Three definitions of revenue-yield management
You can see there are several answers to the question, “What is Revenue-Yield Management?”, however we like to take it a step further the whole process through a 4-step evaluation:
Understand your seasonality and learn about your competitors.
Implement yield strategies against those seasons and competitors by segment.
Develop the culture of Revenue Management within the organization.
Execute, track, evaluate, adjust and start-over at number 2.
This is an on-going process that we have here at RevOptimum with years of experience and knowledge to support the effort and help you understand what revenue management is at a fundamental level. We apply these principles of revenue yield management until we get the right recipe for success. Here at RevOptimum, we like to take the symbol of hospitality one step further; crack it open, plant the seed of hotel revenue management and watch the knowledge come flowing out! Whether 5 or 500 to 1000 plus rooms or units, whether your independent hotel is far or near – RevOptimum can help, contact us today for a FREE Hotel Revenue Management Audit, Yield Management Strategies, and Consultation.