With about 121,595 spa leaders, each, on average, managing a team of 17 staff members and generating an annual turnover of $625,000, it becomes even more important to provide our leaders with the right training to achieve success.
In terms of yield management and optimizing revenue, there is a lot the spa industry can learn from the hotel industry. Thanks to the similar complexity that goes along with the management of pricing and rate levels for hotels and spas, the new customer-oriented approach taken by the hotel industry looks like the ideal path to follow for the spa industry.
In this series of posts dedicated to revenue management in the spa industry, we have talked about the importance of tracking occupancy figures, RevPath and establishing logical rate fences. We have also argued in favour of an integrated approach capable of providing spas with the ability to market and manage every available moment of the spa as a distinctive product, something that would really allow the spa industry to tap into the full potential of our yield management systems.
All these actions, however, will be empty if the spa is unable to find its own place in the market. Because of the significant role of finding such a place, this week we would like to talk about measuring our KPIs against those in the market. We believe this is something crucial if we really want to improve our revenue management strategies.