Benefits of Remote Hotel Revenue Management

Introduction

The COVID-19 Pandemic situation has shaken lives and businesses around the globe. Especially, when it comes to the hospitality or the hotel industry, businesses have taken a huge jolt. Currently, the hotel industry is scrambling to regain their financial footing. Amid such situations, hoteliers can probably find a ray of hope with Remote Revenue Management solutions to boost their revenue and move towards higher profits. Conceptually a new strategy evolved during the time of the pandemic, remote revenue management may be unfamiliar to many. However, to educate the industry more on this we have come up with an article that explains what remote revenue management is and how it may benefit the hotel industry. We have today listed down the benefits of partnering with a remote revenue manager for outsourced revenue management services. But before that let us first understand the role of a revenue manager in general. 

 

What is the role of a hotel revenue manager?                   

A hotel revenue manager is an expert in the industry who knows how to get the ball rolling and increase revenue for the hotel industry. They identify revenue opportunities and help businesses set a clear strategy for increasing RevPAR. They have the industry knowledge and expertise to extract critical information and use it to create a strategy that increases revenue. So, partnering with a revenue manager is definitely an option a hotel business must consider, especially during such situations where the normal inflow of income is bare minimum. Given below are some good reasons why hotel businesses must consider outsource revenue management services and opt for remote revenue management.

What is Remote Revenue Management?

While revenue management refers to the strategy of focusing on selling the right room to the right client at the right moment at the right price, remote revenue management refers to the same practice of revenue management but performed remotely.

Benefits of availing remote revenue management

Given below are lesser-known facts and benefits of partnering with revenue managers and availing their remote revenue management services.

Identify new opportunities and market demand-

Maximizing revenue is all about understanding the market and evolving with it as per the new and growing demands. With situations like the pandemic hitting the industry hard, hotel businesses can only survive by adapting to the situation and this can only be done with the right amount of market analysis. A remote revenue manager will have all the data and statics of both the external market and hotel’s internal metrics to tackle such situations and suggest a breakthrough strategy for your business. Effective remote revenue management experts will identify early market trends and know-how your hotel can capitalize on-demand, and quickly implement a strategy around it. For instance, in a pandemic situation like this where the demand for dine-in and buffet services has come to a standstill, building a strategy around the take-out services is what must be planned with the revenue manager. 

Best Solutions-

Remote revenue managers know the ins and out of the industry and are trained for unexpected situations like these. Conducting a thorough analysis of your business situation and revenue-generating and maximizing capabilities, the revenue manager will suggest a solution that best fits your business, and especially in line with the current situation. They can examine the hotel’s existing technology and suggest the best solutions to drive sales. Revamping your internal booking strategies to managing the best revenue management software to rearranging technology for more profit, they can suggest the best solution for your business.

Retain Booking Revenues

Availing remote revenue management services from revenue managers can be beneficial for your business. They will know ways to boost direct sales through their own online booking engine and GDS and rely less on those OTAs that make huge profits on commissions. They will suggest the best option for your business and ensure you with profitable results.

Reach Wider Audience

Revenue managers will know how exactly businesses can reach a wider range of audiences and amplify your hotel business.  Adopting the best channels like social media, GDS, and other high traffic channels revenue managers will surely help boost conversions. The experience remote revenue management team can identify opportunities and accordingly suggest channels and help you work towards lowers the overhead expenses and labor costs during seasonal lulls. Again, on the contrary, they can help you maximize profits by reaching a larger set of audience by identifying opportunities during seasonal spikes and increase rates for higher revenue.