We’re taking the time to shine a spotlight on some of the great insights we’ve collected over the past few months. This week’s focus topic is Revenue Management.
With the rapid movement of ever-changing distribution channels, keeping on top of revenue strategy and balancing demand and capacity can be a major challenge. Here are some insights to help you unravel this complex but essential function:
The importance of measuring your distribution costs
By Robert Nagel
Revenue Managers are now confronted with different commission costs, an increasing number of channels, different set-up, kick-back and net rate agreements, which requires them to be ahead of the distribution landscape to make strategy adjustments with a potentially enormous bottom-line impact. With the examples mentioned in this article, Revenue Managers should be able to improve bottom-line results even in stagnating markets or during a recession.
How to create an integrated revenue generation team
By Scott Dahl and Max Starkov
Hotels should have a single-minded revenue generation team consisting of RM, S&M and CRM specialists working together to acquire, engage, and retain guests, and optimize performance.
Personalised pricing: Right data instead of big data
By Klaus Kohlmayr
In order to get into direct contact with their guests early in the booking process, hoteliers have to overcome the practice of commoditisation. The best way to take the focus off the price discussion is automatic pricing.
5 revenue management questions independent hoteliers should ask
By Tracy Dong
Advanced revenue management systems are best viewed as an investment in an essential business technology platform for independent hotels. The insights, efficiencies and operational benefits are significant, driving measurable performance as well as profitability. Today, all independent hoteliers need to ensure that their approach to revenue management, and the systems they have in place, are driving better revenue performance, not holding them back.
Hospitality Financial Leadership: The Morning Meeting
By David Lund
Your morning meeting is your daily view into the latest forecast for the month and it is also the critical point where your managers need to know the play they can run to win the game. Throwing your hands up in the air and believing there is “really” nothing we can do, it is too late, is just poor management.
