Evolving Revenue Management Approach
The Kaiserhof Wien is a privately owned hotel, priding itself on hospitality and service for eight generations. The hotel is committed to being the most technologically advanced in its competitive set, having made crucial investments in advanced solutions to streamline its distribution strategy. Using technology to automate analysis and distribute rates has streamlined and automated work efforts, providing the hotel’s revenue managers with the vital time they need to focus more on strategic planning.
In 2014, the hotel worked closely with IDeaS Advisory Services to facilitate a Revenue Opportunity Analysis & Workshop that kick-started the process of creating a new revenue management culture. After achieving the goals set forth from the initial process, the hotel began accelerating their revenue management capabilities to the next level.
Alongside the evaluation of the internal resources of Kaiserhof Wien, IDeaS Advisory Services focused on topics such as market re-positioning and pricing to identify any areas that would provide Kaiserhof Wien with market opportunities. This discovery process uncovered the hotel’s main challenges, their significant pain points and enabled their team to establish the appropriate competitive set for price comparison. It also provided tactical guidance on best practices to handle promotions.
“We now have a pathway to enhancing our revenue management approach, which we mapped out with the Advisory Team from IDeaS,” said Carmen Chmela, reservations and revenue manager at Kaiserhof Wien. “Their help was essential in guiding us through our revenue management capability review and, thanks to their insight, we are confident that we are improving on our past revenue management performance.”