Revenue Management for hire
- May 7, 2022
- Posted by: CHILCHILL
- Categories: Consulting Services, Hotel Taskforce, Revenue Management
Why do you need Revenue Management for your hotel or accommodation business?
For those operating in the hotel industry, revenue management is a key concept, as it enables hotel owners to predict levels of demand and optimise things like distribution and pricing, in order to maximise financial results.
In this article, you will find out more about hotel revenue management, the reasons it is so valuable to hotel owners, and the necessary conditions for implementing a hotel revenue management strategy.
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Revenue management consulting
We at CHILCHILL Revenue Management consulting service, we aim to provide our customers with a tailored solution to their revenue management challenges, and help them streamline their operations for maximum impact on their revenue.
With our holistic approach, we are able to guide you towards the creation of a total revenue management culture in your organisation.
We apply our profit maximization techniques in all departmental procedures, enabling instilling Revenue Management as a business philosophy and strategy, rather than a management technique.
You will receive a dedicated revenue management team that is able to assess the needs of your company specifically, and will offer solutions that match your requirements.
We are armed with an experience of managing commercial operations for over 15 years, with exposure in global markets.
This has given us the upper hand when it comes to understanding the nuances of the changing trends in the industry, and how to keep up with it; which is why take a holistic approach for every project and collaborate with the clients to provide them with what they need.
We aim to use our skills and experience to help other business, and to fill in the gap in the market caused by a lack of appropriate revenue management practices and procedures.
A simple way to think of hotel revenue management is:
Selling the right room, to the right customer, at the right time, for the right price, via the right distribution channel, with optimal cost efficiency
It is essentially nothing different from what is called business analytics and pricing strategies in other industries. The concept of revenue management boils down to the optimization of financial results.
By analyzing sales trends and forecasting results, using historical scenarios, price strategies are adjusted to maximize revenues.
It originated in the airline industry in the 1980’s, as they were trying to optimize their financial results.
Dynamic pricing was introduced to grow revenue potential and financial results, through anticipating and influencing consumer behavior and applying price discrimination.
hotel revenue management consulting
We provide consulting services that will help you achieve your corporate goals, improve your business operations, and much more!
You will receive a dedicated team that is able to assess the needs of your company specifically, and will offer solutions that match your needs.
With over 15 years of experience in the industry your dedicated team is sufficiently equipped with the tools and skills required to handle any complex issues that may arise.
We will maintain a constant stream of communication with you so that we can understand your needs and goals more effectively, and provide you a bespoke solution.
If you are looking to improve the influx of your revenues, our team of experts will make it happen.
REVENUE MANAGEMENT DISTRIBUTION & E-COMMERCE CONSULTING
At CHILCHILL, we ensure to unravel the core issues and streamline your business operations and bring about a concomitant improvement in both morale and revenues by providing tailored solutions.
We will provide you the access to our analytics platform, assess your online presence and distribution strategies, evaluate business mix, market and competitors, audit all commercial aspects, provide training where necessary, and improve the overall efficacy of your business process.
Some of the definitions used to describe revenue management are:
- Selling the Right Room to the Right Client at the Right Moment at the Right Price
- The art of turning away business
- Matching supply and demand
It is important that you optimize your resources to make sure that your revenues pour in. Small inefficiencies in your daily tasks can have a huge impact on your profits—often negatively.
We help you maximise your business’ potential and guarantee that your business will be in a better state after you have carried out our recommendations right down to the letter T.
We provide revenue management solutions
- Growth through innovation/creativity:
Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
- Increased profits:
The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
- Higher business values:
The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
- Lower staff turnover:
This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
What is Revenue Management Consulting
What is Revenue Management Consulting? Revenue Optimization, as it is called at CHILCHILL, is an integrated revenue approach that evaluates the influences on your top-line revenues and bottom-line profitability. Proven strategies that utilize a holistic view of the business enterprise, effective processes, clear communication, and creative collaboration among revenue-generating departments. The focus is on strategic planning, distribution, and cost-efficiency, to yield growth for your portfolio, asset, or brand.
At CHILCHILL, our approach to consultative support starts with you and your requirements. Our talent will partner with you to evaluate the needs, strategies, structure, and people. Our findings will prioritize the highest impact opportunities supported by a well-thought-out plan of recommendations. We approach each situation using a C.A.S.D.E. strategy: collect data, analyze data, strategize, deploy, evaluate, and adjust. Our goal is to work with you to drive sustained, strategic revenue growth across all disciplines.
REMOTE REVENUE MANAGEMENT CONSULTANTS SUPPORT
There are many scenarios in which a hotel might outsource for remote revenue management support, such as challenges identifying qualified candidates, a desire for consistency, or budget constraints. Our consultants are experienced with a wide array of brands’ property management systems so they can assimilate seamlessly into the established systems and provide full-service remote revenue management support, strategy, and optimization.
CHILCHILL’s revenue consultants train on the latest evolutions of third-party providers and technology, use them to deliver maximum results, and leverage them in distribution and channel management strategies. Further, daily razor sharp focus on performance sets our consultants’ services apart from other third-party or brand solutions.