Welcome to GuestCentric’s workshop series about Hotel Revenue Management Optimization.

The implementation of a revenue management strategy to maximize revenue and profits is crucial for any hotel. Although revenue management is consider by many a complex business strategy, the basis of it and objectives are very simple: being able to adapt the price of a service or product based on demand, competition, time, market and other factors in order to maximize profits and revenue.

I hope you find this information useful. Stay tuned for more:

• Introduction to Revenue Management Part II September 15, 2009
• What revenue management strategy do you follow September 29, 2009
• Choose the pricing strategy that fits you the best October 20, 2009

Stamford, CT – GuestCentric Systems, the premier Software-as-a-Service provider for the independent hotel industry, announced the launching of a series of complimentary workshops about Revenue Management Optimization. “During a difficult economic scenario, hotels must have the right tools and tactics to make good use of the hotel services in order to maximize opportunity.” Said Pedro Gomes Product Manager at GuestCentric Systems “This workshop will give viewers some insights on how to sale the right product, to the right consumer at the right time for the right price.”

The workshops will be presented on a video blog format and will include the following topics:

• Introduction to revenue Management
• What revenue management strategy do you follow?
• Choose the pricing strategy that fits you the best

The implementation of a revenue management strategy to maximize revenue and profits is crucial for any hotel. Although revenue management is consider by many a complex business strategy, the basis of it and objectives are very simple: being able to adapt the price of a service or product based on demand, competition, time, market and other factors in order to maximize profits and revenue.
The workshop will be host by Pedro Gomes Product Manager at GuestCentric Systems and will explain the fundamentals of Revenue Management. As a product manager Pedro brings to the table a lot of his past experience on the hotel industry sector. Prior to GuestCentric he acted as E-commerce manager and revenue manager assistant for the Group Starwood Hotels and Resorts in Portugal, Pedro was responsible for the hotels’ on-line distribution, rate and inventory management in OTAs and CRS.

The videos will be posted on GuestCentric’s website on the following dates:

• Introduction to revenue Management part I – August 31, 2009
• Introduction to revenue Management part II – September 15, 2009
• What revenue management strategy do you follow? – September 29, 2009
• Choose the pricing strategy that fits you the best – October 20, 2009

About GuestCentric Systems

Headquartered in Stamford, CT with offices in UK and Portugal, GuestCentric Systems (http://www.guestcentric.com) is a Software-as-a-Service (SaaS) provider that revolutionizes the way independent hotel operators compete for customers. GuestCentric’s Hotel e-Commerce Optimization is a one-stop-shop solution that offers simple and cost-effective ways for hoteliers to create a professional web site design, integrate direct online booking and online marketing capabilities to boost revenues, lower expenses and develop long-standing relationships with customers. GuestCentric has a growing customer base in the United States and leading tourism markets like the United Kingdom and Spain.

Earlier this year I went on ski holidays to a picturesque town called St. Foy. I stayed at a beautiful independent property that characterizes for providing a personalize experience to its customers. During one of the nights I had an interesting conversation with the property owner about online presence.

The fact that although the property attracts international guests, the website didn’t have direct online reservations nor provided visitors with additional information about the property and surroundings caught my attention.

My main curiosity was to try to understand the reason why the property was not adapting new technologies to their website. It was not a surprise when the owner of the property told me that she was afraid to lose the customer interaction that is created while exchanging emails or phone calls with guests. Especially because this interaction allows them to learn more about the guests’ preferences in order to provide a personalized experience.

If you are an independent property and you can relate to this then let me tell you something:

Providing a good online service to website visitors doesn’t mean that you have to jeopardize the personalized service that distinguishes you. Online presence will provide you strong competitive advantages against other hotels. By providing real-time availability and pricing information on your website you will have more time available to manage your business rather than being on the phone or checking emails 24/7. Moreover new technologies allow you to keep good track of your guests’ preferences that not only optimizes the guest experience while staying at your property but also enhances their online experience.

As time goes by travelers are becoming more demanding and a large part of them make the decision of where to stay on the information they find in the internet. So you have to make sure you provide your customers with what they are looking for and what they want. Do not forget is not about you or your property is about your guests.

On the last blog entry Did you enjoy your stay with us? Part II, we shared some tips on how to take advantage social media to improve your website visibility. As I was reading more information related to this topic, I came across a blog entry written by Alicia Sheber. In this blog Sheber shares tips about how to attract positive attention and/or recover from the poor publicity of social media sites. Here’s what she states as being the “initial steps on the road to recovery”:

1. Proactively monitor social media sites to check what your guests are saying about you. Their opinions are actually a goldmine, as they can alert you to unforeseen issues that, if caught early, can be remedied before causing further damage. Make sure your physical site matches your web site by addressing the issues raised and following-up to see that they don’t reoccur.
2. Ask guests who have had an enjoyable stay to leave feedback either on a social media site or provide an option for doing so on the main hotel site.  Offer an incentive for guests who leave feedback.
3. Strike preemptively.  Establish goals for WSO and SEO.  Make sure your website uses accurate, articulate and well-researched content that reflects your target market’s aspirations without misleading them. Consider building a microsite for better promotion of your spa or restaurant
4. Monitor your competition. Where are they winning and what could be improved?  Be a fast-follower but provide your own twist. Find their weakness and offer something that fills the void.
5. Try unconventional pricing. The Hoxton Hotel in London offers a seasonal 1GBP/night online promotion for a limited number of rooms.  After repeating this sale over the course of a year, the buzz it generated helped turn it into one of the hippest places in town.
6. Look at business successes outside of the hotel industry. Establish cross-promotions with unconventional partners that are relevant to your target market. Use Google Trends to see what’s hot with your guests and integrate these ideas into your strategies.  Remember, “You are who you’re linked to.”

To read the blog “How to promote an unpopular hotel?”  visit: http://www.hotelmarketingstrategies.com/how-to-promote-an-unpopular-hotel/