Revenue Management Consulting ServiceRevenue Management Consulting Service
ChilChill.com is a global leader in hotel revenue management consulting firms, and with our remote revenue management consulting services we help independent hotels increase their Sales & profit, connecting them with the right agencies and guests.
Our consultancy models are here to help you reach the optimal level of performance, in both profitable revenues and revenue management techniques. Whether you already utilize revenue management or you want to start applying it now, you have found the right partner.
Revenue Management has proven to be an essential tool for hotels since its introduction in the 1980s. With the possibilities of modern technology it is now changing faster than ever.
Our international revenue management outsourcing consultants have an extensive experience in both the hospitality travel & tourism industry, and leave no stone unturned to uncover the hidden revenue potential of your hotel, to increase your bottom line profit. We have a strong business development DNA, and aim to challenge the status quo.
In order for you to stay competitive in today’s market place and master the art of revenue management, we have created three revenue management consultancy models.
ChilChill Revenue Management consultants help independent hotels, guesthouses, apartment and all other accommodation companies reach the right customers and increase their revenue and sales – contact us NOW and get a qoute
Get the best business mix
Learn how to develop a direct hotel booking and internet marketing strategy, to reduce OTA commissions and 3rd party reservations
Our Revenue Management Service
Every hotel faces unique as well as common issues on a daily basis. Technology advances have enabled hotels to make enormous strides in sophistication, and your competitors are benefitting from this too. Hoteliers are thus facing a complex myriad of emerging issues in the face on increases in supply and fluctuations in market demand.
Our consulting services help hotels to make rapid, yet carefully thought out and researched, improvements in Revenue Management implementation, Commercial Strategy Development and Reservations Distribution Technology.
Examples of Consulting Services:
- Activation or rejuvenation of hotel Revenue culture.
- Revenue systems selection and implementation
- Change in Rates and Pricing structures
- Business Intelligence analysis and strategy development
- Pre-hotel and re-branding support
- Revenue tools creation
Our revenue manager consultants projects that can do for you :
Based on your identified needs, we will help you with our knowledge and expertise to execute projects targeted to exceed your goals. This could be anything from enhancing your online distribution, optimizing your revenue management system, and improving your fair and event strategies among many others.
We will set goals and timelines and continuously monitor and control the steps forward, ensuring the success of the project.
The revenue management audit aims to optimize your current revenue management strategies. In a thorough 3 step analysis we will identify one or several key areas with potential revenue opportunities and areas for improvement, all focused on bottom line impact.
Once the areas have been identified, we will define specific projects with you to move forward with. For example, it could be an implementation of new forecasting procedures, an update of your public pricing products and a new segmentation strategy, and many, many more.
Each project will have its own timeline, milestones and targets. After successfully completing a project,
we offer follow up coaching to make sure that things continue to run in accordance with the set targets and expectations,
and help you adjust the course if needed.
Whether you are in the pre-opening phase or you want revenue management to become part of your existing business, correctly implementing revenue management from the beginning is essential. Crucially, it needs to be tailored to the needs of each individual hotel. Factors such as your target group, location and market demand generators are all vital parts to consider when implementing your revenue management strategies.
We will navigate a well-designed process together to make sure we get it right from the beginning. To begin with, we need to understand your hotel’s processes and needs, before evaluating the competition in order to position your hotel correctly in the market.
Moving forwards with segmentation and strategies, we provide you with the necessary tools, knowledge and processes to execute these and reach your targets.
We will continue to monitor your performance
and offer follow up coaching to make sure things are
moving in the right direction.
Our Revenue Management consultant team will study the main competitors of the property to assess their price positioning in relation to their products offering. ChilChill will build a report comparing the strengths and weaknesses of the main competitors and the business. The report will aim at building the Price – Value relationship that the property can provide in front of its main competitors.
We will benchmark and compare the pricing strategies of the main competitors and the property. The study will look at the public prices but will also try to pinpoint negotiated rates such as FIT and corporate rates. The study will look at a year period: day by day pricing by length of stay. The benchmarking will show how the business is priced competitively and create or revise the pricing grid.
Upon the benchmarking studies, ChilChill will review the existing pricing grid or build a new one and recommend pricing strategies to stimulate the demand. Both public prices and negotiated rates with multiple length of stay will be assessed and recommended. Pricing will be recommended per period of demand: low to high periods. Negotiated corporate rates will be reviewed in relation to the production and distributor partners. The sales team input will be needed.
ChilChill will review the demand calendar, or create one, and analyze strength of demand day by day per period (with or without events), in view of day by day rate strategies.
ChilChill will build market segmentation for the business and create a forecasting model to ensure that existing demand for each individual segment will be targeted most effectively in terms of marketing, sales and pricing strategies.
ChilChill will develop monthly rate strategy sheets with the following objectives:
- Day by day pricing strategy for one year will be shown (price value per length of stays day by day will be recommended)
- Pricing strategy per channels of distribution
- Yield strategies with L.O.S. restrictions on peak periods
- Travel Packages for honeymooners, family and couples travelers.
We will also review or build the rate loading and the rate management through all electronic distribution channels to ensure that all prices including corporate and travel buyer rates are correctly shown and bookable. Two meetings are planned before the start of implementation:
- Meeting at the start of the project with first phase of assessment and meeting with the team
- Final presentation meeting with the pricing strategies and tools
We will develop the implementation of the suggested action plan. As the main challenges based on current occupancies seem distribution and pricing oriented ChilChill will focus on getting the required results. This includes contracting online and offline distribution channels.
- OTA Contracting and commission discussion.
- Contracting a large amount of international travel agencies interesting in your destination.
- Control the allotment sent to all the contracted agencies.
Very important part that help increasing your revenues is to provide your reservations department with the know-how to sell, the ChilChill reservations training program is delivered via an on-site training experience, as hotel reservations is a revenue-generating department and considered number one contact with your customer prior, during and after arrival.
While rate parity ensures that you have complete control of setting the bar for your room rates and ensure equal prices across all distribution channels, but it destroys your chances to compete freely in the market and also makes you lose a voluminous amount of potential revenue as massive commissions to the OTAs. Our Revenue Management consultant team will help you control it.
Business plan market
A strong business plan requires going beyond intuition and experience, and supporting your idea with fact-based market research. Investors need to have confidence in your understanding of the market, so don’t let yourself down by skimping on research. We have access to fee-based, subscriber-only resources such as:
- Don James/Semplice – Article and News Research
- VoltageBusiness – Company and Industry Research
- Goovers – Company and Industry Research
- IRISpace – Article and News Research
- Lexos-Nexos – Company, Industry, Market Research
- Plombett – Article and News Research
- Pronounce – Market Analysis report “Slices”
Competitor research & analysis
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