Pratique du Shadowing: Revenue management in the hotel industry- Basics - Apprendre l'anglais à l'oral avec la vidéo
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In this video we're talking about the basics of revenue management for hotels.
Dans cette vidéo, nous abordons les bases du yield management hôtelier.
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The discipline of revenue management aims to find the optimal price for every room for every night
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and in this video we want to cover the basics of this very large field in our industry.
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We're looking at the theoretical framework
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and we'll focus on the application of revenue management for independent properties
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because I still see a lot of hotels out there
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that are not driving their revenue and are not applying simple tactics to optimize their prices.
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Hello and welcome to another Hotel Techie video.
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I'm Alisha from Hotel Spider and if you're looking to get your hotel tech related questions answered you're in the right place.
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On this channel we share our know -how about hotel tech with you.
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Let's start with a definition that I personally like.
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Revenue management is the art
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and science of selling the right product to the right customer
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at the right time using the right channel at the right
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press with the goal of optimizing your profit now let's take this rather complicated definition let's go take it apart
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and look at the individual elements
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but first let me give you a little bit of history
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and context revenue management
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or back then mostly referred to as yield management was developed for an industry
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that shares a lot of trades with hospitality the airlines.
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Deregulation in the airline industry in the United States led to fierce competition mostly driven by prices
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which gave rise to revenue management.
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The discipline was then picked up by hotel chains that adapted it.
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But revenue management can also be applied to many other industries that share some of the following traits.
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First perishable good.
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Any hotel room that does not get sold tonight can never be sold again.
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Unlike a product you cannot just keep them on inventory and sell it tomorrow.
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So as we cannot sell a room night again tomorrow the cost of not selling every room
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or let's turn it around the willingness to sell the room
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for a lower price rather than keeping it empty is very high.
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This in turn makes revenue management really impactful.
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Second is fixed inventory.
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Adding or taking away from hotel rooms isn't really done overnight.
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So as supply is relatively fixed in any given destination for hotel rooms
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and it only changes really slowly over time we need to
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find other ways to manipulate demand to match it to the already existing supply.
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A third element needed is time variable demand.
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If demand for hotel rooms would be constant all year round
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then it would be really easy for supply to just adjust to that level
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but that's clearly not the case for hotels we have a
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big variety in demand depending on a lot of different factors such as season holidays
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but also weather and other events in addition to the already mentioned characteristics there are other traits
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that can strongly influence how impactful revenue management can be in
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any given industry segmented market make it possible for you to sell the same product to different people
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that want it for different reasons and have different motivations.
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Somebody booking a last -minute business trip has different factors influencing his purchasing decision than a family booking their annual holiday.
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High fixed costs makes it really critical to keep occupancy high
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in order to distribute these costs across as many rooms and paying guests as possible.
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The disconnect between when you book and when you actually stay at the hotel, or in other words, when you consume the good,
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also adds many more levers that you can use in revenue management.
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For example, you can work with reservation and cancellation conditions, but also payment conditions and overbooking.
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Now that we have some more context, let's get back to our definition from the beginning and let's take it apart.
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Revenue management is the art
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and science of selling the right product to the right customer
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at the right time through the right channel at the right price in order to optimize your profit.
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The last part should be quite easy.
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We're focusing on getting more profits for your organization, so more money.
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In economics, price is a function of supply and demand.
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As our supply is basically fixed, we have one element we don't really have to worry about.
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We can really focus on the demand side when it comes to setting a price.
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We never really know demand until basically it's too late
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but what we can do is we can forecast demand into the future and base our pricing on that.
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This can be done to really a very wide range of complexity.
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You can look at past data
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and then forecast demand for every individual room type for every day for the next 365 days or even further out.
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And then you can add other factors such as pickup patterns,
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competitors, airport arrivals, weather, but also website traffic and many more but you can also make it much simpler.
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Knowing that in winter your rooms always sell out on the weekend four weeks in advance, this is a forecast.
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Demand generally follows predictable patterns and at whatever level is relevant for your property you can use this information to predict,
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to forecast and then to adjust your price.
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Different guests show different willingness to pay for your product By segmenting them into groups of consumers with similar needs and wants,
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you can reach them and sell to them in a much more targeted and personalized way.
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This can be done down to a very granular level
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and with a high amount of complexity using AI
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and the right new technologies you can go even so far
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and start working with micro segments of one completely individualizing
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and personalizing the price and the offer
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but again here with segmentation it can be done much simpler
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and you can for example look at why are they traveling
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what's the reason what's the activity they're doing in your destination is it for business Is it for leisure?
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You can also look how they're traveling as a family, solo, or as a couple, but also are they traveling by car or by train?
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But you can also focus on whom is traveling by looking at the age of your guests, at the demographics or geographic differences.
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So really there's a large amount of elements that can use to segment your guests.
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But no matter how you decide to segment, one element is really critical.
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You have to be able to identify your guests and you have to be able to reach them in a meaningful way.
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As every channel has different costs related to it, driving traffic to the most cost -efficient channels can really have a big impact on your profits.
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But allocating the right costs to the right channel can be challenging.
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With commission models this is fairly easy but
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if we're looking at allocating the right amount of labor cost to a phone booking that gets more difficult.
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Diversifying your hotel sales channels can really help you to target your segments more accurately
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and it also helps to create fences around specific rates.
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On GDS for example it's common practice to limit corporate rates
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but you can also use promotions and packages to limit
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and attract specific segments to specific offers that you want them to see.
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Where and when what offer and price is exactly displayed is critical in revenue management
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and is also where it moves into distribution and channel management.
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For the right product I really think it's critical to think not just room.
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Clearly the room a guest is staying in will strongly influence his experience but it's not the only lever that you have.
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Think of the overall value proposition that you're making and what you can use to change and vary that.
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Payment and cancellation conditions for example can be used to offer flexibility
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and promotions can be used to incentivize the same flexible traveler to use different dates.
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If we're looking at packages they can be used to either increase the value without reducing the price
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but it can also be used to create a premium product for your guests.
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If you're looking at minimum lengths of stay, we can fill shoulder days and increase our overall stay revenue without changing a price.
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If you want to take this even further, you can consider attribute -based selling,
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where every aspect of the stay in the room can become an attribute with a price tag.
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This way, the guest can exactly select what adds value to him and what he's willing to pay for.
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Or in other word the first steps to unbundling the hotel
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experience different guest segments can book at different moments in time
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so defining when you start selling and on what channel
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but also when you change your prices
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and conditions can be critical a great tool here is the pickup curve
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that helps to visualize the guests behavioral pattern the pickup curve has lead time on one axis
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and the occupancy of the hotel on the other.
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It can either be created for a specific day in the future
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but it can also be used as an aggregate to understand more global booking behaviors.
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The goal would be to get to 100 % occupancy only on the day of arrival.
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This way you can get a premium price and you don't sell out if there is still demand in the market.
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Art and science.
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This part might be slightly controversial most definitions only focus on the data -driven rigorous analytical aspect of pricing
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and i completely agree that that is the base that's where we have to start
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we have to gather as much data as possible we have to transform it into actionable information and then use that
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as a decision base.
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But I think there is more to great revenue management that is less tangible.
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The art part for me refers to the relationships.
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We work and we host humans in this beautiful industry of ours.
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And I think it's important that we never forget that, not even when calculating prices.
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Even if you could charge five times more for your room during a Taylor Swift concert, should you do that?
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If you purely look at matching supply and demand, optimizing your prices probably should but what's going to be the guest experience
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and also what's going to be the long -term impact on
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your reputation do you really quote the 30 percent higher price this year to a long -time loyal guest just
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because he cannot arrive on sunday
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or do you compromise with him these are just a couple of examples
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but i think it's important to keep them in mind
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and see if we can also allow a little bit of art in this area of the hotel now
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that we've looked at the definition here are three critical indicators for revenue management
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that you should know the occupancy rate looks at how busy your hotel is you take the sold rooms
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and you divide them by the total available rooms in the
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same period the average daily rate looks at on average how
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well you could sell the rooms you take the total revenue
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that you made and you divide it by all of the rooms sold the revenue per available room
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or ref par is really a great basic indicator for your hotel's performance
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and it is created by combining the two elements from before.
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It's calculated by taking all of the room revenue and dividing it by all the available rooms from the same period.
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Last but not least let's talk about technology.
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We can't really talk about revenue management without discussing tech.
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Many of the data heavy rigorous analytical parts can be greatly simplified and even automated with software tools.
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I would separate the tools on the market into two types.
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We have decision -making tools that are here to provide data and visualize it and help the hotelier to set prices.
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This is an absolute must because without data from your organization but also from the market you can't make any decisions.
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The second type are revenue management systems or RMS.
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They differentiate themselves from the first type because they actually make specific price suggestions and even allow for full automation.
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Again here there is a big range of different tools on the market.
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Just like revenue management system as a discipline also the softwares were often developed initially for big hotel chains.
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This is also clearly reflected in the market because there are a lot of very big powerful tools out there.
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They might however not always be easy to use but also manage and pay for for smaller or independent hotel properties.
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Over the past years we've seen a lot of RMS tools come into the market
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that are clearly focusing on a simpler approach to price optimization and that are targeted to smaller hotel organizations.
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One way they do that is by focusing on future and market data.
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In a classic configuration the RMS would be connected to the
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property management system of the hotel where it can get the past and future data and push back the generated prices.
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And then in turn the PMS would forward these prices to the channel manager and on to the online world.
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A different approach
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that is especially interesting for properties is working with legacy PMS
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is to connect the revenue management tool directly to the channel manager.
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This implementation will allow you to be online much quicker and benefit from optimized pricing.
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However, it is limiting the data you're using and also excludes the PMS from the price updates.
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Revenue management is such a large topic and I'm sure any of the points you mentioned today could be its own video.
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So if you're still curious and you want to learn more, go check out our video content and also live stream but I can also highly recommend the introduction course that
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DCT Online Academy offers I'll put the link down below.
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Thank you for watching that's it I appreciate you and I'll see you in the next one.
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Vocabulaire et conseils d’expression pour cette leçon
Cette leçon d’expression orale de niveau C1 s’appuie sur la vidéo « Revenue management in the hotel industry- Basics ». Les mots qui reviennent le plus souvent : revenue, price, hotel, management, guest. Cette vidéo contient 171 phrases et 2386 mots à répéter en shadowing. La partie parlée dure 14:29. Le locuteur parle à un rythme naturel d’environ 165 mots par minute, proche d’une conversation courante. 87 % des mots font partie des 3 000 mots les plus courants en anglais ; le reste mérite d’être vu avant de commencer.
Vocabulaire clé de cette vidéo
Les 15 mots les plus avancés de la vidéo, avec leur prononciation et leur sens :
| Mot | Prononciation | Sens |
|---|---|---|
| optimize verbe | /ˈɑptɪmaɪz/ | agir en optimiste |
| occupancy nom | /ˈɑk.jə.p(ə)n.(t)si/ | occupation |
| forecast nom | /ˈfɔːkɑːst/ | prévision |
| allocate verbe | /ˈæl.ə.keɪt/ | allouer |
| impactful adjectif | /ˈɪmpæktfəl/ | percutant |
| personalize verbe | /ˈpɜː.sə.nə.laɪz/ | personnaliser |
| visualize verbe | /ˈvɪʒuəˌlaɪz/ | visualiser |
| lever nom | /ˈliː.və/ | levier |
| rigorous adjectif | /ˈɹɪɡəɹəs/ | rigoureux |
| trait nom | /tɹeɪt/ | trait |
| cancellation nom | /kænsəˈleɪʃən/ | annulation, résiliation |
| attribute nom | /ˈæt.ɹɪˌbjut/ | attribut |
| calculate verbe | /ˈkælkjʊleɪt/ | calculer |
| indicator nom | /ˈɪn.dɪˌkeɪ.tə(ɹ)/ | indicateur |
| complexity nom | /kəmˈplɛk.sɪ.ti/ | complexité |
Les verbes à particule que vous entendrez
| Mot | Sens |
|---|---|
| check out verbe | mater, regarder |
| pick up verbe | soulever |
| sell out verbe | se vendre |
La grammaire de cette vidéo
Les structures que le locuteur utilise le plus, avec les mots exacts de la vidéo :
| Structure | Dans la vidéo |
|---|---|
| Voix passive be + participe passé — l’accent est mis sur ce qui arrive, pas sur qui le fait | was developed · was then picked · be applied |
| Present perfect have/has + participe passé — une action passée qui compte encore maintenant | we've looked · we've seen |
Prononciation à surveiller
Le locuteur utilise 25 contractions et formes réduites, comme you're, we're, can't. Prononcez-les sous leur forme courte, telles que vous les entendez.
- Les sons « sh » et « zh »: visualize /ˈvɪʒuəˌlaɪz/, cancellation /kænsəˈleɪʃən/, actionable /ˈæk.ʃə.nə.bəl/, perishable /ˈpɛ.ɹɪ.ʃə.bəl/, differentiate /dɪf.əˈɹɛn.ʃi.eɪt/
- Mots longs — placez bien l’accent: occupancy /ˈɑk.jə.p(ə)n.(t)si/, personalize /ˈpɜː.sə.nə.laɪz/, analytical /ˌæn.əˈlɪt.ɪ.kəl/, cancellation /kænsəˈleɪʃən/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/
Les sons difficiles pour les francophones :
- /h/ — il se souffle, il n’est pas muet: behavioral /bɪˈheɪvjəɹəl/, hospitality /ˌhɑ.spɪˈtæl.ə.ti/
- /tʃ/ et /dʒ/ — à ne pas adoucir en « ch » et « j »: adjust /əˈd͡ʒʌst/, individualize /ˌɪn.dɪˈvɪd͡ʒ(.u).əl.aɪz/, tangible /ˈtæn.d͡ʒə.bəl/, geographic /d͡ʒiəˈɡɹæfɪk/
- /r/ anglais — langue recourbée, sans frotter la gorge: rigorous /ˈɹɪɡəɹəs/, trait /tɹeɪt/, attribute /ˈæt.ɹɪˌbjut/, indicator /ˈɪn.dɪˌkeɪ.tə(ɹ)/, airline /ˈɛɹˌlaɪn/
Comment s’entraîner avec cette vidéo
- Écoutez la vidéo en entier une fois sans parler et notez les mots que vous ne connaissez pas.
- Commencez à la vitesse 0,75×, répétez phrase par phrase, puis revenez à la vitesse normale quand cela devient facile.
- Enregistrez-vous et comparez avec l’original, en faisant attention à des mots comme optimize, occupancy, forecast.
Qu'est-ce que la technique du Shadowing ?
Le Shadowing est une technique d'apprentissage des langues fondée sur la science, développée à l'origine pour la formation des interprètes professionnels. Le principe est simple mais puissant : vous écoutez de l'anglais natif et le répétez immédiatement à voix haute — comme une ombre suivant le locuteur avec un décalage de 1 à 2 secondes. Les recherches montrent une amélioration significative de la précision de la prononciation, de l'intonation, du rythme, des liaisons, de la compréhension orale et de la fluidité.