There are essentially six basic tasks associated with the application of revenue management. While very much interrelated, these are arranged below in their most logical sequence – which then repeats in a continuous cycle of improvement: 1. Tracking 2. Forecasting 3. Pricing 4. Availability Management 5. Distribution 6. Communication 7. Tracking There are some basic metrics that should be recorded over time regardless of property type. Historical Key Performance Indicators (KPI's) such as units available, units sold, occupancy, average rate and revenue per available room will help stakeholders understand trends and spot opportunities. This baseline data set is also very helpful for planning purposes (i.e. forecasting and budgeting). Tracking this on a day-by-day basis will also reveal day-of-week patterns that can vary by season or over certain holidays, for example. Benchmarking these performance indicators against an identified competitive set via subscription to Smith Travel Research (STR), TravelCLICK's Demand360 and/or DestiMetrics is always a good idea. For slightly more advanced analysis, tracking the above KPI's based on broad customer segmentation, such as transient, group and contract, may provide additional insights. Slightly more advanced applications may involve dividing the three broad customer segments into sub-segments, such as corporate, discount, package, government and promotion for transient segments, and association, SMERF, corporate and government, for group segments, for example. In all cases, tracking both rate plan production and channel production (to include voice reservation sales volumes and conversion) will also help operators to spot trends and opportunities more rapidly. The above should be done on a monthly basis, at a minimum. Also consider tracking these metrics on a reserved date basis in addition to an arrival (or consumed) date basis. Get the full story at Hospitality.Net