Industry-leading hotel revenue management services that can redefine the way you look at profitability
Hospitality is a dynamic industry and planning an effective hotel revenue strategy to maximise yields through the year is not an easy task. Optimising the room distribution strategy to ensure profitable bookings across peak and non-peak seasons is one of the primary challenges faced by hoteliers.
While adopting a rate strategy based on competitor pricing is the most widely used practice, it may not always be a profitable plan. A hotel revenue strategy requires a more complex approach that assesses a dynamic range of metrics including channel performance, market segments, and online reputation to arrive at an intelligent pricing strategy for various online and offline distribution channels. It is also a time-consuming task demanding the attention of the revenue manager at all points in time. Hence there is demand for sophisticated revenue analytic tools and experienced revenue analysts who can act upon the real-time intelligence provided in the most yielding manner for the hotel.
How can RezNext help improve the hotel’s revenue strategy?
At RezNext we have a team of highly qualified industry professionals with collective experience of over 2 decades in hotel revenue management. These revenue analysts work with you at every step to recommend best practices that will help optimise your current revenue strategy, improve revenue generation by identifying new upsell or cross-sell opportunities, restructure your target market segments, discover new revenue avenues thereby maximising yield and boosting profitability for your property.
Hotel profitability is not a unidimensional concept. It comprises of multiple components including market strategy, pricing mix, online reputation and distribution process. The core of our consulting service is to focus on improving these key dynamics of profitability by streamlining diverse hotel operations at the enterprise level. While this forms the foundation of our integrated approach to revenue consulting, it is further refined by applying deep-dive business intelligence on consumer behaviour, competitor activity, demand and supply curve, booking patterns and more.
Our industry-leading revenue consulting is backed by a scientific methodology and proven techniques that not only help you set yourself apart from competition and establish yourself as a market leader, it also allows you to explore revenue opportunities off the beaten track to drive maximum ROI for your business.
Our range of revenue management services include:
Audit and recommendation: The revenue management team at RezNext works with the client to understand their business requirements and goals. A complete audit of the current revenue functions and processes are done to map the hotel’s revenue growth vis-a-vis its goals. The team then identifies revenue optimisation opportunities and recommends best practices to maximise overall profitability of the property.
Price positioning: Our team helps you adopt an intelligent pricing strategy after taking into consideration various factors that may affect the bottom line of your business such as competitor pricing, online reputation score, consumer behaviour, market segmentation and channel performance.
Targeted marketing programs: With the emergence of various new segments of travellers – business, solo, women, group, millennials, adventure seekers, food lovers and more – hoteliers need to re-look at their market segmentation strategy. We help hoteliers analyse consumer traits and behaviour to classify them into more focused groups and then develop specific marketing programs for each group.
Drive better collaboration with demand generators: We closely work with online channels to ensure our hotels are displayed across the right geo-segments to reach the correct target audience and maximise booking opportunities.
Identify business opportunities: The changing market conditions present hoteliers a tremendous opportunity to introduce new services, promotions or packages to cater to unique segments of consumers and drive incremental revenues. We work with hoteliers to identify such new business opportunities and revenue streams that will help them boost profitability.
Advanced Revenue Management System: RezNext offers Rev powered by Maxim, an advanced revenue management system that helps revenue managers with real-time smart analytics to take intelligent pricing decisions. Read more about ReV.
Distribution recommendations: A profitable distribution strategy requires a meticulous balance between hotel offerings, channel-mix and pricing. Selling the right inventory on the right channel is imperative to drive profits. Based on a composite analysis of channel performance and market trends we recommend the appropriate distribution plan for your enterprise.
Digital marketing: Building online brand visibility, retaining loyal customers and driving repeat business are crucial revenue yielding strategies. Hence our revenue management service is complimented with integrated digital marketing offerings to help hoteliers maximise their ROI. Read more about our digital marketing service.
Key advantages of our Revenue Management services:
- A team of qualified hotel revenue management professional will analyse your present revenue strategy and offer best practice recommendations
- Help you identify hidden revenue opportunities that you can leverage to boost profitability
- Enable you to optimally price your rooms based on competitive matrix, demand supply patterns and online reputation
- Allow you to identify and target the right customer segment and create custom-tailored packages to suit their preferences
- Monitor current versus projected revenue growth and help you achieve revenue goals by realigning your revenue strategy according to the evolving market conditions