Revenue Management
Optimize your revenue streams by implementing strategies that maximize profitability, considering market demand, pricing strategies, and customer behavior.
Price Optimization:
Price optimization combines research, strategy, and price analysis of your menus and customers profile to maximize profitability and help your restaurant set prices that will deliver your optimal Average Ticket Size.
How do I increase my Average Ticket Size to maximize my sales without increasing my prices ?
Research
- Your customers willingness to pay analyzing pricing elasticities.
- The prediction of customers’ response to price changes.
- Competitor’s comparisons
Price analysis
- Product mix of my customer’s tickets.
- Identifying Quick Wins.
Strategy
- Developing a pricing optimization model
- Balancing the offer per ticket
- Developing a pricing framework
REVPASH ANALYTICS (Revenue per available seat / hour):
RevPash helps you get the most out of each seat at any time. Highest occupancy of your seats is crucial during all opened hours without leaving seat unoccupied. Analysing the RevPash will provide you information on the income per seat
obtained on the time slot when the sale was made, party size and meal duration, helping you make the decision of which are the most appropriate strategy policies to apply.
PREDICTIVE ANALYTICS:
Sales forecasting helps you attain your revenue efficiency by offering insight into the likely behavior of your customers. HOSTALION uses advanced predictive analytics about future outcomes using historical data combined with statistical
modeling, data mining techniques and machine learning to find patterns identifying risks and opportunities.