There are many benefits to hiring a hotel revenue management company. But there are some big benefits that apply to both small and large hotels as well as mid-sized and tiny hotels. How it impacts the bottom line?
1. Help you forecast booking trends.
2. Implement proactive pricing strategies.
3. Enhance visibility across channels.
4. Build new revenue opportunities.
5. Optimize revenue by up to 20%.
6. Create and compare forecasts vs revenue reports.
7. Offers more focus on the guest experience.
8. Reduce costs of hiring an in-house revenue manager.
Read below to know more about the top 5 benefits and the best revenue management company in India.
Partner with Revnomix – The Best Hotel Revenue Management Company
Revnomix is a Data Analytics & Hotel Revenue Management Company that provides simple solutions to process data, make accurate decisions, and grow your hotel. We use our expertise, the latest tech, and 24/7 customer support to make it seamless for our clients.
500+ hotels and managers have partnered with us which includes major brands like Hyatt, Sula, Hilton, and many more. We help you:
1. Capture more bookings & increase your revenue.
2. Leverage the power of data.
3. Focus on growth.
4. Be more efficient.
How a Hotel Revenue Management Company Can Help You in 2022?
A good hotel revenue management company must work closely with the hotel sales and marketing teams to achieve the best results. It not only improves your online presence but helps to drive direct bookings and revenue as well.
1. How Does a Hotel Revenue Management Company Improve your Online Presence?
Marketing a hotel service and making a presence in the online world correlates to building up a working strategy that requires a robust online presence. Nowadays, people rely on the internet for anything they search for, including hotel reviews. In earlier times, people would ask their relatives or friends before making a booking, but now things have changed.
Nowadays, the guest will go through a hotel’s website and read its reviews before deciding. Hence, only making an online presence is not enough. It is also essential to have an excellent online reputation site.
Good hotel revenue management companies in India use revenue management solutions and systems that help to improve your online presence. What is the meaning of reputation management? Online reputation management (ORM) deals with your hotel’s online image through reviews, ratings, or mentions on the online platform.
When you have a perspective on how your image is depicted, you will perceive how this affects your business. As a result, the best hotel revenue management company will create methods to upgrade or look after it. An online reputation management strategy is certainly not a new idea! One of the top online sites for review, Epinions, went live back in 1999. Epinions gave a stage to post an assessment of an item to be seen by everyone on the planet.
Today, there are many platforms that do what Epinions did 17 years ago. A large number of them have been made only for the hospitality industry as well. This is earning the web notoriety of the board more significantly than at any other time. As per TripAdvisor, “More than 90% of business representatives rated online traveler reviews, repeat business, and increased direct bookings. These are the three most important factors to the future of their business.”
Boost Your Online Presence with Revnomix
At present, the internet is highly influential in individuals’ decisions. Voyagers can’t stroll down the high road and think about different lodgings as they would on cell phones or shoes.
Interesting Statistics
· As per Google, 74% of travelers make their travel plans using the internet.
· 65% of explorers go to the web to research their trip, even before they know where they will travel.
· Over 38% of people booking hotels say that positive online reviews help them make decisions.
· Shoppers that abandon their travel purchase are 85% of desktop users and 91% of those on a mobile device.
· In 2022, 64% of those booking online make purchases on a desktop and 44% make them on a mobile device.
· 70% of all travelers do their research on a mobile device.
· Travelers visit 38 sites on average to finalize and book their travel plans.
· 69% of the worldwide population uses social media platforms for travel-related needs.
It is where a strategic revenue management company plays a vital role. The revenue management concept revolves around estimating what clients from various segments want and pay. This must be finished by evaluating and observing your hotel’s market interest.
A hotel revenue management company then persuades the guest to book direct, buy up-sells, or added items, and bring the guest back for a repeat purchase. Clients anticipate increments over the long haul. Most hotels where purchasers go through cash are differing their costs dependent on request and move-in expenses.
2. How Does a Hotel Revenue Management Company Build Effective Strategies?
A hotel revenue management company uses revenue management tools to make efficient strategies that help:
· Manage resources better.
· Ensure against excess staff during moderate periods.
· Guarantee a large team during the busy seasons.
A hotel revenue management company that implements an effective revenue management plan can drive guest engagement, revenue, and much more. A hotel distribution strategy is a vital part of revenue management for the hospitality industry. It is crucial to be on the online channels that promote travel. They create strong marketing power and put a hotel in front of many guests.
What is revenue management in hotels? Revenue Management is all about offering the ideal room at the perfect price to the perfect customer at the perfect time. Revenue management is the hotel industry stretching out to meetings, cafés, and other sporting offices.
If lodging isn’t sold till this evening, it is a waste. It means the hotel owner should ensure that the income from every room’s deal is smoothed out. Failure to do so means that the hotel misses out on revenue.
To build income and acquire huge benefits, it is vital to know the importance of income to the executives in the hotel industry to carry it out to achieve the ideal results. It is as follows:
1. Centers around each gathering or office within a hotel on the activities to boost productivity.
2. Makes the firm more effective by reducing expenses.
3. Prompts development of new products and services as well as their estimation.
4. Helps in improving interest determination.
5. Assists with keeping up the correct harmony between supervisors, administrators, and directors.
6. Gives the workforce thoughts on how to oversee the income stream.
7. Helps to acquire know-how and market mindfulness.
8. Assists hotels to think about a condition and gives the ideal strategies for lodging the executive’s framework.
9. Reduces the time and costs of customary estimating strategies.
10. Revenue Management systems are key to boosting hotel revenue and hotel owners should know how crucial they are.
In today’s ever-changing environment, revenue management and pricing strategies have gone from nice-to-have to must-have for hotels. A good hotel revenue management company will pair a hotel with a dedicated industry expert to create and maintain the best revenue strategy.
A hotel revenue management company works to offer key help for long-term forecasting, and planning, through re-designs, re-brandings, and more, despite the finances.
Also, Read: Outsourcing Hotel Revenue Management Services in 2022
3. How Does a Hotel Revenue Management Company Boost Revenue?
A good hotel revenue management company will look beyond top-line revenue. They will include the cost of distribution into the strategy mix to monitor both the RevPar and GOPPar results of a hotel. They go the extra mile as well with ADR in hotels and much more. Looking for revenue management software as well? Revenue management software in hotels also has many benefits. Click below for the best hotel revenue management software.
Try RevSeed – The Best Revenue Management Software for Hotels
They offer other benefits to boost revenue which include:
1. Analyze market performance and implement revenue management strategies.
2. Conduct a weekly revenue strategy call with the team.
3. Review and analyze pricing strategy and its results.
4. Review and analyze distribution strategy and its results.
5. Manage relationships with OTA managers.
6. Monitor online reputation like comments and scores.
7. Group displacement analysis.
8. Forecast, budget, and long-term strategy.
9. A monthly score-card to highlight performance.
Also, Read: Guide to Hiring a Revenue Management Service Provider for Your Hotel
4. How Does a Hotel Revenue Management Company Helps You Make Data-Driven Decisions?
Are you having trouble scaling your hotel? Are manual systems keeping your hotel from growing? Do you want to stand out from the rest of the hotels by using data analytics software tools?
Use Revnomix Business Intelligence for Data Analytics
Data analytics has become the key factor for successful hotels in the data-driven world. Data plays a crucial role in helping hotels forecast market occupancy, issue price alerts, and learn more about their guests. Making data-driven decisions has helped hotels stand out from their rivals as well. Let’s take a look at how a good hotel revenue management company helps in making data-driven decisions:
1. Demand Forecast – The major benefit of data analysis is that the trends in each customer segment are simple to identify and categorize. A good hotel revenue management company offers a 360-degree consumer view. Hotels will be able to estimate demand when they get the analysis of guest behavior, booking trends, and more. It is useful for dynamic pricing strategies and revenue management in hotel industry as well.
2. Price Decisions – One of the most crucial aspects of knowing whether a room is sold and if the hotel can make money from that sale is the price. Over-pricing or under-pricing a room might lead to unsold rooms or a loss of revenue. By taking historical trends and rival prices into account, data analytics creates pricing strategies for hotels. The reports are compared with the hotel’s present pricing and revenue management policy as well as with rival reports. The best price for each room is set using a dynamic pricing model that operates round-the-clock, which boosts bookings.
3. Channel Management – Bookings for hotels come from direct bookings, OTAs, and websites. Data analytics in hotels examines many channels to assess the volume of bookings received from each one. The pricing at which a room category is marketed on many channels, the booking pace of each channel, and more. This data can be used by hotels to analyze which channels result in the most bookings and which channels need to improve. This data is needed to devise the best marketing plan that will push hotel bookings through the proper channels.
Hotels can use data analytics to identify if their revenue comes from new guests or from returning guests. This will direct the hotel’s marketing budget in the proper direction. It is used to make a marketing strategy, increase guest loyalty, and more as well as help in revenue management strategy.
To know where the bookings come from and to keep an eye out for double bookings, a good hotel revenue management company must review daily data by channel. If you can predict that someone will cancel, a few over-bookings won’t matter. If no one cancels, a hotel can send a guest to its other branch, and give a refund or a discount, all of which are cheaper than a room without a guest.
5. How Does a Hotel Revenue Management Company Drives Direct Bookings?
As per a recent survey, 41% prefer OTAs, and 29% like to book trips with travel agents or tour operators. Another 29% of bookers prefer direct travel bookings for various reasons:
· Ask for extra amenities (28%)
· Get the best price (21%)
· Avail of loyalty programs (21%)
· Negotiate better prices (18%)
· Find direct booking benefits (11%)
Learn More About Our Success Stories
Revenue can be increased by reducing spending on OTA commissions, but there’s a catch: how do you get your guests to book directly? Hotels must find other ways to attract guests if they are unable to provide better prices. Good revenue management companies for hotels develop strategies to boost direct bookings:
1. Branding – A hotel revenue management company offers data about your guests as to whether they prefer useful extra perks like self-check-in, free meals, or a rewards program. By the way, loyalty program members always receive lower rates because rate parity does not apply to them.
2. Marketing – Potential customers should have many touch-points with your brand at every stage of the user journey on your website, on social media, and in ad campaigns. Data analytics boosts your marketing efforts as well. Major hotel brands like Marriott, The Westin, and more use marketing to boost revenue.
3. Revenue Management – Hotel revenue management system helps to yield more value from guests. Hotels gain insight into customer behavior and learn how to price their offerings by using analytics and monitoring their KPIs like RevPAR, ADR, and more.
Looking for one of the best revenue management companies in India? Our wide range of services ensures that your strategic and financial goals are met. Contact us to make an ever-lasting online image, take data-driven decisions or motivate guests to book rooms directly on your website.
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Top 5 Benefits of a Hotel Revenue Management Company in 2022
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The best hotel revenue management company like Revnomix helps to boost visibility, and revenue, drive direct bookings and help you make data-driven decisions
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Revnomix Solutions
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