There’s never a bad time to start managing your hotel revenue better. Revenue management is a complex business that can be all too time-consuming. Hotel revenue management solutions can save you time. The right hotel revenue management solution will help you with:
- Align various departments for maximum profitability
- Reduce your overall operating costs
- Facilitate innovation for the creation of new offers relevant to your market
- Minimize risks through effectively influencing demand forecasting
- Gain a market advantage through the application of market intelligence
- Optimize your pricing strategy to suit the constant movement of market demands
- Increase transparency on your hotel’s cash flow
Building an optimal revenue management solution could take you weeks or even months. Even when you have the right tools, knowledge, and guidance, trying to manage your revenue alone can be time-consuming and costly.
Prosper Hotels creates a strategy that provides the solutions your hotel needs to drive revenue. From there, we establish a lasting partnership by offering continuous support through ongoing meetings and guidance.
Interested? Schedule a free consultation with our experts today.
Hotel Revenue Management
Hotel revenue management is the process of observing, analyzing, forecasting, and influencing customer behavior for revenue optimization. It leads to better management of resources, powerful positioning in your market, and maximized customer support.
This process involves:
- Collecting relevant data about your customers, competitors, and market segment
- Transforming data and metrics to insights that drive effective positioning and performance
- Building and implementing data-driven strategies to maximize ROI
- Measuring the impact of those strategies
- Sharing the results of your improved strategies and performance to create a cycle of continuous improvement
Thanks to various SaaS tools and hospitality BI solutions, collecting relevant data for proper revenue management has become easier. However, it is not the data but the insights you draw from them that make a difference.
Though traditional hospitality BI and revenue management systems (RMS) offer insightful information, they do not follow through with implementation. Because of this, hotels often miss the opportunity to track effectiveness and share results, ultimately leading to poor performance.
Having an expert guide like Prosper Hotels can help you with complete, end-to-end revenue management by bringing the following to the table:
- A team of seasoned experts with over 100 years of combined experience who will work with you on an ongoing basis. This team is built from executive leadership of one of the largest hotel brands.
- Updated technologies and processes for seamless performance management to maximize profitability across your brands
- Dynamic strategies to build your hotels a customized hotel revenue management solution that incorporates your latest needs in real-time
Your revenue reports are an essential part of managing your hotel. At Prosper, we support over 250 high-performing hotels. In supporting many different brands and markets, we want to spend our time on high-leverage work, not compiling reports. We needed revenue reporting that was fast, reliable, actionable, and consistent across all types of hotels. So we built it. Your hotel revenue and operations teams can benefit from:
- Price analysis reports – This contains details about your hotel’s performance by day — and gives insights about performance related to customer segments, when they book, and for how long
- Competitor review reports – The data in this report will help you find your position among your competitors
- Channel analysis reports – This will show the efficiency of various booking channels, such as online travel agencies and direct online bookings
- Market segmentation reports – This report helps you understand the performance of different types of guests
- Pace and position reports – Understand how quickly you’re picking up rooms and if you need to adjust rates to speed up or slow down
- Mix of business reports – This helps you compare your mix of market segments to other time periods to ensure you are making the most profitable decisions
- Rewards bookings reports – Know how many loyalty bookings you have each day and the incremental revenue available to you if you hit a sellout
These reports come together in one file to provide your team with the information you need to act on a daily basis:
- Hotels that align early each day win the day. Get the information you need in your inbox first thing in the morning so that you can align your strategy for the day
- Maximize your revenue through better pricing decisions
- Maintain good relationships with your guests and hotel team members
Building this kind of revenue reporting process will take a great deal of time and resources. Not to mention, continuous changes with each brand’s systems require a dedicated team to keep your reporting accurate and helpful.
Ready to streamline your workflows and increase profitability? Our team of experts can help you set up your revenue reporting processes so you can hit the ground running and maximize your profits.
We deliver reporting to your hotel team 365 days a year.
At Prosper, our hotel consulting is centered around no-nonsense advice, backed by data, and delivered by hoteliers with decades of experience.
It includes the following:
- Auditing your hotel business to find your position in the market and understand your customer’s sentiments
- Training revenue managers with the foundational principles needed for success and to help them keep up with the latest trends and demands of the market
- Training general managers on how to effectively use their revenue management system and how to become an effective market strategist
- Creating a revenue management process that aligns your teams to work together toward maximum guest satisfaction and profitability
- Evaluating the potential of new endeavors, such as new hotel builds, acquisitions, and brand conversions
The challenge for hoteliers is determining how best to make the most of your hotel as an asset. Without the right guidance, you may grapple with how to make the best decisions for your hotel and your team.
Hundreds of Hotels Trust Prosper Hotels with Revenue Management – Learn Why
Prosper Hotels’ revenue management solutions are:
- Guided by seasoned experts with decades of experience
- Robust and adaptive for every market condition
- Suitable for hotel businesses of all sizes – independent and well-known brands
- Easy to use, even for hoteliers with limited experience
We have helped hotels of all shapes, sizes, and markets find hundreds of thousands of dollars in revenue.
“Our relationship with Prosper Revenue Management Services at our Hilton Hotels is top notch. It’s almost as if Marlies is on site and part of the team. She is always on top of our properties and suggesting changes as she deems necessary.” – Rosie Lowe Area Director of Operations
Find the Revenue Management Solutions You Need with Prosper Hotels
Prosper Hotels is your one-stop solution for expert-led hotel revenue management solutions.
The bottom line? We can help you with everything from reporting to training to consulting.
Our team will work with you on an ongoing basis and will provide you with the right expertise, tools, data, knowledge, and insights that will keep you one step ahead of your competitors and improve customer satisfaction.
How much revenue are you currently missing out on? Calculate your additional revenue potential with our expert team of revenue managers.