Why a Consultant?

Benefits of Hiring a Revenue Management Consultant

It is becoming increasingly common for hotel owners and others in the hospitality industry to acquire revenue management consulting services, in order to optimise prices, distribution and occupancy rates, and maximise financial results. In many cases, these services will be acquired from a revenue management consulting firm and in this article, you will learn about the benefits of enlisting a revenue management consultant for your hotel.

What is a Consultant?

Put simply, a consultant is a third-party expert, who comes into a business offering a fresh pair of eyes and specialised assistance. Consultants will typically work to gain an understanding of how your organisation currently functions and then provide advice on steps you could take to improve performance or optimise results.

A revenue management consulting professional will typically come into a hotel and offer these same basic services. They may evaluate your inventory, your current pricing strategy, your chosen distribution channels and historic information about levels of customer demand, and then offer advice on how to maximise revenue.

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Below you find 3 advantages to acquire a revenue management consulting firm.

 

Benefit From Expertise

One of the biggest reasons why hotel owners enlist a revenue management consultant is the ability to benefit from their specific expertise. After all, a consultant will have in-depth knowledge of revenue management techniques, strategies and metrics.

Furthermore, if you turn to a revenue management consultant with previous experience in the hospitality industry, they will also have first-hand knowledge of which techniques are most appropriate within hotels. As a result, they can rely on first-hand experience to help you with your pricing strategy, or your distribution methods.

 

Gain Outside Perspective

Another major benefit of getting a revenue management consultant to help your business is the ability to obtain an impartial, outside perspective. This can be extremely valuable in many cases, because those working internally are sometimes too connected to problems or influenced by their own biases to see things objectively.

For example, a fresh pair of eyes may find it easier to spot issues with your room rates, or with your distribution strategy. They may also be able to bring in-depth knowledge to the table about what has worked for other hotels of a similar size, or in a similar location, helping your hotel to improve revenue generation and occupancy rates.

 

Reduce Staffing Costs

Lastly, a major plus point of outsourcing revenue management to a consultant is the ability to save money. While a consultant will charge a fee for the work they do with your business, this is likely to be substantially less than paying a full-time employee to do the same role, even just in terms of wages.

Once you add on other costs associated with an employee, such as benefits and investments in the technology they need, it can become significantly more cost-effective to outsource responsibility. In addition, a consultant will already have the relevant knowledge and your hotel will not be responsible for training them.

If you feel your business could benefit from a revenue management consultant please contact InnDepth Hospitality for a confidential conversation.

Please contact us today to arrange you confidential consultation by emailing Sales@inndepth.co.uk

Get in touch

Contact us today using the form below to find out how we can work with you to grow your Bed and Breakfast or Hotel business. Alternatively, call us on 07720 047867 and ask for Nigel.

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