Revenue management today involves so much more than forecasting and setting prices, it requires creativity to shape the insights learned from data and deliver them in a way that makes sense.
NB: This is an article from IDeaS
Hospitality is entering a new era defined by insight, based on experience and backed by data. To properly guide connected commercial organizations using the insights gained from data analysis, hotel operators are relying on savvy revenue leaders to deliver their knowledge and understanding in a way that is concise and actionable.
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These revenue leaders possess the ability to dig into historical data, then compare and contrast it against current events in a way that has never before been possible. In a fully connected commercial organization, this allows revenue teams to pull in data from every corner of the property and portfolio, gaining real insight into how bookings and rates are evolving and how operators can respond in kind.
The problem is data can be unwieldy when it comes to acting on it. While it can provide important revelations that can change the way operators approach business, this is all for nothing if leaders miss the message.
Revenue leaders must become adept data storytellers, using the revenue management system, in tandem with other analytics technology and business intelligence tools, to connect the dots and create a strategy for greater profitability and commercial success.
Focus Your Message
“Everything was the same—until one day it all changed.” This might sound like the beginning of a great pitch to Netflix, but storytelling for business requires a different approach. Revenue leaders can set the scene by quickly identifying where a shift in data has occurred, what triggered it, and how to execute based on this knowledge.
The goal for such messaging should be to boil everything down into one statement or key visual. The best way to do this is through a powerful headline for each report, followed by a hypothesis for the implications of these findings. Most importantly, revenue leaders should adapt their reports based on the departments receiving them. Sales, marketing, the front desk, food & beverage and housekeeping each consume and work with information in different ways.
This hands-on approach from revenue leaders is necessary as continued economic uncertainty suppresses business’ urge to experiment. Operators must adapt to new ways of growing revenue, and revenue management is the key to overcoming their fear of failure. Hoteliers can use data as their guide, enabling them to put more confidence behind their decision-making every step of the way.
