REVENUE MANAGEMENT CONSULTING
Bringing strategy to life
Revenue management consulting can be especially valuable to independent hotels and resorts in multiple stages of development. Whether you already have a revenue management team in place and need another set of eyes or you need revenue management assistance while you look for a revenue management director, our revenue management experts can develop a customized, data-based approach designed to identify the key areas of improvement and implement proven revenue management strategies essential to the growth of your business.
The goal behind our revenue management consulting services is to help you drive sustainable, strategic revenue growth across all disciplines and departments. The revenue management consulting approach we employ is tailored to your particular business needs, but in general, it is based on C.A.S.D.E. strategy: collect data, analyze data, strategize, deploy, evaluate, and adjust. This means that our experts not only devise a plan, but they also partner with you and your team throughout the process to ensure success at the end of the execution stage.
We only work with revenue management experts with excellent credentials and years of experience in the industry, which makes revenue-management consulting delivered by SSP a cost-effective solution. This is the case because the seniority of our experts gives them the ability to focus on the key areas straight from the start of the process, which then allows them to increase the revenue and overall profits quickly and efficiently.
The ROI on hiring a revenue management consultant is also further increased by their capacity to share their insights and rationale behind their processes with your in-house employees, which in turn increases their capacity to maintain the strategies in place, ensuring the long-term success of your hotel in its target market.
Our Areas of Expertise
Strategy
- Asset Analysis & Audit
- New Hotel Openings & Repositioning
- Budget & Proforma Creation
- Hotel Strategy Development & Oversight
- Pricing and Sales Strategy
- Optimization for Maximized Bottom Line Impact
Structure
- Organizational Structure Advice
- System Recommendations
- Multi-department Engagement
- Channel Strategy Development
- E-commerce, Channel Management & Marketing Integration
- Company-wide Business and Marketing Strategy Overview
People
- Revenue Management Training
- Team Analysis
- Recruiting And Talent Retention
Meet our industry experts
JIM SCHULTENOVER
Revenue Management
Background and Expertise
Jim Schultenover has had an expansive career as CMO and President with various public and private companies. With sixteen of those years dedicated to sales, marketing, and revenue management, he achieved sustainable, profitable growth results in all positions. His focus continues to focus on sales and marketing strategies and revenue management and channel maximization for Independent properties and emerging companies.
Previous Clients
Small, independent properties and emerging companies.
Featured Project
Client: Asian-Based Client that was expanding into North America.
Project Scope: To analyze four unique properties and develop revenue strategies to help the property team implement approved plans. Properties included a West Side New York City Hotel, Queens Hotel, Mixed-use Development in Southern Utah (Destination Resort with Rooms and Homes), and investment property in Cabo San Lucas.
Strategies implemented: Manual RMS so data had to be consolidated and analyzed from Reservations, Website, OTA market and Comp Set evaluation, historical results and future pace. Reduced room categories to improve consumer ease of booking, implemented fully integrated RM System process for Trend Analysis, Inventory & Rate Management, Forecasting and Budgeting. We customized manual RM tools, introduced a true RM process, trained the team, updated their Channel Manager and integrated their CRM.
Same process but different strategies for the Queens Hotel.
The property had two Comp Sets, one for Resort Rooms and one for Home Rentals. After a complete analysis it was determined that Pricing across all the lodging types was confusing, included a weak value proposition and the purchase process was very confusing for the customer. The website was confusing for research and the booking process, not customer friendly. New, story-driven website, new, simplified online booking process, distinctive product differentiation for easier booking matched to consumer needs.
Based on hostile co-owners, a confusing product offering, questionable business practices and inaccurate and/or incomplete data we spent more time than usual trying to connect the dots between the data points by involving more staff interaction and it helped. Even then, a “handler” was assigned to us at all times.
Results:
Hotel moved from 8 of 8 in the STR Comp Set in Occupancy Index, Rate Index, REVPAR Index to the Top 4 in one year and was trending higher as our project ended.
The market was going through a transformational shift with new products being opened and we increased their market share to Top 3, without compromising the consumer ADR, while giving up some rate due to base business addition.
This project was designed to include Analysis and Strategy Development, no Implementation. Results included a brand new Web site and booking process, the diversification into Corporate and Association (regional and West Coast) Group Business, addition of Golf-dedicated Golf Group Sales Person as their Course was always rated in the Top 50 Public Courses in the Country, new Resort Room Types and Pricing, increased Travel Advisor Marketing to also diversify their business for both the Resort and Home Rentals.
Regarding investment advice, based on the facts, lack of transparency and the best interest of our client we recommended selling their interest or invest no new funds and reevaluate after any upcoming renewal process to determine retention rates.
FAQ
How can a revenue management expert help you?
An experienced revenue manager can help maximize the revenue and profits of your hospitality business by analyzing and adjusting the performance of your revenue streams and the effectiveness of your business strategies ranging from strategy development and marketing tactics to the use of technology to advertising campaigns. Revenue managers can generally deal with most financial aspects of your business and can share their insights with you, in order to help maximize your hotel’s potential.
What does revenue management consulting look like?
Revenue management consulting is a service suitable for any hospitality property requiring assistance with revenue management and generation. It is carried out by revenue management experts (senior revenue management consultants) whose role is to advise you and your team on practically all revenue-generating departments of your hotel, making sure that they perform optimally. The specific strategies a revenue manager can implement change on a case-to-case basis, but the revenue management system always includes elements of analysis, data collection, pricing strategy, and strategy implementation.
Your revenue consulting expert will also assist you in navigating the ever-changing trends in the hospitality industry, with the objective of maximizing revenue not only from your hotel rooms but also for your hotel as a whole. SSP experts are focused on helping their clients find a problem and then partner with them in order to solve it. Whether the problem is found in the distribution, technology, sales, or marketing, the revenue expert consultant can evaluate the performance of each channel and implement the appropriate revenue management techniques to support you, as hotel owners, asset managers, or VPs through the solution process.
What results can hiring a revenue management expert help me achieve?
Hiring revenue management services can have a profound impact on your hotel’s pricing strategies, market strategies, distribution tactics, and ultimately, its bottom-line profitability. As a hotel owner, it gives you access to senior-level expertise which can help you adjust your pricing, performance of your departments, distribution strategy and can even increase the demand for your services. For examples of specific results achieved by our revenue experts, please watch their video portfolios below and have a look at the attached case studies that demonstrate their expertise.