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Best Practice Database
Customer Service » Customer Relationship Management
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Best practices and performance metrics in this research document focus on managing employee resources to reflect seasonal changes in the volume of business, including room rate and discount structures. By targeting these areas for improvement, hotels can improve revenue and cash flow, especially in the low season.
The document also shows examples of how hotels excel in managing financial and operational performance to help hotel executives determine linkages between bottom-line performance and specific activities that drive customer service excellence and overall productivity. Well-defined yield-management systems, for example, help managers anticipate swings in business and plan for staff and resources accordingly, so that the customer experience remains consistent. These systems consider key variables specific to hotel business flow – customer segments, product perishability and ability to pre-sell rooms – to arrive at rates that drive both revenue and occupancy rate.
Yield-management software enables hotel managers to undergo statistical analysis for optimized pricing based on historical rates, seasonal occupancy levels, cancellations, customer segments, and capacity based on durations of stay. It also aids in driving capacity utilization planning by determining the number of rooms that should be reserved for full price or “rack-rate” customers and the number set aside for various discounting segments.
If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.