The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies what we’ve already realized: revenue management is in the midst of an analytical tsunami.
I recently caught a pie-baking competition at a local county fair. (No judgements; it’s the Midwest. And because, pie.) While admiring the pies vying for the blue ribbon, I naturally started thinking about how pies and hotel demand actually have something in common: their sampling size.
Milk & cookies, bacon & eggs and peanut butter & jelly are notoriously classic food combinations. As individual food components, each one is a workhorse worthy of a tasty and singular snack.
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.