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Over the past five years, the practice of
Revenue (formerly "Yield") Management
has become increasingly sophisticated, as its
contributions to profits have become more widely
valued. The typical property can achieve revenue
increases of 2%-10%. Among other things, an
effective Revenue Management process must encompass
both transient and group business, consider all
important sources of revenues, rely on accurate
demand forecasting and historical data, track
lost business due to rate sensitivity or availability
and set prices based on demand.
These assessments focus on identifying the
key opportunities for improvement, and are
designed to help independents either develop
a more formal Revenue Management process or
take their efforts to the next level.
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