Revenue management is a process that allows you to sell the right room to the right client at the right price — optimizing your profits while delighting your clients. When it comes to making the most of your hotel performance, reacting to competitor pricing isn’t enough.
A robust hotel revenue management strategy will help:
- Forecast booking trends
- Implement dynamic pricing strategies
- Increase transparency across distribution channels
- Capitalize on new demand drivers in your market
- Make the most of special events
In simple words, your gross profit margin will improve along with your client’s experiences.
Don’t know where to start? Contact us for a free revenue plan today.
In-Depth Onboarding Process
After you join us, we’ll look closely at key performance indicators (KPIs) that monitor your hotel performance, such as your hotel room rates, revenue growth rate, room revenue, and pricing strategy by room type, booking window, and day of the week.
As each hotel system is unique, there are many places your hotel may be unintentionally underperforming – simply because the system is not set up completely. We’ll be doing a deep dive into every crack and corner of the system to make sure all channels are open and operating as they should be.
From here, we’ll analyze your offerings compared to your competitors’ hotel revenue management strategies and identify new opportunities for you to capitalize on.
Weekly Price Meetings
Weekly revenue strategy meetings help ensure that your hotel team is on the same page. By getting the revenue and hotel team together to discuss goals, strategies, and progress, you can ensure that everyone is working towards the same objectives. These meetings also provide an opportunity to identify any potential problems or areas of improvement and to brainstorm solutions.
We will host weekly meetings with your hotel team that will align us locally with the best pricing strategies – that match your financial goals and keep you above your competitors.
Daily Hotel Coaching
Daily operations are challenging.
As you deal with issues like same-day cancellations, no-shows, staffing issues, and so much more, you can be confident that your revenue manager is staying on top of the daily booking and pricing fluctuations in your hotel and market.
To increase direct bookings and room revenue, your hotel revenue management system (RMS) should be managed daily to align with the fluctuations in supply and demand
Our team will help you adapt quickly to these changes and align completely so that you can remain stress-free.
Insight on Market Segmentation
It can be challenging to find and optimize all the revenue opportunities in your market. Particularly when you consider the current volatile nature of business travel and group bookings.
To make it more complicated, the sheer volume of data points, such as pricing, length of stay, amenities, number of room types, and more, make it incredibly difficult to make sense of it all and come up with an effective strategy.
We will not only make sense of your market segments. We will also give you actionable insights that will help you:
- Price your rooms and amenities competitively
- Target the right niches in your market
- Increase direct bookings
- Decrease cancellation rates
Scientific Approach to Yield Management
Yield management can give you the chance to maximize your revenue while still ensuring your ideal customers get hotel rooms at the right price.
By drawing insights from real-time and historical data, we will create a yield management strategy that will help:
- Increase your average length of stay
- Improve the client experience
- Maximize room revenue and market share
We will closely monitor occupancy rate, room revenue, average daily rate, pace, position, and market segmentation to provide you with daily recommendations for continuous optimization.
Traditional Hospitality BI Solutions provide insightful information but do not follow through to implementation. We will apply a scientific approach to help you glean insight from your data, implement a clear strategy, measure its effectiveness, and adjust based on our learnings.
Capitalize on Special Events
Special events in your market, such as tournaments and festivals, can make a significant part of your annual revenue goal. For example, Minneapolis, which hosted the Final Four in 2019, had total weekend room revenue premiums that approached three times higher than their usual seasonal levels.
We’ll go through the granular work to create and execute the right hotel strategy for your local special events to increase direct bookings, reduce cancellations, and drive a longer and highly profitable length of stay.
RM Reporting Services
One of the fundamentals of revenue management is reporting.
Prosper Hotels has created a convenient, actionable, and consistent revenue reporting service. Your revenue and operations teams will receive reports on:
- Price analysis reports – You’ll receive details about your hotel’s performance by day, with additional insights about performance related to customer segments, when they book, and for how long
- Competitor review reports – Find your position among your competitors
- Channel analysis reports – Review the efficiency of various booking channels, such as direct online bookings and online travel agencies
- Market segmentation reports – Understand the performance of different types of guests
- Pace and position reports – Discover how quickly you’re picking up rooms and if you need to adjust room rates to speed up or slow down
- Mix of business reports – Compare your mix of market segments to other time periods to ensure you are making the most profitable decisions
- Rewards bookings reports – Gain an understanding of how many loyalty bookings you have each day and the incremental revenue available to you if you hit a sellout
Combined, these reports provide your team with the insights you need to succeed on a daily basis. We’ll deliver reports first thing in the morning 365 days a year so you can receive actionable insights at the start of every day.
Our team of experts can help you set up revenue reporting processes and increase profitability. Hit the ground running and maximize your profits by partnering with Prosper.
Discover Why Industry Leaders Trust Prosper Hotels
At Prosper Hotels, we save you time, money, and effort by:
- Generating brand-agnostic revenue reports daily that help track your crucial KPIs
- Reviewing your revenue management strategies with leading industry standards
- Identifying new revenue sources
- Examining the efficiency of your distribution channels and optimizing them
- Monitoring the trends in the market to create a dynamic pricing strategy
- Tracking different prices from various providers in your market segment
We have decades of experience working with the biggest brands and management companies and have helped hotels of all sizes to maximize revenue. Our seasoned experts have guided hoteliers at some of the biggest names in the hotel industry and helped them find hundreds of thousands in revenue.
“Prosper stands out with their friendliness and open line of communication. Our Revenue Manager pays attention to what we have to say and works with us not against us.” Amulya Singh VP Operations
Revolutionize Your Hotel Revenue Management with Prosper Hotels
Prosper Hotels will take your hotel business to the next level with revenue management.
Our revenue directors will work with you on an ongoing basis to refine strategy and support.
We will take care of the daily optimizations based on your strategy so you can focus on running your business and putting a smile on guests’ faces.
Let’s talk and get started today!