What is in the ultimate tool kit for hotel revenue managers?
We thought it would be interesting to compile a list with the tools that a revenue manager should have at his disposal.
Let’s call it the Ultimate Hotel Revenue Management Toolkit.
We have done some digging through our Excel reports, yield tools, systems and technology and come up with quite an extensive list of tools and gadgets any revenue manager requires to do his or her job well.
So, here we go…
- Pick-up model
- Segment pace report
- Hotel KPI dashboard
- Booking curve history file (per segment)
- Arrivals, stay-overs, departures and no-show tracking
- Yield-by-room type reporting
- Group trends
- Demand calendar
- Price matrix
- Market segmentation
- Call center KPI
- Unconstrained demand statistics
- Yield committee minutes template
- Weekly conference call minutes template
- Competitive benchmark survey
- Forecasting tool
- 10-day outlook
- Three-month outlook
- 12-month yield calendar
- Displacement calculation model
- Account production tracking
- Website performance statistics
- Corporate and group market rate survey
- Month-end summary report
- Annual budget template
- Rate shopping tool
- Review score tracking
- Hotelligence (supplied by TravelClick)
3. Market intelligence
- Hotel performance and market trend reports by fiirms like PKF, STR, PWC, HotStats, HVS, MKG, Deloitte, E&Y
- PMS with advanced rate management options
- Business intelligence system
- Channel manager
- Two-way PMS interface
Quite a list we put together already. Do you have any more suggestions? What else do you need as a revenue manager to be able to do your job well and increase yields?
Please add your ideas and comments below…
NB: More from Xotels.
NB2: Tool kit laptop image via Shutterstock.
Patrick Landman is a contributing Node to Tnooz and founder and CEO of Xotels. This hotel management group assists independent hotels with revenue management, online marketing and internet distribution strategies.
They offer outsourcing services, coaching, consulting and training. In his blog, Patrick challenges hoteliers to think out of the box and not to accept the established order.
Through a passionate drive for growth and improvement he brings creative tips, ideas and best practices to the table that can help hotels drive up their bottom line.
In previous roles he has helped to develop businesses like RateTiger and Hotels.com into industry leaders.