Most hotels start with market segmentation to begin the revenue management process; what types of business can hotels serve and based upon market conditions, room supply vs. room demand. What rates are marketable for each segment of business?
in many different market segmentation breakdowns; it largely depends on the location, type of hotel, franchise or independent, number of rooms, public space, and other factors. A sample might include corporate transient, leisure transient, Internet bookings, conference groups, association groups, etc. Each market segment has its own level of rate tolerance.
We have to concentrate on occupancy first and average rate, second. As advance reservations increase, rates should also increase. The strange part is that many hoteliers think the opposite. How many times have you seen hotel rates suddenly decrease a week or so before the arrival dates? This is the direct opposite of good revenue management.
Too many hoteliers set rates blindly for the future and then, panic when reservations are disappointing just a week or two in advance. Most hotels should take a picture of reservations at least six months in advance; many hotels should lookout a year or more into the future. Advance reservations represent occupancy demand for each night in the future. Use special rates, packages, and group discounts to build future demand; then adjust rates upwards to match that demand.
When reviewing future reservations we have to remember to check past history for those dates, movable holiday dates, current and past booking pace. There is little room for guesswork when planning sales strategy. Revenue management can benefit almost every hotel. We have Get to know the business flow of your hotel and adjust rates and promotions based upon knowledge and not guesswork.
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