and Occupancy
Vložit
- čas přidán 7. 08. 2024
- To get more free training - and a special offer - CLICK HERE: www.resortincome.com/membersh...
Revenue Management Courses can be very expensive, but this is a critical exercise to carry out once a week - or at least once a month - and can have a big impact on your ADR, Occupancy, Revenue and Profits.
When it comes to BOUTIQUE hotels the concepts of Yield Management and Revenue Management are similar, but they can be quite different for larger hotels, casinos, or golf resorts. Yield Management tends to focus only on booking volume and rates and filling up capacity for an expiring asset (rooms). Revenue Management is a bit broader and includes non-room revenue, such as food and beverage, gambling, and entertainment revenue.
Revenue Management Software can be expensive, but we show you ways to forecast your Occupancy and ADR and compare to competitors (Compset), so that you can make informed decisions for your boutique hotel.
To get more free training - and a special offer - CLICK HERE: www.resortincome.com/membersh...
Than you for sharing this. You have provided a great structure for me to work on this problem, we are a new start up - yep - timing is everything...This in conjunction with your other videos and the fact that guest numbers are zero has enabled me to have time to work on the Operations Process and get everything formalised into an operating manual for the hotel. This is has really helped me understand the principles / enablers and future solution options to make the pricing so much more data enabled. Thus taking the "guesswork" out of the problem and having a robust solution with visual management (conditional formatting tools) to help highlight areas for rate change.
You are welcome! Feel free to reach out if you need any more help.
Great stuff. Thank for your sharing this helpful information. The yield management spreadsheet sample is especially appreciated.
You're welcome!
I love this video. I finally understand Revenue Management for my hotel.
You are welcome! Subscribe to the channel to get notified about new content.
Very nice examples and structured session... tyty :)
Glad you liked it!
Thanks for a great explanation. I found it very helpful. Please make more videos on these topics.
You are welcome... We will be posting more!
Yes indeed we need more of those .
Great instruction and explanation. Thanks for sharing.
Glad it was helpful!
Thank u for this video. It was helpfull me as revenue person at hotel
You’re welcome. Glad it was useful. For more updates you can subscribe to this channel or our blog at www.resortincome.com/blog
Easy to understand and very informative. Thank you
Glad it was helpful!
Thank you very much for the video.
You are welcome! Good luck with your hotel!
Precisely explained the way to maximize revenue and maintain the occupancy of the hotel for RM .
Thank you Muhammad. Glad to help!
Love it ...very useful ..keep doing
You’re welcome!
Great webinar New to the Industry for Hotel Management
Glad you liked it. Let us know other topics you’d like to learn about.
Amazing video! Learnt a lot. Is it possible to extract the unsold rooms from the PMS automatically every day? Or you have to update it everyday? Would love to see the formula used in the sheets.
It depends on your PMS system, but most will create a report and send to an email address automatically. Data may require some manipulation to plug into the model. Some PMS have Rev Mgmt took that automatically imports, but of course that costs more money 😆
Very good video.
Glad you liked it
most welcome
NICE VIDEO
Thanks for the visit
13:00 can you name some of the systems that allow you to push your rate changes straight from the RMS to the PMS?
Sure Dennis, many of the RMS systems will push into some PMS. Each RMS system will typically have integration with some PMS, but probably not all, so the combinations vary a lot. For example, IDEAS, and Duetto will often push changes into some PMS systems. These often integrate with Opera and other popular systems, but tend to be much more expensive as a result. Others like Xotels and i-Rates have a soft integration, which means you can make changes in the RMS, then press a button to send those changes via email to clerk that enters them manually in the PMS. As you know, there are many PMS systems, so specific combinations need to be researched and verified with each RMS and PMS vendor. If you are committed to staying with your PMS, then you should contact them to ask about RMS integrations - and make sure to ask if it it ONE way (out to the RMS) or TWO way (out to RMS and also back from RMS into PMS). These integrations are frequently being built (or broken), so it is important to check with each vendor.
Very good info, and thank you for sharing. We are working on creating a RMS connected to OPERA, if you are interested in being part of the design team, you are more than welcome. Currently working on getting integration license from ORACLE, PMS integration is carried out by our team - www.e360hospitality.com
Hi Alan. I might be interested in your idea. Drop me an email at info@resortincome.com and we can have a quick chat on the phone.
Hi there, I watched this videos and it was great, and i signed up to learn more with your free 25 module course but can't seem to find the modules; it's only the 5 min video on google adds ROI. Appreciate if you could direct me to your full course. Thanks so much!
The 25 module course is a paid course. What you saw for Google Ads was one of the free clips from the course. Several clips are available for free on our website and you can register here to view those: www.resortincome.com/membership-evg-optin
I should also point out that some of our courses, including this one, are being updated and will be relaunched soon. But you can always register for the free content and we'll notify you when courses are updated.
Great job!!
Where can i get that excel file?
Hi Flavio,
Thanks for the compliment. The Excel template is part of our paid course, which you can find at www.resortincome.com/store
Please let us know if you have any questions.
I appreciate your presentation method,Can I have the spreadsheet example by Email please
We will be offering this soon. You can subscribe to our email newsletter or this channel to be the first to know. Thank you!
Resortincome.com
What jobs can I apply for with a revenue management executive certification?
You can apply to be a revenue manager. In many hotels or ownership groups this is a full time job or even a team of people. In smaller hotels, the marketing manager, general manager, or owner may be responsible for this task.
hi
Coming here to consider an industry career change in finance/accounting. Has AI replaced this process yet? It seems like there is software that can handle this? Thoughts?
We will be launching a lot of new content at www.aiforhotels.com ... AI will do this process, and assist in this process (and has been for years), but will not "replace" this process. someone using AI will handle many more hotels than now... Below are a few more thoughts about "Off the shelf" software (not custom software)
- there has been traditional software for Revenue/Yield Management for many years. Many are not that great... lots of features that sell the software, but have little value to hotels (especially smaller hotels)... many are just a little better than nothing :-)
- most revenue management software companies have integrated machine learning and AI in their software for years, but in small amounts and not very effective IMO. But now of course they all claim they have AI built in.
- What I think will happen in the future is that AI tools will replace many of the software vendors, especially in smaller hotels that could not afford traditional RMS. AI has more capabilities, more versatile, and can be programmed and customized more easily. And I believe these solutions will be cheaper.
----- It's the same old saying here: A job will not be replaced by AI, but it will be replaced by someone who knows how to use AI to do that job.
PlazaYou should come to Ecuador at Wyndham Sail Hotel in Manta. These guys don't know anything about hotel revenue managment they are in the RED everyday. Pretty much broke because nobody here knows anything about the hotel business.
Hi thanks for the tip. Would love to help them out. If you have a contact or want to stay in touch please visit us at www.resortincome.com
P MT that's a shame, the hotel looks gorgeous and should be run accordingly
Do you have the link for the free expedia competitor rates?
you have to be logged into your Expedia Partner Central account. From there you can go to Revenue Management tab
👍🏻
Can I get your Linkedin name
Hi Cynthia, It’s Rob Russell. Company is RIO Marketing (aka Resort Income Optimization)