I’m a new reservations manager and no revenue manager yet, and I need to be educated on forecasting and availability controls in hotel revenue management , can any one help me on to this please?
Below are some of the tasks which are performed by the revenue managers on a day to day basis. As you are working as acting Revenue Manager you should be familiar with these tasks.
1. Review of All the Reservations Picked up For the Day and Look For:
- Which market the booking came from.
- At what price where they booked.
- How far in advance they were booked and what trends surface.
2. Perform Booking Pace Analysis:
Check the room nights and revenue picked up from last night and compare it to your Forecast and 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?
3. Competitive performance Analysis:
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.
4. Check your Hotels Inventory:
Balance 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.
5. Set Overbooking Limits:
Check and resolve any oversell issues for any room types in future dates. And for sold out dates decide on the oversell limit based on expected wash and lead time.
6. Online Channel Availability and Rate Analysis:
Check if your inventory is available in all online channels like Website, OTA’s, GDS etc. Resolve and rate parity, inventory and availability issues.
7. Market Segment Analysis:
Print your Market Segment Summary Forecast report and check the segments you are getting the bookings from. Based on the performance of the segments decide on what you need to do boost business or extract more out of a segment.
8. Check Below reports and take required actions:
- Prepare Your Daily Reports: As per your hotels, standard create the set of daily reports that you can share with your Management Team.
- Cancelled reservation reports: To figure out why guests are cancelling their stays and take necessary actions so that cancellations can be reduced.
- Void reservation reports: So that it can be ensured reservations are made void only for the genuine reasons and can be tracked and reduced.
- No show reservation reports: Keeping a track of no-shows helps in understanding the possible reasons and take action in reducing no-shows.
- Booking Pace report: Compares reservations activity for the current period versus the previous period. It shows reservations on hand, called the business on the books, in terms of room nights, room revenue and average daily rate (ADR).