How Can Outsourcing your Hotel’s Revenue Management Help You Bounce Back in 2021?
2020 will be the year to remember for all the wrong reasons, the UK staycation market will recover in 2021 but how can you ensure your hotel is taking advantage of all the resources available in order to make sure your business is in the best possible position to take advantage of the market once it bounces back?
One way is by outsourcing your revenue management system and ensuring it is fully optimised resulting in profitability.
With our partners Octopus Revenue, we have come up with five ways in which outsourcing your revenue management can help you during and post a market downturn.
- Immediate Return on Investment
When implementing a new revenue management system, we take a full audit of your hotel’s current performance, so we can personalise our revenue management strategies and recommendations around your needs.
As part of the audit process, we look at all available data from across the business not just the number of rooms and cost of sale. We look for additional revenue streams and any upselling opportunities, making suggestions to help you diversify your hotel revenue. For example, gifting options such as vouchers and merchandising that you can target locally, this is particularly important to consider in today’s current climate.
As well as an internal audit we will carry out a competitor analysis and assess your current position in comparison to the competition.
By taking advantage of an internal and external audit you will benefit from spotting immediate revenue opportunities and risks.
You can find more about the revenue management audits we provide from our partner Octopus Revenue.
- Upskill Your Team with Revenue Management Training
No matter what your budget is, it is always a sound investment to hire a revenue management consultant whether you already have an in-house team to manage this side of the business or not.
Our training courses provided by our partner Octopus Revenue range from beginner level all the way through to advanced, for people looking to build on their current skills set.
We can offer group sessions or bespoke sessions built with your hotel in mind.
- Minimal Investment vs Maximum Reward
For independent hotels and hotels whose budget is small, employing a full-time in-house Revenue Manager can be an arduous task. With our outsourcing revenue capabilities, you will be able to access industry-lead revenue management tools as well as having access to industry knowledge and expertise without the overheads of employing a full-time person.
Our flexible revenue consultancy packages start from as little as four hours a week with the flexibility to increase or decrease hours in line with your current budget. We also offer a range of flexible contracts, whether that be short term to cover maternity or sickness or a longer-term contract.
- Let Us Worry About Revenue Management
We realise our clients are excellent at what they do, and we want them to be able to focus on getting back to the job they love; hospitality. Running a successful hotel is an art form, as a hotelier you need to juggle many responsibilities from sales and marketing to housekeeping and customer services, the list is endless.
Ultimately, it’s the guests that can make or break you and we have come to realise why revenue management is often neglected or left till last in the priority lists.
By outsourcing your revenue management to our consultancy programme via our partner Octopus Revenue it will help to ease some of the operational pressures, allowing your hotel to run more efficiently.
- Get Ahead of the Competition
As consultants, we aren’t confined to the same limitations in house revenue management teams face.
We have a 360O view of the industry and your competitors, our expertise in the industry over the years means we also have the benefit of hindsight, we know what strategies work and what don’t work. Hence, we can give you the edge on your competition.
Contact firstname.lastname@example.org today to find out how we can help you and your hotel business thrive in 2021 with our revenue management packages.