The Benefits of Total Revenue Management
TRM has been discussed and debated for a number of years, without any practical framework to use as a guide. The authors have developed this whitepaper to outline the importance of TRM, the implications and benefits. Additionally, it provides a roadmap to aid hoteliers in the navigation and implementation of TRM.
A whitepaper developed for HSMAI by
TABLE OF CONTENTS
Section 1: WHAT IS TOTAL REVENUE MANAGEMENT (TRM)?
- What are the benefits of TRM
- Increase revenue and profits
- How hotels are starting to implement TRM
- There are two approaches to define total revenue management and three additional aspects to consider.
Section 2: GET ALL STAKEHOLDERS ONBOARD
Stakeholders have different perspectives, but they all benefit by implementing Total Revenue Management
Section 3: SIGNIFICANT IMPACT ON PROFITABILITY
- Now is the right time to start
- Make the change grow revenue and profit for the hotel and personal growth and development for all team members.
Section 4: Action Plan: HOW TO GET STARTED WITH TRM
- Plan for success in steps
- Create a detailed action plan for successful implementation of Total Revenue Management
A) Example of a TRM Strategy
b) KPIs for each Stakeholder