At first, offering a lower rate on the hotel's website sounds like a great idea. Guest looks for the hotel, sees various rates in Google search results, finds the lowest rate, and proceeds to the hotel's direct channel to book a room.
Revenue managers need to focus on revenue generation. Upselling, cross-selling, total revenue management, new revenue streams should be part of the business strategy. Customization and personalization have to be at the core of revenue generation strategies.
Hotels should focus on forward-looking data, value, and customer journey. To stay ahead of the curve, hotels need real-time market demand data. Predictive market intelligence solutions that aggregate data across different sources (OTAs, GDSs, flights, alternative lodging, meta-review sites, etc.
Revenue management is a dynamic discipline that continually evolves. It's vital to understand the basic principles as well as stay on top of the new developments. Revenue management courses require a considerable time commitment and financial investment.
It's hard to underestimate the importance of effective, timely, and correct decisions. The revenue manager plays a crucial role in the hotel's financial success. The revenue leader is tasked with making decisions that will affect the hotel's bottom line.
Whether you are just starting your hotel revenue management journey or are an experienced revenue professional, there is always a need to learn and improve your skills. There are various revenue management courses and certificate programs available on the market.