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hello I'm Paul from Bezla and today I'm going to  look at rethinking strategic Revenue management   Revenue management is perhaps best defined as  selling the right room to the right customer   at the right time for the right price through  the right Channel with the best cost efficiency   since the mid-1990s revenue management  has played a critical role in hospitality   Revenue management departments were frequently  the starting point for strategic initiatives   however their involvement was  often limited to providing data   this involvement has expanded with the  gradual realization that they have the data   the analytical expertise and the knowledge base  to perform and support other valuable analyzes   the economic Aftershock of 9 11 and the growth  of online travel agencies social media and   mobile apps which has resulted in a far better  informed customer base have forced action to   ensure all elements of operations supported  this new Direction in Revenue management   the following strategies can help grow your  hotel business you need a clear understanding   of your Market where demand comes from and  the local factors affecting seasonal demand   you also need to be aware of your audience's  needs wants and expectations you need to   understand existing composition and make strategic  decisions considering this competition remember   not all competition is obvious or local you need  appropriate segmentation of your customer base to   be able to identify different types of customer  and evaluate when and how they book rooms or   facilities this allows you to optimize prices for  those segments a key Advantage is that once prices   are optimized price changes can be minimized this  can help build Customer Loyalty from those who   appreciate price consistency it's important to  achieve close collaboration between departments   to ensure that your Revenue management strategies  and individual Department strategies are aligned   so that you can address challenges collectively  work with key departmental decision makers to   make adjustments to strategies rather than  imposing your will which can generate resistance   high quality forecasting relies on accurate  records including occupancy room rates and Revenue   most forecasting strategies depend on historical  data however forecasting also requires awareness   of current bookings competitors performance  local events and wider industry trends   search engines offer huge opportunities to attract  customers through search engine optimization Hotel   owners can improve the visibility of their  website on search engine results pages you   can therefore attract more business from customers  who are not specifically searching for your hotel   no single strategy will guarantee success you  need to consider the best strategy based on   what you have to offer who you are trying  to attract and your competitors strategies   a competitive pricing strategy puts your business  in direct competition and is good when your hotel   has more to offer than your arrivals in slow  seasons though a discount strategy might be   preferable because a low paying customer is better  than no customer it's important to cater for all   distribution channels but it's also wise to try  and maximize direct bookings as they don't incur   third-party commissions one way to do this is  to offer incentives such as loyalty points or   freebies to direct booking customers any hotel or  Resort that hasn't prioritized mobile optimization   is operating at a significant disadvantage ensure  your website is optimized for mobile meaning it   loads quickly all buttons are fully functional  and all pages display properly also ensure   your booking process is optimized so customers  can easily book rooms from their mobile device   finally it can be beneficial to seek  the help of a freelance Revenue manager   a full-time manager means a full-time salary  but a freelancer will only work as and when you   need them and be paid only for the time they work  moreover with their valuable knowledge expertise   and experience costs associated with training will  reduce or disappear entirely in conclusion Revenue   management has impacted on the success of many  companies integrating strategic decision making   within the operational framework from analysis to  implementation of pricing and inventory controls   is the next leap forward for hospitality companies  if bezel could be of service to your hotel   marketing visit our website at Bezla.com or give  us a call at 888 999-8086 thank you for watching