[Infographic] What Makes a Successful Revenue Strategy?
The travel industry is competitive, fragmented and swiftly changing. In that environment, an intelligent, flexible revenue strategy is the only path to success.
Independent hotels face a unique set of opportunities and challenges when it comes to developing a solid revenue strategy.
The independent hotel doesn’t have the negotiating power or marketing budgets of multinationals, so they’re in a more vulnerable negotiating position with OTAs. There are also often issues with investing in and integrating new technology.
However, independent hotels can react more quickly to changes in the market. They also have the freedom to offer unique experiences to their guests.
We want to address what we see as the main challenges and opportunities for revenue management in independent hotels in 2017.
The infographic below covers 2 important areas in developing a revenue strategy: before you start, and the actual planning.
The ‘Before You Start’ items cover the right environment to make a plan in. You need to have your goals aligned across departments, and have key stakeholders (like your general manager) on board with investing in the plan once it’s ready.
Then, we give a few pointers on the actual planning. Once you’re ready to create a strategy, what should your strategy focus on and include? We’ve included 4 key areas to address once you’re actually sitting around the table and ready to plan.
For a closer look at everything covered in the infographic, take a look at the full article.