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In this video we're talking about the basics of revenue management for hotels.
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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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Các Từ Vựng & Thành Ngữ Đáng Chú Ý
Trong video, có một số thuật ngữ và cách diễn đạt nổi bật mà bạn nên "đánh cắp" để làm phong phú thêm vốn từ vựng của mình:
- Revenue management: Quản lý doanh thu – nghệ thuật và khoa học trong việc bán đúng sản phẩm cho đúng khách hàng tại thời điểm thích hợp.
- Perishable good: Hàng hóa dễ hỏng – ví dụ như phòng khách sạn không được bán sẽ không thể bán lại vào ngày hôm sau.
- Fixed inventory: Hàng tồn kho cố định – số lượng phòng khách sạn không thể tăng giảm nhanh chóng.
- Time variable demand: Nhu cầu biến đổi theo thời gian – nhu cầu về phòng khách sạn thay đổi theo mùa, lễ hội và các sự kiện.
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