The Revenue Manager’s Perspective: Upselling’s role in your overall commercial strategy
Total Customized Revenue Management (TCRM) is the one of the hospitality industry’s leading resources for Revenue Management services for both independent and branded hotels. In the last ten years, they have worked with over 500 hotels in over 250 markets, providing short-term task force to long-term outsourced revenue management including training and mentoring to system optimization audits; technology sourcing to new system builds and implementations.
We recently caught up with David Beaulieu, Executive Director of Strategic Accounts and Catherine Baker, The Chief Operating Officer for TCRM, to find out more about what they do, and where automated upselling fits into their view of commercial strategy.
Here are some highlights from our interview on Hospitalitynet.org:
“We have a lot to offer, but I think I’ll start out by just saying we’re really a full-service revenue management and commercial strategy company. We may be known for providing taskforce interim support in revenue management or long-term outsourced revenue management for our clients but we also can provide any number of consulting projects, whether that’s a system configuration, transition properties, training in systems, or revenue management theory, mentoring – lot of different assessments as well. We do analyses on comp sets, channel cost, market feasibility – anything that touches revenue management commercial strategy is something we can do.
“We hit the ground running pretty quickly, and we go through a multiple step process to ensure that we’re not missing anything. We’re sort of like looking under every rock, if you will.”
“What we really like about a product like ROOMDEX is that it has the forecasting capability to determine which room-types, or “up-sellable” inventory would be available in the dynamic pricing. That to us was a key differentiator among other services or products that are out there.
“Automated upselling is just a game changer […]-the idea that it is “yieldable” makes it so much more comfortable, not just for revenue managers, but for general managers and front office managers, because you’re not having to just say that you can upgrade from a standard king to a suite for $40. You can have that be dependent upon the demand at the time, and that’s so meaningful.
“We’re now in an era that is really elevated, commercial strategy and revenue management, to the executive level – and with that comes a greater reliance on the person that’s in that role to not just get us through the day, but to look to the future and proactively finding ways to maximize not just room revenue, but all revenue. That’s really what we’re here to do”
The smart hotels are looking towards the future and open to doing things in a different way, which is going to mean adopting new technologies and automating processes that in the past have been manual. That’s the way we’re headed.
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