Outsourced Revenue Management

Revenue by HRM > Services > Outsourced Revenue Management

OUTSOURCED REVENUE MANAGEMENT

Our outsourced revenue management service offers a comprehensive solution that spans daily, weekly, monthly, and annual processes to optimise your hotel’s financial performance. Through a remote, collaborative approach via Teams, we seamlessly integrate into your operations. Our team becomes an extension of yours, providing constant support and strategic insights. From real-time pricing adjustments and inventory management to continuous performance analysis, our service ensures a dynamic and responsive approach to revenue optimisation.

Our service in action

  • Daily revenue and pick-up reporting
  • Daily management of pricing adjustments and inventory controls
  • Setup new rate packages and promotions, mapping them to distribution channels
  • Assistance with troubleshooting system/interface errors
  • Discussion of enquiries and quotations for groups, weddings, events, conferences, corporate agreements, and RFPs
  • Telephone and email support (9 am-5 pm Mon-Fri)
  • Strategic revenue webinar (via Teams) with General Managers and other key personnel
  • Weekly revenue and pick up reporting
  • Two month business forecast
  • Monthly revenue and pick up reporting including pace indicators
  • Monthly market segmentation analysis
  • Production reporting for key sources of business
  • On-site review meeting (quarterly or annually)
  • Website and Booking Engine monthly review meetings
  • OTA and GDS partners quarterly review meetings
  • Support in the production of the annual hotel budget
  • Support in the production of the annual commercial plan that supports the hotel budget
  • Annual revenue audit

 

Beyond routine responsibilities, our commitment extends to actively supporting the management of the Property Management System (PMS) and associated interfaces, inclusive of seamless migrations and upgrades. We maintain a continuous review of the hotel’s ‘Tech stack,’ consistently offering recommendations aimed at improving efficiency and fostering revenue growth.

Our dedication to excellence includes a continual exploration of distribution channels to broaden routes to market and tap into new market segments. Simultaneously, we proactively seek fresh approaches to expand business within existing distribution channels. A constant evaluation and optimisation of direct booking channels, such as our website and booking engine, are integral parts of our ongoing efforts to enhance your property’s visibility and guest acquisition.

How we track results

Incorporating measures into every aspect of our work is essential for continuous results and performance tracking throughout the entire journey. From revenue optimisation to operational efficiency and market expansion, our comprehensive approach ensures that key performance indicators are at the heart of every strategy, guiding the success of your hotel.

HISTORIC PERFORMANCE & BUDGET

Using KPI comparisons, we meticulously assess our current performance against historical benchmarks and budgetary projections. By analysing these metrics, we gain invaluable insights into our progress, enabling us to make informed decisions, optimise strategies, and ensure our continual alignment with both past successes and future goals.

PACE

Leveraging pace information, we proactively anticipate future trends, enabling us to strategically adjust our approach and allocate marketing budgets where they yield maximum impact. This foresight ensures we stay ahead of the curve, adapting our strategies to the evolving landscape and maintaining a competitive edge in the market.

STR

Utilising STR/CoStar, we gauge our performance by benchmarking against the broader market and specific competitive sets. This invaluable tool empowers us with comprehensive insights, allowing for strategic adjustments that ensure our offerings remain competitive and aligned with industry trends, enhancing our position in the market.

Our 5-step onboarding process

We have designed a seamless journey to ensure a smooth integration for every new client joining our portfolio. Consisting of five strategic steps aimed at establishing a solid foundation for collaboration. From gaining systems access to in-depth market research, each phase is thoughtfully crafted to optimise your hotel’s potential within our portfolio. See below our structured pathway that prioritises efficiency, collaboration, and strategic alignment, setting the stage for a successful partnership.

Step 1 - Access & Reporting

In the initial phase of onboarding, our focus is on securing access to essential hotel systems, including the PMS, channel manager, GDS platform, extranet channels, and CRMs. Simultaneously, we work on configuring and customising your reporting structure. Shortly thereafter, you will begin receiving your daily pick-up reports, providing useful insights into your hotel’s performance. Additionally, we like to establish a recurring weekly timeslot for collaborative Teams calls, ensuring regular communication and strategic alignment.

Step 2 - Team Introductions

During the second phase of onboarding, we allocate time for team introductions and relationship-building. Establishing rapport with the in-house team is a priority to instil confidence in seeking our support whenever required. We actively seek insights from the team regarding their perspectives on what contributes to the hotel’s success and areas that may require improvement. Additionally, we engage in discussions to identify and address any operational frustrations, aiming for collaborative solutions that enhance overall efficiency.

Step 3 - Strategy Development

In the third phase of onboarding, we conduct thorough market research and perform a comprehensive SWOT analysis of the hotel. This information contributes to the development of a tailored revenue strategy that seamlessly aligns with the specific dynamics of your hotel, market, and competitive set. Following this, we conduct a thorough comparison with the current strategy to pinpoint areas in need of straightforward adjustments and identify gaps that require addressing.

Step 4 - Efficiency quick-wins

In the fourth phase of the onboarding process, we execute a systematic clean-up within the PMS and channel manager. This involves a meticulous review and optimisation of mapping, as well as an enhancement of the rate search screen utilised by the team. Concurrently, we proactively troubleshoot and rectify any identified issues or concerns raised by the team to bolster operational efficiency.

Step 5 - Dive into action

In the final stage of onboarding, we shift gears to hands-on work. Instead of just offering advice and handing you a to-do list, we dive into action ourselves. Weekly calls serve as checkpoints, where we provide updates on the tasks completed and the progress made.