While it is important to analyse the impact of historical strategies and data, looking ahead is equally important. ARMA founder Melissa Kalan explores what smart revenue managers should keep in mind when planning 2019.
While revenue management has been a hotel buzzword for years, many hoteliers seem to have conflicting understandings about what exactly constitutes revenue management. So, Im here to remind you of the fundamental principles of revenue management and why revenue management technology is so important for hotels.
Your role as a hotel general manager (GM) is a complex pursuit with a simple objective: to meet (and exceed) service, operations, as well as profit objectives for your property. The variables that can impact your success as a GM are substantial. This 12-step guide will help you.
Darlene Rondeau, VP, Best Practices, Online Merchandising pens a guest blog post highlighting the importance of bringing revenue managers into your decisions on digital marketing.
Occupancy is high. Youre crushing your RevPar Index. And, youre on pace to surpass your quarterly revenue targets as well as last years revenue. From the look of things, your revenue team (this includes marketing and revenue management) is blazing to success and should be credited and applauded for driving huge profits to your property. But, wait. Look closer.
This textbook provides a basic understanding of the revenue management process. It distinguishes between tactical and strategic revenue management, addresses the proper use and importance of revenue management in hospitality operations, and describes a wide range of elements that must be considered in order to use revenue management effectively.
Revenue management professionals suggest that total hotel RM is the wave of the future and that, going forward, technology and data analytics will help enhance RM decisions in the hospitality industry.
In this presentation Tony Gothard, Senior Director Revenue, Sales & Marketing, Wyndham Hotel Group shares his top tips on how to develop a revenue management strategy which increases profitability throughout your organization.
For most hoteliers, establishing rates is a rational, practical task based on analysis of the market and historical trends. But, your hotels bottom line could be missing a key dimension when deciding on room rates: price psychology.
Besides providing reservations sales training and telephone mystery shopping for the lodging industry, many companies have hired me to do consulting regarding their overall sales and service levels. In this case I often place calls myself directly to the reservations sales agents, which I find to be even more insightful than just listening to our KTN mystery shoppers here in the office doing so.