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  • Revenue Management

  • Proactive Revenue Management (Optimization)

  • By Juston Parker, President & CEO, Parker Hospitality Group, Inc.

  • The basics of Revenue Management begin far before the guest comes. As Warren Buffett stated, "Forecasting rain doesn't count, building arks does?"

    As we go through the throws of the budget and planning season, people consistently wonder how does one look into the future to get more accurate budgetary planning and get good data for revenue strategies. Now, is always a good time to start planning.

    There is one fundamental difference between Revenue Management and Revenue Optimization, the former is passive and the latter is active. More than that, it's proactive. Revenue Optimization looks into the future and builds a plan to effectively create revenue and harness demand to fully return the best revenues possible. This is the goal of all who do Revenue Management (Optimization).

    So, what are the keys to proactive Revenue Management? What can move a property from Revenue Management to Revenue Optimization? Let's look at the process and learn how to maximize our return.

    PHASES OF REVENUE MANAGEMENT

    1. Strategic Identification

      The first step in successful Revenue Optimization is Strategic Identification. You need to know where you are and where you want to be. Strategic Identification is the answers to the questions: Who am I? Who is my competition? What role do I play in the market?

      The ...

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Hotel Business Review Revenue Management

Bill Kotrba
Bill Kotrba
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Kelly McGuire, PhD
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Jean Francois Mourier
Coming Up In The March Online Hotel Business Review

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Feature Focus
Hotel Human Resources: The Biggest Challenges
The economic challenges of the past four years have led many hotel companies to re-examine the ways in which they do business and how they deploy talent. In many cases, the work did not go away and fewer people were left to carry on the tasks that had previously been shared among many. As we work our way out of the recession and look forward to a healthier economic environment, there is an understanding that despite recovering business levels, we may never see the return of former staffing levels. This "new norm" of operating with leaner teams has led Human Resources professionals and people managers to look at career development and growth opportunities in a new light. The March Hotel Business Review will take a look at some of the strategies being used by successful hotel brands, and techniques human resource directors are currently exploring.
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