Memorize three easy steps to success in revenue management:
Identify your target.
Sound like a military operation? They do it for a reason, you should too. We all know the best way to accomplish something is to write it down, put it in on your fridge, stick it on your laptop monitor. The point is identifying exactly what you are targeting, and when/where you want to hit it. Need another five occupancy points next month? Want another three dollars in Best Available Rate this month? Target identified… now you know what you want and when you want it.
Track your progress.
Are you behind, or ahead of required pace to hit target? If behind pace, how much time do you have to correct? You need to understand your position every single day. Track it, record it, live it, breathe it.
Do something about it.
If you are behind pace go talk to marketing, call your third party (OTA) market manager, fix your price… do something! Don’t just accept missing your target… go knock on doors until you get some help if you have to, until you get what you need to hit the target.
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