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Expand revenue optimisation beyond your rooms department with total revenue management principles
Next, get staff from each revenue-generating department involved and train them on elements like setting, tracking, and measuring KPIs. Skipping this can result in fuzzy goals, incorrect tracking and the inability to properly measure your success. Now, collect and examine actual performance data, so you can shape your strategies. Pick the most relevant insights to find the areas where you have the biggest opportunity for improvement. Optimising your' hotel's F&B revenue Restaurant revenue optimisation gained importance due to the many new restrictions around seating capacity and overall F&B operations. Today, the key is to look at the seats in your restaurant like a hotel room, and find ways to serve it to more guests. Evaluate your seating vs table occupancy during the day, see specifications of each setting as an attribute, and work with your kitchen and service team to optimise your offering and better promote your most profitable menu items. The popularity hotel restaurants enjoy among local residents is an especially powerful opportunity for properties in the APAC region. Leverage this by creating and marketing special promotions targeted at your domestic market and don't forget to make sure that your in-house guests know what you are offering. Optimising your spa revenue Spas are also full of opportunities for using THRO. First, get an overview of your wellness department's services, their fixed and variable costs. Then look at each treatment’s profitability and the demand for it. This will show you which services you should promote more and which ones should stay on the back burner. Just like with F&B, it’s a good idea to market your spa offering to local and domestic guests these days. As some countries are embracing travel bubbles and permitting internal travel, your domestic and regional guests are your best bet at driving more revenue in this department for now. Optimising your rooms & housekeeping revenue Yes, THRO seeks to look at departments other than rooms. Still, there’s a lot of potential in your housekeeping and rooms departments. Guests expect more customisation options and are willing to pay for room attributes they value. This is a fantastic opportunity for you since it opens the door to several revenue-generating initiatives. “The most important thing when applying THRO is to find a balance between offering your guests value and driving your property’s profitability. Think about the unique services or add-ons you can provide and how you could package them to make them interesting for your guests. The more you centre their experience in your communication, the more likely you are to boost revenue throughout your property,” says Marta Varela. Now that you’ve got some of these ideas in your mind, it's time to see what's the best way to start implementing them at your hotel. For a free detailed guide on how to implement THRO in your F&B, spa, and rooms departments, check out Oaky's eBook on Total Revenue Management full of ideas you can immediately implement at your hotel. Which department will you start with?