Why behavioural science matters to Revenue Management

Why behavioural science matters to Revenue Management

At the Global Revenue Forum earlier this year in London, we put the customer firmly centre stage as we explored the guest journey and the role of the guest in driving revenues. We listened as speakers opened our eyes to a different approach to managing revenue, exploring the part customer behaviour plays in driving conversion. But why is this so important? The term Total Revenue Management is used to describe how a property is performing across different profit centres. While useful, this typically reflects the operational perspective and is often driven by internal targets, such as...

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Exploring Loyalty in 2022

As new emerging trends in travel behaviours emerge, what does this mean for loyalty within hotels?   Shifts in customer behaviours have forced us to rethink what loyalty means for hotels. A decrease in corporate travel, the growing importance of the leisure traveller, and the increasing expectation for personalised services tailored to individual preferences, mean that the relevance of traditional points-based loyalty programmes and their value to both guest and hotel is diminishing, requiring a review of what loyalty means today.We used the opportunity at the ‘Leadership from Chaos’...

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Revenue Academy Webinar: Monitoring a Revenue Strategy

Revenue Academy Webinar: Monitoring a Revenue Strategy

  In this our fifth webinar in the Series A Beginners Guide to Revenue Management, where Ally Northfield takes you through the essential steps that you need to efficiently and profitably manage your pricing. Through Monitoring a Revenue Strategy webinar content, we addressed: How to visualise the key metrics we covered in the previous webinars through a demand calendar How to create a daily report How technology can simplify your reporting leaving you time for analysis How to analyse pace and pick up and make some sensible conclusions

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Revenue Academy Webinar: The Competition

Revenue Academy Webinar: The Competition

  In this our fourth webinar in the Series A Beginners Guide to Revenue Management, Ally Northfield takes you through the essential steps that you need to efficiently and profitably manage your pricing. Through The Competition webinar content, we address the following questions: Is it time to re-look at who you really compete with? Have you ever been gifted a competitor set in a new job How much market share could you command given the rooms available in your market?  

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Revenue Academy Webinar: Business & Market Metrics

Revenue Academy Webinar: Business & Market Metrics

In this our third webinar in the Series A Beginners Guide to Revenue Management, Ally Northfield takes you through the essential steps that you need to efficiently and profitably manage your pricing. Through the Business & Market Metric webinar content, you'll gain a greater understanding in: Why segmentation plays a critical role in differential pricing How to look for new segments in today’s short lead time guest behaviour How to look for replacement segments when traditional segments can’t book    

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Revenue Academy Webinar: Market Segmentation

Revenue Academy Webinar: Market Segmentation

Understanding how revenue affects the overall success of a hotel or hospitality business is key.  Understanding your customer will underpin all of your pricing decsions - Ally Northfield takes you through the essential steps that you need to take to analyse and segment. View the on-demand version of our second webinar: Market Segmentation below and you'll gain a great introduction to: Recognising if your pricing strategy is driving optimal profit Helping you to...

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Revenue Academy Webinar: Step By Step to Revenue Management Success

Revenue Academy Webinar: Step By Step to Revenue Management Success

It has never been more important for hoteliers and those who are part of the booking process, to understand revenue management.  Understanding how revenue affects the overall success of a hotel or hospitality business is key. With this series of webinars, we’ll go over the main points of each Revenue Academy module and discuss key areas in more detail. View the on-demand version below and find out about: Understanding how and why revenue management works The three cornerstones of revenue management: Price, Structure and Quantity The journey to strategically thinking about revenue management...

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Do you know the questions you need to be asking for effective market segmentation?

Do you know the questions you need to be asking for effective market segmentation?

Effective market segmentation – or differentiation of customer groups depending on how and when they buy, and what they are looking for from their stay - lies at the very heart of a successful revenue strategy. A focus on developing customer insight and understanding behavioural patterns will allow you to design a strategy aimed at offering the right customer the right price at the right time, optimising revenue and profit. While marketing customer segmentation focuses on demographic characteristics of the guest such as age, gender, and income, this data is typically not available to the...

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You have all the answers- you just need to ask the right questions!

You have all the answers- you just need to ask the right questions!

For those with little or no experience in revenue management, formulating a revenue strategy can seem daunting. A practice seemingly loaded with spreadsheets and acronyms can overwhelm - and how do you even know if you are doing well anyway?  It can be bewildering. But that doesn’t have to be the case. Pricing strategies are not the result of a weird wizard-like algorithm only privy to those with the word ’revenue’ in their job title. They start, quite simply, with a suite of information particular to your property. Attributes and data such as location, star rating, demand patterns, and...

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