Customers are already making choices based on a desire to have an ‘alternative product’ and the days when your options will have an effect on your revenue strategy are right around the corner
The traditional RFP season is almost upon us and whilst contracting can happen at any time, we are all used to the manic few weeks that is ‘RFP season’.
Revenue management as a discipline continues to evolve.The revenue team must work hand-in-hand with marketing, sales and operations. Each department touches revenue in their own way
Hospitality’s next evolution should be to look more holistically at the role of hotel revenue management and ensure it is sustainable by improving revenue teams’ quality of life
Not that long ago, an OTA was seen as a partner and often junior members of our teams were allowed to sign contracts without a second thought. My advice now, is to take back control.
Why Are we Dropping Rates so Close to Arrival Date? Most Revenue Managers would be used to pulling these figures and presenting them to the GM and perhaps getting ready for 40 lashes!!
Having a revenue strategy meeting that is structured and beneficial to all parties involved will reiterate the need for this revenue management culture across all teams at your organization.
The firm has predicted that hotel occupancy in the US will rise to 66.2% in 2019 – a fifth straight record level. That occupancy will be driven by a 2.1% increase in demand, although this will be somewhat rebalanced with a 1.9% increase in hotel supply.