REVENUE MANAGEMENT SIMPLIFIED

Don’t forget to subscribe!  Welcome folks to another value add episode of The Accommodation Show! One of the biggest opportunities you have as an accommodation owner, is to have a good command over your pricing strategy. Having a great revenue management strategy can quite often get overlooked, or even if you have a dedicated revenue manager on your team, there is always opportunity to learn and do things differently.  On this episode of The Accommodation Show, Heather Richer joins me to share her top revenue management secrets for hosts. She walks us through the fundamentals of revenue management, the best resources you can use to identify change in demand based on the day-of-the week, seasonaly, looking at local events in our area, implementing better revenue management strategies and how to maximize your profits through dynamic pricing.  Heather Richer is a seasoned revenue optimization veteran. She is currently a partner at Richer Logic Consulting and Board Member of the Association for Short-Term Rental Homeowners (ASTRHO), and also sits on the HSMAI Revenue Management Advisory Board. She served as CMO of RedAwning most recently, and prior to that, she served as VP, Revenue and Distribution at Kimpton Hotels and Restaurants.  With a background in the hotel and short-term rental space, Heather has a broad perspective of the lodging industry and experience with revenue management across hotels, resorts, restaurants, and short-term rentals.  Having been involved with other organizations such as AHLA, HEDNA, and VRMA, Heather sees the value in education and the importance of advancing revenue management and the overall short-term and vacation rental industry. Richer holds her Masters in Tourism Administration from George Washington University and resides in the San Francisco Bay Area of California. This is a great conversation, where we put the crystal ball away revenue management is a science, not a guessing game.   Thanks for listening 00:00 Simplifying Revenue Management with Heather Richer 01:30 Introduction to Heather Richer  02:35 What got Heather into revenue management 03:43 What is revenue management and why is it important? 05:00 Fundamentals of revenue management  06:01 Revenue Management tools 08:49 How data can help you with forecasting 09:35 Where to find resources for forecasting 10:45 Which levers determine your pricing strategy 13:41 How to price yourself in line with the market 14:20 Revenue management for newbies, where to start? 22:11 What hosts can be doing now to prepare for the next 30 - 90 days  26:08 What is Revenue Culture and why is it important? Contact Info https://www.richerlogic.com/ https://www.linkedin.com/in/heather-richer https://www.instagram.com/heatherricher/?hl=en  ----  Want to get the best accommodation marketing tips before everyone else? Hit that subscribe button! Connect with Bart: https://www.ibooked.online/bart/ The Accommodation Show:  https://www.theaccommodationshow.com The Accommodation Owners and Managers Facebook Group: https://bit.ly/2NM3dTl Join the mailing list with all the accommodation secrets: https://bit.ly/3aKBf3X Need more direct bookings? We get results! https://www.ibooked.online Love our content? Check out these other legends; Sean Rakidzich, Alexia Write, Mark Simpson, Chris Choi, Chi Tai, Tai Lopez, Jorge Contreras and Brian Page. They are doing great things in the industry. If you are a follower of theirs make sure you contact us for exclusive discounts for Direct Booking Websites.  #ibookedonline #bookdirect #airbnb Disclaimer: Please refer to relevant websites for latest, up to d