The Revenue Journey Archives -

TrevPAR World Launches Real World Revenue Management – online

Nowhere in the world currently, is the rise of Revenue Management more evident than in Africa! From the multi-billion dollar hotel chains to the influx of thousands of independently run hotels, lodges, management companies, as well as asset management companies, whom are all redefining traditional Revenue Management within the international community. At the same time, …

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The Revenue Journey Part #10 – Still Not Convinced?

The Revenue Journey / By TrevPAR World

The definition of Revenue Management can be described as – selling the right room, to the right client, at the right moment for the right price on the right channel with the best commission efficiency – a confusing and complex concept to grasp especially when looking at what it takes to implement a successful revenue …

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The Revenue Journey Part #9 – Revenue Management Systems

The Revenue Journey / By TrevPAR World

As the Revenue Journey continues the focus of the past articles now shifts to streamlining all the different elements by means of technology. Imagine having a tool that helps you set the right price for the right segment for the right channel for the right time with a simple click of a button. The main …

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The Revenue Journey Part #8 – Complete Revenue Management

The Revenue Journey / By TrevPAR World

The Revenue Journey #8 – Complete Revenue Management In the last article of the Revenue Journey I spoke about pricing and pricing strategies. I mentioned that setting your pricing is one part of complete revenue management. The second part, even more critical, is managing inventory. The revenue increases that can be achieved with getting your …

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The Revenue Journey Part #7 – Pricing

The Revenue Journey / By TrevPAR World

Revenue Management – Pricing Strategies After preparing the forecast it now needs to be put to use. The forecast is the basis for two of the most critical aspects of revenue management: determining the pricing strategy as well as the inventory management strategies. In this article I will discuss pricing strategies and next week I …

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The Revenue Journey Part #6 – Forecast

The Revenue Journey / By TrevPAR World

Revenue Management – Forecast A good forecast is the most important part of any revenue management decision making process. Without an accurate forecast it is not possible to make accurate revenue driving decisions and may even result in damage to the business rather than driving it. The objective needs to be clear to everyone and …

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The Revenue Journey Part #5 – Processes

The Revenue Journey / By TrevPAR World

Creating a Revenue Management Culture at the property involves a lot of work by the revenue team – see the Revenue Journey #3 – Starting with the Foundations – People – and is an ongoing effort in any revenue driven organization. Processes will need to be implemented that help drive revenues. These processes, together with …

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The Revenue Journey Part #4 – Choosing Infrastructure

The Revenue Journey / By TrevPAR World

Revenue Management – Choosing Infrastructure Components Now that the revenue team is in place it is time to look at the distribution infrastructure of the property. Selling a product requires an infrastructure to put that product on a shelf so customers can buy it. This infrastructure can be made up of systems, manual processes or …

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The Revenue Journey Part #3 – Fundamentals

The Revenue Journey / By TrevPAR World

Revenue Management – Starting with the Foundations – People The first and most critical part of any Revenue Journey is to make sure you have a good organizational foundation with the right team members. The members of the team will have to put revenue management in place and execute all the different components during the …

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The Revenue Journey Part #2 – Navigating the Journey

The Revenue Journey / By TrevPAR World

After having taken the plunge into revenue management – see The Revenue Journey Part #1 – Taking the Plunge – you will need to start navigating the revenue management journey. Only very few people are gifted or talented in a certain area and most of us will need to learn and practice to become good at something. The …

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