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:
  1. 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?)
  2. Pricing & Yielding strategy next 2-4 weeks (excess & low demand days with different strategies)
    • Competitor pricing, check how relevant
  3. Rate & Room Type availability, focus on arrival day and also plus 2 weeks, ensure straight line availability
  4. No-Show and late CXL revenue from last night
Things to be checked weekly:
  1. Feeder Market performance
  2. Channel performance
  3. Group pipeline (what is in current pipeline, follow up strategy, understand what is needed for conversion)
  4. Mid- and Long-Term Pick-Up check >1 months out and next year
  5. Pricing & Yielding strategy >1 months out and next year
  6. Fair and Event rescheduling + CXL policies and pricing
  7. Marketshare review (depending on relevance)
Things to be checked monthly:
  1. Group LOS/CXL analysis (understanding why groups did not book)
  2. Forecast update
  3. COR Account review (Accounts producing/not producing -> how to get more business)
  4. Analyse rate product performance (BAR, Early Booker, Packages, etc.) and set strategy to enhance performance
  5. Promotion planning next 2-4 months
  6. Analyze reviews on rating portals (review score vs. Pricing)