Collection of talks by hotel leaders spreading ideas about what is important.
How to forecast hotel revenue for the future?
What will you learn in this video?
Forecasting is an important skill set in Revenue management. In this tutorial, learn about the 3 important tips to forecast effectively.
Are you struggling to forecast your hotel’s revenue?
Let’s explore three tips to help you predict future revenue.
First, analyze historical data to identify trends. Start with the big picture.
What is happening in the city? Use this information to predict future demand and adjust your pricing strategy accordingly.
You can get all this information from various sources, like from the news and by networking with other revenue managers in the city.
Second, analyse the data. Your data should give you trends and help you make some basic decisions. If you do not have dedicated data with you, log in to the extranet of any O T A and look at the analytics section for your hotel. The more data points you have at your
disposal, the better the chances of your forecast being correct.
Third, leverage technology to streamline the forecasting process. Tools like revenue management software can help automate the process and provide more accurate predictions.
If you do not have access to revenue management tools, start by building data in spreadsheets like excel or google sheets. They will also help you look at trends accurately.
By accurately forecasting revenue, you can increase hotel profits by up to 10%.
That was my 3 tips to forecast hotel revenue.
Just by making the hotel forecast, you can make a significant impact on your revenue and profit.