3 tips for proper revenue management

1. Train your staff in revenue management

In most hotels, revenue management usually involves department managers, while in small hotels the owner or manager has this role. But revenue management is something that everyone should know. With the right training in what exactly is revenue management and why it is important for each department, positive staff behavior can be encouraged. This way, employees will not only understand why it is necessary to record the data correctly and accurately, but also use it to make better decisions in the future.

2. Maintain proper records

Data collection is one of the key principles for proper revenue management, as the data collected by the hotel will be the basis for many decisions. This information (from financial data to proper customer history) must be consistent and specific and you will need to train your staff, depending on the department, on what information you want to collect and how it should be recorded. Next, you need to adopt a set of standard practices to ensure that those involved in data collection, will follow the same methods.

3. Provide incentives for immediate bookings

In a time, when the competition, between online travel agents and hotels, is bigger than ever, you can increase your direct bookings with small moves. By keeping your website up to date, with accurate pricing, you can motivate your future visitors, either by creating your own loyal visitor program with privileges, or by offering added values (discounts at restaurants, free Wi-fi).