1. Don’t think that your customers know anything about your compset.
When revenue managers analyze the rates of their competition they usually only compare their rates with the small number of hotels in their compset. When potential costumers search online to find a hotel for their trip, they don’t consider compsets, they search within a certain rating in a destination. Revenue managers need to think like their costumers and try to get inside their minds to be able to provide appealable rates for them. If they are able to do this, revenue managers will have complete advantage on other properties and fellow revenue managers.
2. Don’t use stagnant rates.
Be sure to update your prices and rates to match with the market change, and the property will be able to secure bookings in an increasing manner. Dynamic rates can help capitalize the revenue-earning opportunity offered by the online channel.
3. Don’t forget to replenish your inventory online.
The updating doesn’t only apply to rates, but also to inventory. It is important to replenish the inventory straightaway when it runs out. If you don’t do this, you can be a victim of a major valuable revenue loss.
4. Don’t over complicate your job.
There is a phrase which might help you through this, K.I.S.S (Keep it simple, silly). We are all aware revenue managers’ roles uphold many very important responsibilities, which can be time consuming. But said all that, a revenue manager must be efficient to be able to earn as much as possible from each hotel room booking. A revenue manager should be able to minimize the work so he/she can be able to focus on money-earning activities. An advice is to spend 80% of your time on tasks that can have an impact on revenue winnings and the remaining 20% on admin roles.
5.Don’t be afraid of technology.
Revenue management technology helps on managers’ effectiveness and productivity. They help with the data-analysis and automatic updating of rates and inventory. It enables managers to be more effective, therefore earn more with each booking.