Even compared to 2016’s chaos, making predictions for 2017’s revenue strategy trends has proved a challenging task! In many ways, 2016 was a year for defying logic and taking actions that would have been seen as preposterous months earlier. With any luck, 2017 will be a bit steadier.
Revenue managers’ drive to progress and develop brings optimism, possibilities and opportunities.
This benefits the travel industry at large, and certainly the hotel industry in particular. Tourism accounted for approximately 1 in every 11 jobs globally in 2016.
The key to how successful progression in revenue management will be lies in how well hotels embrace and adopt changes, and how quickly they do so.
A recent survey from Cornell of hotel revenue managers worldwide reveals that many want to look beyond the traditional focus on revenue per available room. The survey has led to really insightful feedback from industry leaders commenting on talent development, proper training, breaking down silos and use of metrics as the cornerstones to real progression and success – give it a read!
2017 is already 6 weeks old and making last year feel like a distant memory, so let’s look forward at the key revenue strategy trends shaping up for 2017. We’ve explored how those trends will impact your hotel’s revenue strategies.
- A Continued Focus on Book Direct
- Predictive Analytics
- Mobile Payments
- Online Reputation & Brand Advocacy
- Underestimating the Competition
- Chat Apps
- External Factors
1. A Continued Focus on Book Direct
The Book Direct trend will continue for 2017, with an increased focus on loyalty and advocacy.
In 2016, ‘book direct’ became a bigger part of the conversation, with large brands like Hilton, Marriot, InterContinental, and others rolling out robust campaigns to grab consumer attention.
In 2017, the trend of focusing on clear and tangible reasons to book directly on the hotels website will continue.