Mirelle Brown of Optimize Revenue brings 25 years in hospitality, from apartment blocks to independent hotels. She points to property-management systems and day-of-week pricing as common mistakes, urging owners to focus on average revenue targets instead of isolated rates.
Inevitably, with 25 years experience, that probably.
Is where my biggest superpower lies because I've experience of blocks of apartments, individual apartments, bed and breakfast, the hospitality community and obviously independent hotels and so on.
So that's probably where the wealth of.
My experience lies over that length of time. But yes, ultimately it's really about taking uncertainty and out of the pricing question.
What's your favorite business book?
This is one that I just can't get.
Not to get rid of. That's the wrong thing to say.
It's a bible that I started with a long time ago and I keep looking for something to replace it and nothing has quite managed to do it.
For me up to this point.
So it's something by two guys called Johnson and Scholes and it's about competitive.
Advantage and it gives you a load of models in there of some of.
Them a little bit traditional these days, but they still work really well in terms of looking at your environment, looking.
At your marketplace, looking at demand and.
Supply and these are all fundamentals for.
Revenue management and pricing. And if you own or you are managing a property, then knowing how to see and view your marketplace and adopting some of those models is really quite positive. I would suggest.
Okay, final one then. What is your favorite purchase under 100 pounds being in the past year?
Actually purchased?
It was more of an app. It's a business card reader. Having been at lots of different events, PIN meetings, networking events and the likes of. I was struggling with all of the cards that I was collecting and actually I hadn't realized. I'm sure lots of people out there have already done this and got that. But actually to just line up that business business card on that app and put it straight into a database, obviously in line with GDPR regulations, to be able to have that database of contact, which would be brilliant.
So you've worked at and with some of the biggest chains in this industry. What I want to know is what is one of the most common mistakes you see hospitality owners make when it comes to pricing? And it doesn't matter on the size, the largest or the smallest. B and B, what's the most common mistake you see people make?
I'd rather say two things. One thing, it's not necessarily specifically pricing led, but it does have an impact and that is the property management system.
And based on the day of week pricing, it's really, really important to understand that it's about an average over a period of time that you need to achieve and not the rate that you're talking about.
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