Total revenue management focuses on data processes in order to maximise and optimize profits of a hospitality business. Total revenue management can be implemented into an existing business which is seeking revenue and process improvements or into a newly built business as a foundation for future success.
Total revenue management is a data driven process which clearly identifies the distribution needs of a business, the close study of the internal and external environments allows us to develop internal processes to maximise the overall profits of the business.
The close study of consumer behaviour patterns of already acquired customers allows us to develop trends which identifies the exact needs of the already captured market as well as identifies what the business needs to do in order to maximise guest reviews and thus in turn maximising profits. The tracking of consumer behaviour patterns also assists in identifying where future business can be sourced.
Once all the processes have been established and tracking implemented each sales and marketing campaign will become more tangible as it will be extremely focused on the exact needs of the business which means that any investment into sales and marketing will deliver better results and higher profits.
Big data lays the foundation for the success of all sales and marketing activities and can assist in developing an effective marketing plan that maximises all investments and as a result of the data capturing in place lay the foundation for the success of all future campaigns. The streamlining of marketing activities will result in a more target driven focus which delivers better financial results.