Virtual Revenue Management Solutions
Full-time Revenue Management
A hotel revenue management service that is customized for your property without having the expense of hiring a revenue manager. Bring on an experienced, knowledgeable Virtual Revenue Manager team member at a lower cost. We are experienced and dedicated to driving revenue to your hotel. We serve as an enhancement to the management of the hotels overall room sales and act as your revenue management team. This service can be a full-time solution or an interim solution. This service includes:
- Initial on-site property visit (1-2 days) to interview staff and gather data.
- Development and implementation of comprehensive Revenue Management Plan which includes property information audit, rate plan and room type analysis.
- Daily revenue management support which includes rate plan set up and loading, channel management.
- Facilitate weekly RevMax strategy meeting with property revenue team.
- Annual budget review.
- Work with marketing team to increase online bookings through SEO and booking engine strategies.
- Optimize content and images on website booking engines.
- Provide assistance with promotions, offers, and seasonal pricing.
Oversight (Revenue Management, E-commerce, Social Media, Sales, Marketing)
This service is designed for properties that currently operate without a regional revenue manager or can be used as an enhancement to asset management. This service includes:
- Internet rate shops, review and analyze pace reports, competition rate reports and other weekly reports.
- Participate on calls with hotel revenue management team to discuss findings from review of reports and comments to positively affect revenue and forward pricing strategies. This includes promotions, TPI strategies, LOS restrictions and pricing, 31+ day pricing, etc.).
- Monthly analysis of hotelligence and recommendations to improve overall revenue.
- Monthly analysis and recommendations of market segmentation and average rate versus the competitive set.
Revenue Management Assessment
This service is designed for a property that does not necessarily want to replace the current revenue management structure but would like to examine its performance to uncover revenue opportunities. We conduct a complete assessment that includes the following:
- Initial on-site property visit (1-2 days) to interview and gather data.
- Development and presentation of a comprehensive Revenue Management Plan that includes: revenue management plan/structure/culture currently in place and recommendations for future. Analysis of current market conditions, comp set, hotel pricing positioning, internet presence, market mix, pricing philosophy, strategic pricing initiatives, reservations, distribution management, forecasting methodology, sales and marketing strategies, technologies/systems, policies and procedures related to revenue management.
- Revenue Management Training. This service provides a complete revenue management assessment and ongoing training for the on-site revenue management team at property.
- Reservation Sales Training. This service focuses on the reservation team at the property and is designed to increase conversion ratios and ADR booked through the reservation office on site. This service includes a one to two day workshop onsite with ongoing reinforcement training and follow up coaching calls to agents.
- Google Adwords and Google Analytics
- Linkage programs
- Social media marketing