REVENUE MANAGEMENT SERVICES
Metis LLC provides hotels with hotel revenue management services. We offer both one-time branded projects and long-term projects to help generate more revenue for hotels. We provide them with solutions to help them with the pricing and distribution channels of their projects. We ensure they benefit from the competitive analysis offered by our professionals. Some of the revenue management's one-time branded projects include the inauguration services since this process happens once in four years. Therefore, we offer strategies to hotels to generate lots of revenue from this project during this period. We partner with them to provide you with inauguration services such as rooms transportation, security assurance, and services that involve the provision of essential amenities such as clean food and water during the inauguration period. Therefore, we advise our clients to seek Metis, LLC serves to make this season enjoyable for you and save you money.
REVENUE MANAGEMENT CORE COMPENTENCIES
Hotel pre-opening market feasibility analysis
Hotel positioning and re-positioning statement definition
Budget & Forecast development
Pricing strategy by segment and channel
Room Type optimization
Food & Beverage pricing strategy
Distribution Channel Management
Alignment of the Sales efforts with the Hotel Revenue Management Strategy
Group pricing & overall revenue contribution evaluation
Wholesale & Negotiated rates performance analysis
SUPPORT REVENUE MANAGEMENT STRATEGIES
Full on-going Support (6-month commitment)
One of our most common services is our Full On-going Support option. With this service, we will first perform a full audit of the hotel current performance (Initial Revenue Management Audit) with a detailed approach by segment and by channel to identify the strengths and opportunities. Through a SWOT analysis and a benchmark of the digital presence with the main competitors, we will identify the hotel current positioning and establish recommendations and key actions to put in place within the next 6 months. After reviewing the audit with the key players, we will establish together the main priorities of the hotel and the key strategies to action. Additionally, we will review any required or recommended tools that may need to be set up for an optimal and efficient yield strategy. Depending on the extent of the work needed in the configuration, this may require additional time on our end and possibly set-up fees with the 3rd party programs. You will then receive the key deliverables a Director Of Revenue Management provides on a weekly basis (weekly Revenue Management Meetings) to ensure the strategy in place is working and to action any levers to optimize revenues. This will consist of a weekly detailed report and one-hour meeting to review past week’s performance, weekly pick-up, pace changes for the next 3 months and discuss any necessary yield changes.
Why a 6-month commitment? The answer is simple. A strategy is different from a tactic: it is a long-term approach that takes time to prove its results; it needs to be tweaked and optimized to ensure real results.
INITIAL REVENUE MANAGEMENT AUDIT DELIVERABLES
One-hour Q&A with 3 keys players (Sales, Finance, Operations)
SWOT analysis & positioning including opportunities in segmentation & channel mix
Public Rates: Benchmark of room types, public rate structure with the compset
Digital presence analysis (website, OTAs, GDS)
Evaluation of any required set-up in Revenue Management systems to pull the data for analysis (ex: access to PMS data and possibly reconfiguration of such data, recommended tools depending on the hotel needs for price shops or competitive set information)
Revenue Management & Sales strategy recommendations with an index in the cost, difficulty, and ROI
DETAILS OF WEEKLY REVENUE MANAGEMENT MEETINGS
STR performance analysis
Reach to Forecast & Budget
Weekly pick-up analysis per segment
Pricing changes for the Compset
Hotel pace vs Compset pace analysis (if data available)
Recommendations in pricing, rate, channel adjustments
On a monthly basis: STR monthly performance, relevant month-end reports catered to the hotel with analyses & recommendations (i.e. segmentation mix, channel mix, transient/group pace)
A LA CARTE ADD-ONS
We strongly believe in a personalized approach as every hotel has very different needs that need to be tackled. For this reason, we have put together the below list of services that can be a one-time analysis or a monthly support to be added to the fundamental on-going support.
ONE-TIME REVENUE ANALYSES AND SERVICES
Overview of the current OTA optimization including an audit of the content score, a detailed analysis at the rate level of the OTA strategy and one-on-one meetings with key market managers
Establish the connectivity for additional rates on an existing channel or establish a new connectivity with a new OTA partner
Analysis of the current pricing structure of Negotiated accounts, opportunities for new accounts and GDS description optimization
Profitability analysis per channel and review of opportunities in cost of acquisition
Analysis of up to 2 specific contracts (tour series, crews, cruise lines…) and their contribution to the hotel maximized revenue
MONTHLY ADDITIONAL REVENUE MANAGEMENT SUPPORT
Monthly analysis of performance of each channel, promotions, recap from key partners
Monthly analysis of the Top accounts in Negotiated rates
Please note that you can also use our services without the on-going support for a different fee. Although proven less impactful, we can perform the Revenue Management Audit on its own as well as a few one-time services. We will put together our recommendations and lead a thorough discussion to give the hotel the necessary guidance to put in place necessary actions at their own pace.
PRE-OPENING REVENUE MANAGEMENT
We will be able to accompany you during your hotel feasibility study and pre-opening phase. We will first analyze the overall market trends to understand the threats and opportunities that will impact the hotel. We will then define a primary and secondary competitive set of comparable hotels and therefore determine its projected positioning.
Based on the positioning, we will recommend a pricing, inventory, and channel strategy to reach a targeted occupancy and ADR over a 10-year outlook. After reviewing the overall strategy of the hotel, we will be able to draft a critical path to put in place the necessary actions to deliver the Revenue management strategy including but not limited to the reservations system, the property management system, the channel partners, the rate shop and other revenue management tools.
REVENUE MANAGEMENT BUDGETING AND FORECASTING
We can accompany hotels in their budgeting and forecasting processes. We can assist the hotel in putting together their business plan and budget by segment through a full analysis of the competitive set, the hotel strengths, weaknesses as well as the market threats and opportunities. Once the overall strategy approved, we may establish the budget monthly, weekly or daily depending on the hotel needs. As part of our on-going support, we may also include monthly forecasting services by segment for the next 3 months. Such services will include a thorough discussion of the numbers as well as the action plans to put in place to reach or overperform such forecast.