Introduction Of Hotel Revenue Management
What is Hotel Revenue Management? ď‚— Revenue management is a application of data analytics to
current market trend and consumer behavior to maximize revenue and profits.
The Advancement of Hotel Revenue Management ď‚— By revenue management system, airlines and hotels mostly
include a certain value of reservation with in the stated price during booking. During the popularity of early promotion, it is not surprise to find that consumer includes variable pricing practices with in hospitality sector. ď‚— Sometimes, these concepts are reference price and transactions. In some situation. The price increases should be fair in the case of an informed increases and but are the termed unfair if there is no rise in cost.
Tips For Success Hotel Revenue Management One size does not fit all Sort the good data from the bad Revenue management is not a one person operation Move beyond spreadsheet figures Customers do not stand still –data does not either
One Size Does Not Fit All ď‚— Despite the common need for a hotel revenue management
system, unfortunately, one size does not fit all. There is no generic system that’s plug and play for every business. A revenue management system need to be custom fit to each unique hotel, even with in a large and multi facility corporations.
Sort The Good Data From The Bad ď‚— It is not hard to compile lots and lots of data. what you really
need , though, is an accurate and reliable process for interpreting those numbers.
Revenue management is not a one person operation ď‚— Hotel revenue management system is to work and work well,
then everyone within your organization has to be on board and property trained to collect and pass along the right data at the right time.
Move Beyond Spreadsheet Figures ď‚— In modern revenue management system, the sheer variety of
data is more vast then ever. However, the financial numbers do not mean anything if you are not aware of the large context.
Customers Do Not Stand Still –Data Does Not Either  As the number and variety of booking channels increases like:
web site, mobile, social media and third party booking etc, is an effective revenue management system can help you make sense of the data coming in form those disparate sources.
Benefits of Hotel Revenue Management Maximize the productivity Reduce the time and cost Improved the marketing and sale Gain competitive intelligence and market insight Improved the forecasting Increased the inventory decision
Who I Am.. ď‚— Juan Antonio Manrique Long Beach CA is a business man
who will provide the help in hotel, hospitality revenue management and marketing.