As we emerge with cautious optimism from the uncertainty of the last 14 months, the revenue function is finding itself having to regroup based on the changing landscape. While encouraged by news of pent-up leisure demand and a healthy recovery for travel, we’re also hearing of challenges in recruitment, improvement in service delivery for the new guest, and the need to find new segments to replace those guests that won’t be returning soon.
In this world of big data, it can be easy to get too caught up stressing over figures and spreadsheets leading to confusion and bewilderment. To avoid the trap of ‘analysis paralysis’, we need to simplify the process.
Effective market segmentation – or differentiation of customer groups depending on how and when they buy, and what they are looking for from their stay - lies at the very heart of a successful revenue strategy.
The Revenue Manager is tasked with developing and executing strategies to optimise a property’s profitability. While the role is typically associated with strategies relating to rooms and meeting space, other elements of a hotel’s portfolio of services, such as spa and wellness outlets, and food and beverage provision, require the same level of attention to ensure total profit is optimised.
People learn in different ways, and getting learning messages across using different media is always helpful. I am really impressed by the Typsy approach to training using short videos with very succinct messages, so it was great fun to have the opportunity to develop this series of revenue management videos with the Typsy team.
For those with little or no experience of revenue management, formulating a revenue strategy can seem daunting. A practice seemingly loaded with spreadsheets and acronyms can overwhelm - and how do you even know if you are doing well anyway? It can be bewildering.
Revenue by Design, leading revenue management training and outsource provider, today launched Revenue Academy, an online learning platform designed to share, build and drive revenue management knowledge and understanding throughout the industry.
Three of Europe's leading and most respected Revenue Management conferences will come together in early 2021 to deliver an exclusive one-day conference designed to support and unify the revenue management community.