Articles tagged “revenue strategy”

Hotels need to put aside their frustrations with software for forecasting and rate-setting. Revenue mangers will need all the help they can get to make sure they grab their fair share of the recovery in bookings.

No matter the situation, hotel revenue managers need to figure out how to stack the right building blocks to forecast accurately, price with confidence, and maximize profitability. Taking small steps toward a more holistic approach to revenue planning and strategy is a smart — yet realistic — way to make this happen.

In today’s uber-competitive group business space, technology can be a key differentiator. But to leverage the benefits that technology —and particularly data — provides, hotels must understand what capabilities and features they should acquire.

The large majority of hotels still rely on Excel spreadsheets, trial and error, and gut feeling when setting prices. In an increasingly complicated distribution landscape, many will start looking at revenue management tech to improve performance.

Revenue management systems play an important role in automating pricing, but hotels should not see these as a one-stop solution to all their problems. There are bigger strategic questions that need answering.