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Topic:
Coming Up In The October Online Hotel Business Review


Feature Focus
New Developments and Best Practices on Maximizing Revenue Management
Revenue Management is the application of precision analytics that predict consumer behavior and optimize product availability and price to maximize revenue growth. The primary aim of Hotel Revenue Management is selling the right room to the right customer at the right time for the right price. The essence of this application is in understanding customers' perception of product value and accurately aligning product prices, placement and availability with each customer segment. In the hotel industry, implementing an effective revenue management strategy is a vital component of its operations. In fact, in a recent survey of nearly 500 revenue management professionals in the hotel industry, they predicted that revenue management strategies will become even more targeted and will be supported by increasingly sophisticated technology, as they are applied to other areas within a hotel. In particular, revenue management techniques are likely to be integrated into other hotel income streams, including spas, restaurants, conference/groups and golf courses. As a consequence, the revenue management function will become more crucial to hotel operations, and will likely become a separate department that is under the general manager’s supervision. The October issue of the Hotel Business Review will address these significant developments and document how some leading hotels are executing their revenue management strategies.