Revenue Tides to focus in 2020

The past few years have given birth to a wide variety of revenue management ‘best practices’ and tools. What’s the equation for success?  Two of the major factors affecting a modern revenue manager’s success are the tools they are using, and how well RMs are integrating their knowledge with the ‘big picture’
Revenue Management has been playing an increasingly important role in hotel operations in the last decade. While the hospitality industry traditionally has been considered relatively conservative in adopting new strategies and technologies, things are looking better than they did just a few years ago. I would highlight the following trends that we’re noticing in the Revenue Management world today, as we conclude the current decade of innovations:

Here are the trends and strategies we will discuss:

Analyzing your past and present data is important as it helps you in channelizing your marketing efforts. How to figure out which strategy is working for you? Although, don’t you think that extracting the right data, and actually going through them in detail is quite hectic? This wasn't just opinioned survey data; it represented the real obstacles preventing most valuable obstacles from driving the company’s most important priorities forward. In that case, a comprehensive hotel management system helps you get detailed reports and business insights and more that will help you take precise decisions in your hotel revenue strategy. In the end, this data analysis will help you come up with better revenue management strategies to increase your hotel revenue.

Targeting all types of customers for your hotel is a waste of time and money. Therefore, segmenting and pitching the right set of guests is important to add to your hotel revenue management strategies.
Not only that, identifying your guests and evaluating their habits; for example, what kind of rooms they’re looking for while booking a hotel, what hotel facilities are they looking for, and other factors will help you optimize your room rates and showcase your services accordingly.
Hence, knowing your target audience is important to plan and execute your hotel’s revenue strategy for earning big profits.

We’ve all witnessed this: you create an offer within a week of an event or a seasonal holiday and think, “Ah yes, I have built the offer – now they’ll book in droves!”
Let’s plan ahead. Not just next month, but ideally the next 12 months! In a way, that’s no different to our lives outside of work. We need short and long-term plans to keep us motivated and focused. Think about what’s needed to achieve your revenue goals, and how best to implement them. Using a monthly planner to detail out the focus for each month and the key activities taking place is the main step to success. Make your plans in conjunction with ongoing use of revenue management strategies, In my experience leading dozens of business planning workshops in countries all over the world, I’d say only about 10% to 15% of teams I’ve encountered have an effective business planning process. Sounds low, doesn’t it? What many business owners fail to understand is that good planning equals good management.

This is one of the most important points to consider if you want to enhance your brand over others. you can check and compare the current pricing strategy that your competitors are applying at your hotel and update your rates accordingly.
Monitoring key data will not only help you in strategizing and managing revenue, but it’ll also provide you with proper forecasting. So, you can attract the right kind of guests at the right time and maintain the revenue you earn.
MAIN 5 STEPS TO REACH THE CORRECT PRICING ARE :

The search engine plays an important role in providing many opportunities for the hotel industry. Practicing SEO can improve the visibility of your hotel website on the search engine result pages which includes :

You will be surprised to know that in 2019 optimizing Google won’t be sufficient and you need to consider other search engines also. This is why you need to think beyond Google Search if you are willing your business to show up wherever your audience is searching. You need to drive engagement and traffic for all the services and things you are offering. You also need to attain a high rank in app stores if you feel that your customers are looking for apps.
Since you are now aware of the latest SEO trends expected to rule in 2019, it’s time you start looking for reliable SEO experts who can help you follow those to have a GROWING & PROFITABLE 2020