13 Insights on the Past, Present and Future of Revenue Management

At this time of year, as we’re working on budgets, we look to the past and to the future. So, I brought questions of the past, present, and future to the HSMAI Revenue Optimization Advisory Board. During the discussion board members shared these valuable insights and pieces of advice.

Advice we’d give our younger selves:

1. Continuously learn and go beyond revenue management.
2. Gain hands-on experience in various hotel departments.
3. Establish boundaries and work-life balance.
4. Seek out mentors early in your career.

What keeps us up at night:

1. Tackling unrealistic expectations, especially during budget seasons.
2. Managing heavy workloads without compromising team well-being.
3. Retaining skilled revenue management staff in a competitive market.
4. Aligning strategies between commercial and operational teams.
5. Enhancing reporting and analysis to inform decision-making.

Our hopes for the future of revenue management:

1. Embracing technology for efficiency and streamlining.
2. Broadening revenue management to cover all hotel revenue streams.
3. Advanced, integrated reporting for better insights.
4. Stronger inter-departmental collaboration for holistic growth.

Read Further:

Here are the 5 Big Things That Keep Hotel Sales Managers Up at Night

The Future of Revenue Management = Total Revenue Management

The Future of Revenue Management for Hotels: A Look into the Crystal Ball

How technology is transforming revenue management

Questions for your team:

1. If you could turn back time, what would the “now” you tell your “then” self as they started their career in revenue strategy?
2. What keeps you up at night, “now”?
3. What is the one thing you hope to see in the future revenue strategy world?