Revenue Management

Revenue management can be defined as selling the right product to the right customer at the right time for the right price through the right channel and here at Barefoot Consultancy, we’ve also added in the right manner.

 

 

We carry out a Revenue Management Audit and identify key areas of improvement needed and then implement activities that aid in Revenue maximization in the entire Hotel’s revenue centers. We also aid hotels in East Africa to adopt the Revenue Management Culture. With the assistance of our team, you can improve the online distribution performance of your hotel.

 

We work with you to analyze your current performance compared with your competitive set, and by applying industry revenue and distribution best practices that will help you increase the profitability of your online distribution efforts.

Evolution Of Revenue Management

For many years, hoteliers used to focus on what is their occupancy or what is the average rate then we moved on to say what is revenue that we actually getting for every room we have available which is RevPAR. Now we also have to be concerned about the GOPPAR  and from a cost point of view it’s not enough to just make revenues, we also have to look at what are the costs through the channels that we are making our money from.

Barefoot consultancy offers a conclusive Revenue Management Training that enables the teams in the hotel to effective drive the revenue generation process. The training elaborates on the various tenets of Revenue Management that enable the teams to acquire knowledge on how to optimize their revenues.

Barefoot consultancy offers you advisory on the various online distribution channels, and aids on the sign up channels. We also advise on the channel costs so as to know the rates to offer in each and every channel.

We advise on the various tools that the hotel needs to have so as to boost online reputation by ensuring that guests are able to review the hotel positively in the various channel such as TripAdvisor.There are various systems that enable hotels to benchmark on reviews whereby they are able to see how their competitor review score is versus theirs. This is great as the Hotel is able to identify areas that they need to improve. Online reputation can kill or make a business and therefore it is key to ensure it is positive, and when it is not the case, the hotel should respond to turn around the negative reviews.

Barefoot guides you on how to forecast on future demand so as to avoid a first come, first served culture. This acts as an eye-opener on the business to shun and what business to accept at a particular time depending on the projected future occupancy as well as the trends of the business.

Barefoot Consultancy analyzes the Hotels’ segmentation and advises on the professional way of carrying out the segmentation in the hotel budget as well as in their Property Management System. With accurate Segmentation, the hotel can track the various segments’ production and also the seasonality of the various segments.

Barefoot Consultancy guides on how to implement a pricing strategy that will enable your hotel to maximize overall profit while increasing margins and market share. Our approach enables you to develop an optimal initial pricing framework which is informed by customers, market conditions and the competitive environment.

In a nutshell, Barefoot Consultancy guides you on the various pricing strategies to adapt at various times, seasons based on the forecasted demand as well as your customer segmentation.

Barefoot Consultancy helps hotels optimize their sales and marketing strategy to drive profitable growth. We do this by gathering together insights from your customers, markets, business environments and the internal organization. We then model the economic implications of these insights and compare them with what is working for other hotels within your competitive set. Finally, we work with management to implement change the organization’s sales and marketing procedures and practices.