Is your hotel struggling to:
- Get clarity about your position in the market?
- Soft-test various growth strategies for acquisition and conversion?
- Identify new revenue streams?
- Build dynamic asset and revenue management strategies?
- Train staff to maximize yield?
Then Prosper Hotels’ hotel consulting services are all you need. By investing in a hotel consulting service, you can discover insights and opportunities never before seen.
After you partner with our consulting firm, we will do a deep dive into your current hotel management strategies. During this in-depth audit, we will closely analyze elements like the guest experience, daily hotel operations, and revenue streams.
Analyzing the above data will help you:
- Find your position in the market
- Identify your customer segments
- Understand your processes
This will enable us to create a customized revenue management strategy for you that’ll help you grow your revenue.
Revenue Manager Training & Consulting
One responsibility of a revenue manager is to set the room prices appropriately to maximize customer satisfaction and profits. But there is so much more to it. Revenue management involves:
- Root cause analysis including:
- Determining conditions that lead to strategic outcomes
- Performance change analysis
- Understanding data outputs from the RM systems
- Value proposition and the competitive set
- Strategy and execution including:
- Developing a strategic vision and setting specific objectives across multiple stakeholders
- Action plan ownership and accountability
- Connecting Transient and Group Pricing
- Cluster revenue management support (cross-branded pricing report)
- Storytelling and presentation including:
- Willingness and ability to build trust with leadership to influence decision making
- Monthly hotel update that shares more than action items
- Talking to wins
- How to cover all hotels, not just underperforming
- System application including:
- Effective interaction with the systems
- Configuration settings
- Forecast validation — demand Influencing system after forecast review
- Reduction of system overrides
- Influencing skills including:
- Overall responsibility of the revenue management strategy
- Ability to test and measure risky strategies
- Building trust to guide strategies
- Building confidence through organization and documentation
It can be challenging to do all of this if you don’t have the right tools and knowledge to guide your team.
This is where we come in.
Our hotel consulting services will provide revenue manager training for successful benchmarking, planning, and action plans to help each member of your team succeed.
General Manager Training
General managers in the hotel industry have a lot of responsibilities. Taking care of the day-to-day hotel and hospitality operations, assessing revenue progress, and hosting meetings with decision-makers are just some of them.
Additionally, general managers often have to continuously innovate to improve the existing workflows and reduce the waste of time, money, and effort.
With so many responsibilities at hand, it is sometimes overwhelming for general managers and their supporting staff to ensure precision while doing them.
This is where our seasoned experts can help you.
Management consulting from our experts with years of experience will train your general manager(s) to understand the nuances of their hotel and the changing dynamics of the market and lead their hotel toward incremental market share growth each week.
A dedicated market strategist from our hotel consulting firm will help you on an ongoing basis as well to ensure you reach your goals.
Revenue Management Benchmarking
Benchmarking is a way of using comparable data to set goalposts for specific performance measurements at your hotel. We can help you assess progress and identify opportunities for you to focus on:
- Recognize your competitors, including boutique hotels and independent establishments
- Identify and track relevant key performance indicators (KPIs) for each of them
- Assess your position in your market by analyzing the above data
- Compare your growth rate to your previous performance and that of your competitors
- Find new opportunities to maximize your ROI
Using these pillars, we will create a benchmarking strategy that ensures you continue on a path to growth and success.
Hotel Acquisition & Conversion Advice
Acquisition is the process of buying new hotels. Conversion, on the other hand, is repurposing your property to serve a new niche in the hospitality industry. For instance, converting your independent hotels into luxury hotels or joining a hotel chain with a global network.
Regardless of which path you choose, these changes can bring the following challenges:
- Ensuring the feasibility of the move
- Conducting the break-even analysis
- Identifying and maximizing revenue opportunities
Our hospitality consulting services will help you throughout the entire process.
For acquisition, we analyze the market and advise on what opportunities are worth pursuing and how to go about buying a new hotel. For conversion, we’re here to help you understand what opportunities are available for switching brands and how to go about doing so.
Hotel Marketing Strategy
Your hotel’s marketing strategies should reach the right people at the right time with the right messaging to get more bookings. With so many marketing channels available, your marketing team can make the following mistakes:
- Targeting the wrong demographic
- Sending out a message that doesn’t relay your specialty
- Not investing in the right need dates to maximize your return
Our hospitality consulting team’s advisory services will help you create and execute tailored marketing strategies that will ensure you are spending money where the highest ROI is.
Commercial Performance Audit
Industry leaders rely on management companies like Prosper Hotels to audit the performance of their properties on the following factors:
- Value Proposition – What do guests truly value about staying at your property, and how can we help leverage that in your market?
- Competitive Position – What’s your unique selling proposition, and are your strategies aligned to make the most of that?
- System Configuration – There are many places your system could be under-optimized, and just making these small adjustments could make a massive impact on your revenue.
- Optimal Mix – Do you have the proper strategy in place to build the optimal and most profitable mix of business for each season and time period?
Essentially, we help ensure your hotels are at max performance on every front.
Uncover Why Prosper Hotels is a Trusted Hotel Consulting Firm
As a hotel management company, we have helped local and international hotels with hospitality management to maximize their profits.
We specialize in:
- Auditing your current hotel performance and giving you growth insights
- Identifying new revenue streams and creating strategies to capitalize on them
- Training your in-house managing team on revenue management
- Training your employees to handle hospitality operations smoother
…on an ongoing basis.
“Truly a team of professionals. Karen and Chris are experts in the field of Revenue Management and helped our team “”Prosper”” with better skills and knowledge levels that we can now show more revenue and certify our abilities as a Revenue Team.” – Matthew J Landgraf Corp Leader of Revenue – Raymond Mgt Co
Experience Outstanding Hotel Consulting with Prosper Hotels
Prosper has the tools and knowledge to guide your hotel business for maximum profit.
Our consultants and revenue experts have a wide area of expertise and will work with you continuously to keep refining your business strategy.
Whether it is training your staff, analyzing the market, auditing your performance, or creating new strategies for acquisition and conversion, we are the one-stop solution for you.
Want to learn more? Schedule a free consultation today!