Most professionals in the hospitality industry now recognise that strategic revenue management is one of the key levers of business success
Getting a good overview of the on-the-books data, pick-up pace, and forecasts of all the revenue sources in a hotel operation offers numerous benefits
It is time to determine how we will achieve top line budget goals whilst keeping bottom line costs in check. Revenue Management strategy plays a key role
Whether it’s time to make hay while the sun shines or to batten down the hatches when storm clouds are on the horizon, you’ll always be better prepared with total revenue forecasting.
My premise was that by 2020 the industry would be entrenched in total revenue management…that elusive goal of managing every revenue source at every guest touchpoint to its maximum profitability
In a 2017 study, Total Revenue Management was identified as a significant future trend, with function space, restaurants, spa, golf, parking, and retail all ‘Likely’ or ‘Very Likely’ to see implementation.
By moving to a customer-centered set of measures, where the overall guest spend is more important than spend in any single outlet, you can embark on the path to Total Revenue Management.
A cultural shift at Accor, which is taking focused, cross-functional approach to revenue management at the individual property level, is a lesson for all. Who wants sub-optimal revenue management? Certainly […]
Five years ago, Dan Ariely, a professor and director of the Center for Advanced Hindsight at Duke University, compared Big Data to teenage sex for several funny reasons. I’d like […]