I chose YCS as my revenue experts, what happens next?
Rigorous online listing hygiene check to plan and render effective revenue management.
Curating your hotel’s revenue optimization plan
Planning is essential; we not only swear by it but also practice it. To improve your property’s competitiveness and revenue management, we have a decisive process in place.
STEP 1:Identification of Improvement Scope and Plan Of Action
- We audit your property for existing OTA listings, content (photos, property details), rate parity and more.
- Examine historical data to find strongest and weakest OTAs, booking lead time, guest segment, DoW.
- Review your existing pricing and outline a new strategy.
- Hotel website audit to check basic SEO, mobile responsiveness, loading speed, user experience.
- Booking engine audit to check its integration, direct booking promotions, looker to booker widgets availability, direct booking prompts, exit pop-ups with offers, auditing existing booking software and payment gateways.
STEP 2:Online Visibility Optimisation
- We update existing online profiles as per industry standards and recommended ways.
- Register your property on a variety of meta search engines like TripAdvisor, Trivago, Kayak and more.
- Identify new, relevant OTAs and register on them.
- Forecast demand based on the audit and set the right room rates.
- Maintain rate parity at all times across all channels.
- Achieve the best price by updating rack rates and availability for the next 365 days.
- Enrollment of the property on Google’s free hotel booking link (FBL) program to drive direct bookings.
STEP 3:Competitor Analysis
- First we identify your competitors and then perform compset analysis. Compset is identified with factors like hotel type, inventory, star rating, review score, ARR.
- Analyse and compare their pricing strategy.
- Examine competitors’ reviews.
- Determine other benchmarking factors.
STEP 4:Pricing Analysis
- Identify your property’s business mix to achieve the best rate.
- Identify market demands to implement dynamic pricing based on:
- Lead time
- Booking pace
- Day-Of-The-Week
- Booking patterns
- Upcoming/famous events in the locality
- Property reviews
- Implement promotion strategies.
- Gather market insights and industry recommended upsell strategies.
STEP 5:Intelligent Reporting
- We produce a daily pricing report to highlight revenue pickup per day, rate insights, ADR and more.
- Revenue report to showcase booking patterns, actual revenue, booking pace analysis, day of the week and more.
- Revenue report with forecast to speculate revenue based on future trends and present existing revenue details.
STEP 6:Continuous Analysis and Monitoring
- We assess forecasted revenue vs actual revenues, shortfalls and update the plan of action.
- Attempt to reduce OTA commission (one time process).
- Train hotel staff on SOPs and best practices.
- Act as your property’s contact agent for all OTA communication (Work closely with OTAs as a part of the hotel team).
This comprehensive methodology puts our revenue managers in the right spot to perform your hotel revenue management.