Angelo Scilipoti, Revenue Manager and a key member of the MyForecast RMS Project Team, has made price management his daily focus. Data analysis, forecasting, and pricing strategy are just some of the activities Angelo performs for various hotel properties. We asked Angelo to share a list of daily actions every revenue manager should take to make the most of their expertise in dynamic pricing.
Let’s get started!
- Monitor your property’s PICK UP every day.
This can’t be done occasionally. Otherwise, you risk missing out on essential information and failing to leverage your strategy effectively. - Start with a monthly statistics analysis.
This allows you to get an overview of all KPIs compared to the previous year and budget before focusing on individual days. Then, when you update prices, you’ll do so with full awareness of the monthly goals. - Leverage automation by putting technology to work for you.
With MyForecast RMS’s Price Helper feature, I can easily manage pricing for rooms with limited inventory (e.g., suites). In such cases, where complex analysis isn’t required, I choose to save time by setting up automated rules. - Maintain consistent occupancy, avoiding availability gaps.
You can address this by adjusting prices and restrictions, often through MLOS (Minimum Length of Stay) requirements on high-demand dates. - Create a forecast for the current month plus the next two, updating it weekly.
Having a realistic outlook for the upcoming months will help you:- Organize internal resources to improve services,
- Identify any strategic needs to fill,
- Spot positive trends you could maximize.
- Monitor competitor rates along with your pick-up and published prices.
In MyForecast RMS, we revenue managers see this at a glance thanks to the OTA Insight integration. This serves as a benchmark within the reference market to avoid going off-market or missing out on opportunities. - Choose a revenue technology tool to analyze and implement your pricing strategy.
I couldn’t imagine my work without MyForecast RMS!
MyForecast RMS gathers all data from the PMS and provides concrete decision support for both the medium and long term, using both historical data (Same Day Last Year) and on-the-book data.
With in-depth analysis and versatile reports to support your sales strategy, see how MyForecast RMS can help boost your property’s revenue. Contact us for a no-obligation demo.