Revenue Strategy Analysis
This is an annual process to critically assess the effectiveness and all aspects of Total Hotel Revenue Management including: pricing, yield management, on-line marketing and distribution, forecasting, and sales’ deployment strategies. A typical hotel can expect to receive 10-30 action items, which will contribute to profit growth, improved forecast accuracy, and increased RevPAR index. The final Revenue Strategy Analysis is presented on property to the Executive, Sales, Revenue Management, Finance, and Operations teams. King Hospitality Consulting then takes a collaborative approach to create a high-priority action plan, guiding the hotel through assigning responsibilities, monitoring due dates, and managing all actionable items and follow-up communication.
Business Plan and Budget Process
The ability to create and articulate your segmentation strategy during the annual Business Plan and Budget Process is the foundation toward optimal revenue. By using the Optimal Segmentation Strategy Tool, the hotel can generate a “what-if” scenario to aide in sales deployment and assist the revenue team on the priority areas to focus targeted efforts for each major segment identified. The hotel will then also be able to effectively communicate the Segmentation Strategy to Regional and Corporate leaders, along with Action Plans to achieve budgeted revenue growth, and support operational efficiencies.
Revenue Strategy Meeting
This weekly meeting is typically the only opportunity that Executive, Sales & Marketing, Revenue Management, Finance, and Operations Teams convene to review the effectiveness of strategies, manage the forecasting process, and discuss the future direction of the hotel. King Hospitality Consulting will provide you with clear, concise guidelines on the suggested frequency, attendees, agenda items, and meeting length. More importantly, you will receive recommendations on action item management and organizing the execution of work — which is often falls through the cracks. We will keep your direction alive so you can tangibly see the results of your meeting by getting them fully executed and learning how to manage obstacles, collaboratively. Each hotel receives an agenda especially tailored to the size and complexity of your hotel, whether is it branded or independent.
Accurate Forecasting is the foundation to maximizing profit through operational efficiencies, identifying future trends to support strategy adjustments, and managing sales deployment. Understanding your accuracy trends and areas of opportunity for improvement will elevate this process. A Forecast Accuracy and/or Segmentation/Room Type Forecast Tool can also be developed to augment your current capabilities.
Redeployment of Sales and Operations is common in hotels, but when did you last analyze your portfolio’s Revenue Management structure? Together, we can complete a skills’ assessment of current talent, redeploy based on strengths/passion, identify process efficiencies, and create an action plan and accountability process to keep your team functioning at the highest and best level.
Get your hotel started on the best strategic foot possible with a rich Pre-Opening Strategy. We’ll fully assess the competitive landscape, build OTA relationships, train staff, and launch a structured program covering all Revenue Processes mentioned above. Learn more here…
Technology & Tools’ Project Management
The cornerstone of effective and efficient processes lies within the available technology and tools available for your Revenue Management staff. Having worked with both seamlessly-integrated systems, and disjointed, 3rd-party connection platforms, we understand the critical components specific to your collection and/or individual property to help you assess the best technology platforms. We will manage the process from start to finish, including vendor RFP presentations, ROI evaluation, through the integration of new technology.