HOW MUCH REVENUE YOU LOSE TO YOUR COMPETITION?
The above question is for all Revenue Managers!!!!!
When you forecast 75% occupancy and the average rate is $150.00, that means you have lost 25% of your rooms revenue to your competitors!!! what action you are going to take to fill the vacant rooms (25%) and increase your market penetration?
The old thinking of hotel revenue management within the silo of revenue per available room may have been acceptable in the past, but times have changed. No longer is it adequate to measure success through key performance indicators such as RevPAR or TrevPAR. Today, hotel revenue managers must look through a different lens finding innovative ways to produce a profit in all areas of hotel operations, demonstrating ROI to ownership. What are the creative opportunities to grow profit exist all over your property?