VODCAST with RevenueHub: Revenue Manager Crisis Checklist: Daily, Weekly and Monthly Tasks
In this video we discuss a checklist recommending Daily, Weekly and Monthly tasks Revenue Management professionals should be undertaking during this crisis situation.
Here are the chapters:
1:06 Guest Welcome
1:59 Daily Checklist
9:43 Weekly Checklist
19:48 Monthly Checklist
29:43 Wrap Up
Checklist
Things to be checked daily:
- Pick-Up for next 2-4 weeks per segment (depending on current lead time)
- Promotion performance (do they work or do we need to change them?)
- Pricing & Yielding strategy next 2-4 weeks (excess & low demand days with different strategies)
- Competitor pricing, check how relevant
- Rate & Room Type availability, focus on arrival day and also plus 2 weeks, ensure straight line availability
- No-Show and late CXL revenue from last night
Things to be checked weekly:
- Feeder Market performance
- Channel performance
- Group pipeline (what is in current pipeline, follow up strategy, understand what is needed for conversion)
- Mid- and Long-Term Pick-Up check >1 months out and next year
- Pricing & Yielding strategy >1 months out and next year
- Fair and Event rescheduling + CXL policies and pricing
- Marketshare review (depending on relevance)
Things to be checked monthly:
- Group LOS/CXL analysis (understanding why groups did not book)
- Forecast update
- COR Account review (Accounts producing/not producing -> how to get more business)
- Analyse rate product performance (BAR, Early Booker, Packages, etc.) and set strategy to enhance performance
- Promotion planning next 2-4 months
- Analyze reviews on rating portals (review score vs. Pricing)
