[WEBINAR] Is Your Organization Ready for the Future?
Join Cornell’s Sheryl Kimes for an upcoming webinar on what revenue management will look like in 2022! How far has revenue management come in the past six years? Where is it headed in the next six? Sheryl E. Kimes Ph.D., professor at Cornell University’s School of Hotel Administration, posed those questions to nearly 400 revenue management […]
If I Knew Then What I Know Now
At 22 years old, I was finishing up my last year of college when I was named general manager of my first limited service hotel. In those days, a typical hotel day may have consisted of checking in a guest, refilling their coffee and jumping into the hotel van to give guests a ride to […]
How to Lose Revenue in 10 Ways
As the old saying goes: “There’s a fine line between love and hate.” The same could be said for your revenue strategy and its ability to positively impact your hotel’s profits. Play your cards strategically and insightfully, and your hotel reaps rich and profitable rewards. But take a turn toward lackadaisical revenue approaches, and you […]
Revenue Managers Succeed with a Series of Right Moves, at the Right Time
Chess is a well-known game of analysis. When playing for the first time, one often lacks the knowledge to think strategically. Over time, however, one begins to weigh possible outcomes for every decision, even when it’s their opponents turn. The ability to understand and analyze all potential scenarios and outcomes will lead to more wins. […]
Do You Want to Form an Alliance?
Do general managers and revenue managers need to form a hotel alliance? Absolutely they do. Revenue managers and general managers both drive their hotels toward achieving gilt-edge revenue performance. However, they may approach the goal of revenue management with varying strategies. While revenue managers make strategic and tactical decisions designed to capture the highest revenues, […]
Change Is Everywhere: How Is Your Hotel Managing It?
Hotels encounter change every single day, experiencing changes in guests, rates, menus, events and staff. At an even higher level, hotels experience changes in management, brands, job responsibilities, revenue strategy and guest expectations. Widespread changes in distribution, technology, analytics and industry mergers also affect the hospitality industry in nearly every region. Change management in revenue […]
4 Myths of Revenue Management
Revenue management doesn’t often find itself associated with mythical unicorns or other infamous folklore, but there are still some very common misconceptions that tend to swirl around the importance of its technology within the hospitality industry. Here are four common revenue management myths and why they’ve been officially been busted by today’s automated revenue management […]
6 Questions to Ask When Investing in a Revenue Management Solution
Having worked intimately with revenue management solutions, implementations and training at many different hotel portfolios such as InterContinental Hotels Group, Shangri-La Hotels, Pan Pacific Hotels and PARKROYAL for nearly two decades, I’ve experienced the effects of successful implementation and change management practices within different organizational ranks of the hotel structure. And having worked diligently with […]
Great Expectations for Hotel Revenue Management
Expectations for the hospitality industry grow stronger with every year – and the shelf life of how long a competitive offering is considered leading-edge before it becomes just another standard guest expectation has dramatically decreased over the recent years. For example, free Wi-Fi and complimentary happy hours – once competitive selling points for hotels – […]
A Tale of Two Hotels: The Automation Edition
In recent years, the hotel revenue management industry has seen a swift transformation – moving past filling as many rooms as possible to approaching their revenue strategies from a more holistic viewpoint. The fruits of today’s sophisticated technology have allowed hotels to quickly and efficiently digest large volumes of data to make more informed decisions […]