Vlatka Barcan, Founder & CEO at Fifth Revenue joins Priority Status to discuss the current state of hotel revenue and some top market insights as we move into a potential shift in the industry. If you work in the hotel business, especially on the revenue side, you’re going to want to listen in: http://bit.ly/JPRPriorityStatus — with Vlatka Barcan.
Many factors will influence your hotel’s pricing. The very first step to this process is to do in-depth competitor analysis. You need to make sure that you are comparing ‘apples to apples’ before you adjust your pricing based on other hotels actions. Start with hotels with similar size that are in your area, and compare all different aspects of your businesses. How strong is your loyalty program, are you offering the similar level of service and what facilities are you offering in comparison to your competitors, are just some of the questions that you need to answer during your analysis. Keep in mind that you may not find the right competitors in your near proximity. For example, if you are a 200-room hotel near JFK airport and all other hotels in your area have more then 500 rooms, you should rather compare yourself to a 200-room property near a different airport. Continue reading “The fundamentals of your hotel’s pricing”
Revenue Management was only born in late 70s in the airline industry and many hotels have still not recognized the importance of it. Most common scenario in non-chain hotel is Owner or General Manager wearing all the hats, and therefore sub optimizing rate yield. It is “good enough” and until they are shown the missed opportunities for revenue growth, they continue to “know the best”. Continue reading “Why would Hotels Outsource Revenue Management?”