Revenue Management Solutions for York Hoteliers
Revenue Management Solutions York
York is one of the most historic cities in the UK and each year attracts millions of day visitors and hundreds of thousands of visitors on extended stays. With tourism nationwide on the rebound following recent events, it is imperative that your hotel is positioned to maximise your earning potential. Revenue Management Solutions for York hoteliers by Revenue by HRM is how you do that.
Why Our Revenue Management Solutions for York Hotels Matter
Taking on an in-house revenue manager may seem like the best way to get hold of your finances, but in the long run, it could delay progress or worse, exacerbate the situation by requiring you to take on additional and unnecessary expenses at a time when you are trying to reduce operating costs.
It is also likely that with a personal stake in the game the in-house revenue manager may be disinclined to suggest an approach that may serve you well but undermine their position. When you enlist the team of Revenue Managers at Revenue by HRM there are no such potential conflicts of interest. In addition, you are not saddled with the kind of expensive benefits package that comes with creating an in-house position.
An Open-Minded Approach
While we always follow best practices when it comes to revenue management we also understand the need for outside-the-box thinking. Hoteliers often have untapped revenue streams available to them but have simply never let their minds go there. We go there.
For instance, one of the most effective ways to enhance the income of a branded property is to explore alternative pricing strategies. These may include:
- Value-added pricing – Value-added pricing entails setting higher room rates while ramping up amenities to create the impression of a reasonably priced premium service.
- Discounted pricing – Every hotelier is familiar with this practice which is usually employed during the low season to increase occupancy. The question is: Are you using it to maximum effect?
- Penetration pricing – This pricing strategy allows you to posit your hotel as the least expensive in a given market without abandoning the ability to charge higher rates for some services.
- Segment pricing – The “family rate” is one of the best-known examples of this strategy. Others include “senior rates” and “seasonal rates”.
- Skimming – If your branded property has unique characteristics that enable it to stand apart from your competitors you can these can be leveraged to justify premium rates.
Contact Revenue by HRM
For proven Revenue Management Solutions in York get in touch with Revenue by HRM today.