Hotel revenue managers look at the behavior of guests and potential guests to get the most out of the property. They calculate what rooms should be sold to which guests for what price, aligning the products with the customers. A revenue manager has a very heavy workload, and sometimes the weeks and months can get chaotic, but there are a few reports that are vital to help managers keep tabs on their property’s success. Effective revenue managers’ work very hard and whether they look at reports daily or weekly, the numbers give a unique insight into the inner workings of the property.
No matter what the week looks like, there are a few reports and data sets that revenue managers should always keep a close eye on and should never give it a miss;
Look at what has been booked from the previous day and pinpoint;
– Which market the booking came from
– At what price where they booked
– How far in advance they were booked and what trends surface
2. Price analysis.
Pricing is a major player in whether a property is booked or overlooked. Revenue managers need to determine necessary pricing adjustments for high or low activity days, or what the market is reflecting.
3. Competition’s review.
Look at their prices, special offers and their overall bookings.
4. Channel analysis.
If you are not operating on a cloud PMS, you channels may not be streamlined and it is important to know that all your channels have rooms available to avoid rate parity issues.
5. Market segment.
Look more in-depth into the segments that are booking rooms every week.
Many reports can be easily compiled and compared on a state-of-the-art property management system. When all the data is in one place, it makes gathering and reading reports simple, leaving more time to put toward a better business strategy.
Revenue management is vital, and one cannot overlook the competitors pricing details as well. Your business needs a revenue management that is functioning without any loop-holes. Hotelogix’s PMS sharpens your revenue management as it lays bare your reservations, price and channel analysis. The clever software gives you a daily audit and reports on your revenue, thereby solving your woes and gearing up your revenue!"5 Reports That Hotel Revenue Managers Should Look At",