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Hotel Revenue Management is about becoming the architect of your own fortune. A hotel room is a perishable product, since the number of hotel rooms is limited. As a result, customer satisfaction and pricing remain the most important dynamic variables, which are subject to Hotel Revenue Management.
Proper utilization of revenue management strategies can play a big role in increasing a hotel's bottom line. Not only does better pricing improve the property's occupancy, it also ensures that the hotel is selling all its rooms at the highest price possible and generating the maximum RevPAR it can at the time.
To achieve these goals, a revenue manager has to perform the following key tasks:
Revenue Management is the application of analytics that predicts consumer behaviour at the micro-market level to optimise product availability and price to maximise revenue growth. The primary aim of a revenue management strategy is selling the right product to the right customer at the right time for the right price.
Close, but not quite. The difference between revenue management and yield lies in technicalities and definitions. Revenue management is the overall strategy, including in-depth analytics and forecasting, Yield management is the actual price optimization part.
Revenue Managers work closely with sales teams, reception desk employees and the hotel general manager in areas of promotion, business planning and reservation costs. They might conduct analyses of prices offered by other hotels to develop competitive prices and discounts.
Articles – Good topics for articles include anything related to your company – recent changes to operations, the latest company softball game – or the industry you’re in. General business trends (think national and even international) are great article fodder, too.
Mission statements – You can tell a lot about a company by its mission statement. Don’t have one? Now might be a good time to create one and post it here. A good mission statement tells you what drives a company to do what it does.
Company policies – Are there company policies that are particularly important to your business? Perhaps your unlimited paternity/maternity leave policy has endeared you to employees across the company. This is a good place to talk about that.
Executive profiles – A company is only as strong as its executive leadership. This is a good place to show off who’s occupying the corner offices. Write a nice bio about each executive that includes what they do, how long they’ve been at it, and what got them to where they are.
Glossary of Revenue Management by hotelRevbaba