FAQ
Frequently Asked Questions
Find quick answers to the most common questions about Revomine Consulting, our services, processes, and how we help businesses optimize revenue, technology, and operations. If you don’t find what you’re looking for, our team is always ready to assist.
Businesses are meant to make money, however, revenue doesn’t grow by accident. In the lodging industry, revenue management is the strategic analysis of guest behavior in order to predict future supply and demand. In other words, revenue management takes into account factors such as a property’s historic occupancy rates, local events, weather, and competitor rates. The strategy considers these factors to optimize future room rates for maximum profit. Properties can also include amenities such as restaurants, spas, and events spaces into revenue management strategies.
People working on the ground at hotels and properties are incredibly valuable resources for pricing. However, a Manager’s final decision on pricing should be informed by data.
Property management systems (PMS) are not only valuable for day-to-day operations, the systems also provide reliable records of a property’s historical pricing and occupancy rates. Therefore, revenue management should always be informed by data from your property’s PMS.
It’s possible to study and track your PMS’s historic data in order to set room rates. Many people rely on a combination of manual research and keeping records in notebooks or Excel spreadsheets. However, this process is extremely laborious and time-consuming.
Dynamic pricing is the process of adjusting the price of a product or service based on the changing market conditions. This approach is commonly used in the travel industry, where prices for hotel rooms, flights, and car rentals are adjusted in real-time due to changes in demand, competition, or other factors.
