According to STAAH and ARMA founder Melissa Kalan, looking ahead is equally important as analysing the impact of historical strategies and data.
Here are the 10 things that Melissa suggests accommodation operators and smart revenue managers should keep in mind when planning 2019..
- Have a strong revenue optimisation plan
- Really understand your channel costs, i.e. cost of aquisition
- Tighten up on lost revenue opportunity or ‘Clean up your backyard’
- Check your systems and booking process are efficient
- Leverage the customer journey
- Educate your team on the importance of revenue management, get them involved
- Find your revenue rock star (Rooms Online are here to help!)
- Psychological strategies, i.e. understand your guests and why they book with you
- Improve forecast accuracy and review scores
- Data, data, data!
Don’t have time to read the full blog article? Here’s the summary from STAAH;
‘An effective revenue management strategy requires time, and this has always been a huge challenge for organisations. Revenue management is not a set-and-forget process – it is a constant work in progress. While technology has made the revenue management process more guided, there are still large sources of untapped revenue for most operators. The key to revenue management success in 2019 – and beyond – is to embrace the challenge, invest in talent, and give it the time and attention it requires.’
Melissa Kalan is the founder of Australian Revenue Management Association, a provider of accredited revenue management training (via Torrens University Australia) and online courses via the ARMA Yield Academy.