Revenue Management Outsourcing & Monitoring
Our experts have a broad level of experience and can step in and immediately create solutions and positive results. We strive to make the revenue management outsourcing and monitoring transition as seamless as possible. Recognizing the uniqueness of each property, we customize our approach and work with aligning strategies with that of the management company and hotel we are representing. We will work with you on a short or long term basis depending on your needs. As part of a small portfolio of non-competing properties, you’ll gain from our expertise without having to worry about employee benefit costs or vacation accruals.
If you are a branded property and have or are considering cluster revenue management with the brand – consider this as another option as we will be able to dedicate more time and attention to your property. Our representative is focused on your hotel and provides the right amount of time and attention necessary. Our experts are key players on your revenue team.
We also provide different tiers of RM services depending on the needs of your property and the amount of time needed. We service both limited service and full service hotels in both the branded and independent categories.
Key areas of focus include:
- Strategic Analysis
- Mix and Distribution Management
- Forecasting and budgeting
Assessment and Validate Goals and Objectives: RG’s first step is to work with the property to do a full assessment of the hotel, market, and competitive set in order to fully understand the greatest opportunities. During this phase, we review the following:
- All current plans and actions that are in place
- SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis
- Completive set assessment and validation
- Hotel value assessment
- Detailed STR analysis
- Detailed Hotelligence 360 review
- Mix analysis including determining optimal mix
- Review all current and past marketing, sales, and revenue strategies
- Audit of all revenue systems
- Validate forecasts and budgets that are currently in place
Once the assessment is complete, we validate and adjust the goals and objectives with the hotel team and provide a detailed plan on executing our strategies.
Transition to RM program: Along with assessing and validating goals, we begin to immediately transition to the new RM program which includes the following:
- Introduce the RG team to the hotel team.
- Determine IT needs in order to gain access to all necessary systems.
- Develop customized tools, reports, and procedures that will become a part of the daily, weekly, and monthly RM process.
- Determine times for daily and weekly revenue meetings and establish guidelines on items to be covered. Initially the weekly meetings may be longer as cover and explain multiple items.
- Reach out to all OTA partners and immediately establish rapport with the new team members.
- Establish forecast guidelines and procedures, including the roll-out of a customized strategic forecast tool.
On an ongoing basis, we routinely provide the following services for the hotel:
- Facilitate daily and weekly revenue meetings.
- Participate in rooms, catering, and F&B forecasts.
- Answer and provide analysis for any group or other contract opportunities.
- Provide assistance with annual budget process.
- Monitor and maintain all pricing and restrictions in all distribution systems.
- Provide analysis on current pricing and mix strategies and recommend changes.
- Actively communicate with all reservation and sales associates and be available by phone and email to provide answers to their questions.
- Provide periodic property analysis to determine success and further opportunities to enhance revenues.
Monitor your success by taking advantage of our business intelligence dashboards and available data through various sources such as STR, Travelclick, Rubicon, AnyRate, Trip Advisor, etc. We customize a monitoring tool that allows you to examine key performing indicators and compare them against expectations. As an optional service, we will also provide our own analysis of the trends we see and supply an executive summary outlining our findings and recommendations on a periodic basis. Additionally, we meet with your key revenue players to discuss our findings, coach, and suggest ways to improve. This service is fully customizable to fit your needs.