revenue management as a business process
First and foremost, we consider hotel revenue management to be a distinct and highly structured business process. To that end, we created a proprietary business mapping process (REVRoadMap®) to help clients navigate their way through the tactical and strategic steps in optimizing revenue and profit.
Developed over the past 15 years, our unique methodology is designed to enable hotels to stay ahead of the fast-paced, evolving nature of hotel revenue management. Comprised of 6 key components, the process is specifically designed to follow a logical business cycle that, when repeated, facilitates a comprehensive application of hotel yield management concepts and principles in every aspect of revenue generation. Our REVRoadMap® Diagnostic utilizes this business approach to estimate your hotel’s revenue potential.
In today’s world of revenue management there is chronic disconnect between demand creation, demand capture and demand management, largely because of the manner in which consumer buying behavior is evolving and the extraordinary impact of the Internet. Without a fundamentally holistic approach to revenue management, hotels are unable to optimize demand. This is why at Buckhiester Management we pay equal attention to all segments of business and deploy a truly collaborative, synergistic approach to the relationship between marketing, sales and revenue management. This includes a carefully blended emphasis on the customer, the competition, the market, and the electronic playing field (including digital marketing and social media). Converging these disciplines is key. And it takes the skill sets of both a consultant and a trainer to do it well.
the consultant in us brings…
- An understanding of the three primary pillars (or building blocks) of organizational change: culture, team, skills
- Building the culture of revenue management within an organization
- Developing an integrated decision making forum to overcome traditional departmental barriers to revenue and profit optimization
- Developing both strategic & tactical skills in a “Total Revenue Management” environment
- An appreciation for the different perspectives of owners, management companies and brands.
- The ability to comprehensively assess any revenue management effort, no matter the environment, against industry best practices.
- A comprehensive and dynamic business process approach to adapting Revenue Management to your organization. This proven methodology combines a highly structured process to evaluate your organizational needs.
- Ability to follow-through on recommendations with by offering workshops, decision support tools and coaching sessions to enable your hotel to develop Revenue Management as a sustainable core competency. Our gap analysis process is REVRoadMap®. Our product is REVolution®. Think of REVRoadMap® as your “GPS” and REVolution® as your vehicle.
- The ability to keep pace with the rapidly evolving discipline of hospitality revenue management.
the trainer, developer, & coach in us brings…
- Tools, training and process together to enable those making the day-to-day decisions to deal effectively and efficiently with complex revenue and yield management issues such as positioning, pricing, forecasting and electronic distribution. Our product REVolution® is there to support these efforts.
- The ability to deliver our content using adult education techniques to ensure that participants experience optimal gain from the investment in revenue management training and development. According to a study from the University of Washington “private employers spend $210 billion a year on training…. but it is estimated that less than 50% of corporate programs are effective in terms of long term retention and application.”
- A focus on measuring results including market index results overall, market index balance, total revenue and EBITDA. We utilize a 60-90-120 day customer care follow-up program that ensures hotel & resort Revenue Teams are able to move forward with their new skill sets.
- A blended education approach (workshops + tools + coaching) that facilitates standardization of processes and best practices across hotels and creates strategic thinkers not just task oriented RM teams.
- Patience from years of experience to help clients master low and mid-tech skills before implementing high-tech solutions.
- Willingness to take time to demystify and simplify revenue management concepts.