The concept of revenue management involves using analytics to predict consumer behaviour and sell the right product/service at the right price at the right time via the right channel to maximize revenue growth. Similar to the concept of the 7Ps of Marketing Mix, there are 4 key elements of revenue management that hotels should adhere to. The 4Ps of revenue management are: Pricing, Positioning, Pace and Performance. We will cover each element individually as part … Read More

How to improve my Hotels Listing/Positioning on the OTA platforms? This is one of the most common questions that team Revnomix comes across on an ongoing basis. The business mix share through online channels is growing at a tremendous pace and thus it’s increasing the complications and it’s becoming a huge task to manage multiple channels simultaneously and optimally. We, Hoteliers, have to understand a very basic concept; OTAs are also practicing Revenue Management within … Read More

Business Intelligence (BI) is the process of utilizing software and services to transform data into actionable intelligence. This intelligence, in turn, forms the basis of an organization’s strategic and tactical business decisions. In layman terms, BI helps decision-makers to examine data to understand trends and derive insights. Also known as market intelligence, BI plays a very important role in the hospitality industry. The hospitality industry is in a process of constant change and the management … Read More

In the first part of our 4 part blog series on the key elements of Revenue Management, we had focused on the element of pricing. Pricing is not only the deciding factor for Performance and Profitability but also for determining the value of an asset. Accurately pricing a hotel room based on demand can help the hotel to bridge gaps in its revenue plan. Today we are going to focus on the importance of Positioning … Read More

April marks the beginning of the new financial year in India. Revenue Managers across the country will be busy preparing their budgets and making projections for occupancy and revenue growth. Revenue Managers need to focus on these 5 key areas to ensure optimal occupancy and profitability. 1) Budget each segment by month based on the best-suited business mix, which will yield optimal profitability. 2) Utilize historical data and patterns for your business projections. Have clear … Read More