Single property revenue management support can be a challenge. While the knowledge and expertise to ensure profit optimising commercial decisions is required, the role does not always demand a full time revenue management resource. It can prove tricky to support your business with the necessary skills and experience .
One commonly used solution is to utilise the available reservations resource. True, they will have sound market knowledge which will be beneficial. However, the skills gap between reservations and revenue roles means that this solution is far from ideal. But given some guided coaching, and a bit of support, a strong reservations manager with a robust understanding of the market can provide an efficient and effective means to solve your revenue management challenges.
What is ‘Guided Coaching’?
We have some of our greatest successes when we use our ‘Guided Coaching’ approach. This sees a property’s existing reservations team coupled with top level revenue skills supplied to the business through coaching from a professional revenue manager, typically in the form of weekly guided calls. In addition, the property is given access to an automated reporting solution, removing the need for clunky excel reports and allowing the commercial team to gain visibility on business performance.
This approach is popular for many reasons. Firstly, it is not a total outsource solution so by leveraging the knowledge of your existing reservations resource, skills and knowledge are retained within the business. Guided coaching also provides a natural opportunity for the ongoing professional development for the reservations team – weekly calls with a professional revenue manager contributes to the development and expansion of their skill set.
Unravel the Distribution Maze
Supporting your business with professional revenue management expertise can be particularly useful in the area of technology. As the complexity of distribution landscape intensifies, a resource who has expertise and experience of navigating the world of technological configurations and implementations will ensure your property is technologically ‘fit’, streamlined, and optimised for success - leaving your team to focus on what they do best!
We were recommended Revenue by Design in 2016. Although I have been in the luxury hotel sector since 2001, I had never previously used professional revenue management. This move was revolutionary: we now have access to an international market perspective, a direct means of communication with the OTA we use, and a key individual who is responsive, observant and communicative about our business position. Deborah Clark, Owner/Director, Southernhay House Hotel
Guided Coaching has provided a cost-effective solution for many properties wishing to secure revenue management expertise, but without the expense and commitment of hiring a revenue manager. Think it might work for your business? Click here and let's arrange a call to discuss your needs!