As revenue management practitioner starting your morning on the right note allows you to set up pace for the rest of the day.
The first hour or two should be spent on reviewing and checking before you get into your daily work and working towards inbox zero. Here are some of the steps you should incorporate in your daily practice.
Daily Pickup Review
This is a high level review of every day performance. You are looking for some quick bites of information like overall revenue picked up, room nights sold, transient and group market segment performance. This report
Rate Code Performance
When you are review your daily pickup it is a high level approach. However, spend some time to dig a little deeper to check on which rate code are working for you.
Check the room nights and revenue picked up from last night and compare it to your Forecast & Budget of the month. Are you still in line to meet it? If not, decide on the next step. If yes, are there patterns indicating a strong month and can you capture more revenue based on pace you are seeing?
Check on what your competition is doing. Have they changed any prices or launched a new special you should be aware of? If there are substantial changes compare it to the activity you are seeing on those days.
Balanced inventory to sell the appropriate product. Check if there are any days where an inventory imbalance is creating an availability issue, if yes, resolve it. This is also a good time to resolve oversell issues in any room types. Check for sold out dates too. Decide on the oversell limit based on expected wash and lead time.
Doing weekly pricing adjustments is very common in hotels but based on business you are picking up make sure you are priced appropriately for high activity days or days where you are not seeing enough activity maybe the rooms are priced too high.
Is your inventory available in all channels? Sometimes hotels sell out of rooms on certain days on OTA’s or vice versa, make sure you have matching inventory available across all channels to avoid rate parity issues.
Market Segment Review
Check the segments you are getting the bookings from. Whether it was transient or group, what worked well and what didn’t? Based on the performance of the segments decide on what you need to do boost business or extract more out of a segment.
Web Analytics Review
Always look at the basic analytics metrics (link to web analytics article) on a day to day basis, why? Because you will start realizing what to expect from the site in number of visitors, what kind of conversion you can see, any traffic spikes & new sources of business. Once you are familiar with the metrics get working on getting more conversions.
Same Day Inventory Check
Decide whether you want the hotel to sell more rooms or you think the hotel is right where you want it. Talk to the FOM (Front Office Manager) let them know what you are planning to do if you are in an oversell situation. Keep them included in this, they will appreciate it.
Create a report that you can share with your Exec Team & Managers. This should be a simple and easy to follow. Just because you are familiar with the report and understand it quickly not everyone can. Think about your audience and simplify!
Are there other actions you would add to this list, what do you think?