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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
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