EyeforTravel: Revenue Management for Small & Independent Hotels

A presentation at EyeforTravel by Scott Bacon, Senior Revenue Account Manager, Preferred Hotel Group.

Infrastructure is a challenge for small, independent hotels. To overcome that, build a solid training program. Build a library of information. If you don’t make that investment, you hurt your hotel’s profitability.

Invest in efficiency. If you have to track multiple data dashboards, you waste time.

If you’re small, you can be quick & nimble. Capitalize on that.

The “average-ness” of averages.

Industry research can be construed & misleading. Don’t rely on it completely. Look at data in a way that is meaningful, and use frequency distribution.

How can hotels price competitively to gain exposure while maintaing rate integrity?

Package with value-adds. Stay “under the radar” with private pricing offers (semi-opaque channels).

How can hotels build guest loyalty with a rational pricing strategy?

Build a guest recognition program. Never ask “have you stayed with us before?” – you should know that answer already.

You don’t have to give away upgrades…just recognize your loyal guests.

How do you increase revenues when you’ve got high occupancy rates?

Raising the rates seems obvious, but it could backfire at times.

So, test. Develop interesting tests and play with the market.

How do you raise your appeal to higher-rated segments?

Not a lot of hotels know where their market position is. Define and position yourself.

Ride the coattails of partner brands that have already spent lots of resources establishing themselves.