HOTEL BUSINESS REVIEW

October FOCUS: Revenue Management

October 2020

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.

Run Date:   09/27/2020 - 10/31/2020
Editorial Deadline:   Wednesday, August 05, 2020
Advertising Deadline:   Wednesday, September 16, 2020

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Coming up in July 2022...

Hotel Spa: Now More Than Ever


In the aftermath of the global health crisis, there is a newfound appreciation for the need to be fit - both in body and mind - and hotels that provide a spa or wellness clinic will reap the rewards. What are clients seeking? Better health, fitness, nutrition, appearance, sleep and mindfulness. It is no longer sufficient for spas to only offer massages or facials; clients are demanding more for the benefit of their overall well-being. For example, a medical spa might offer services such as botox, dermal fillers, body sculpting, and microdermabrasion. Other spas are emphasizing the importance of preventative therapeutics and are using technologies such as body scanners to evaluate their clients' health. Some spas are enlisting osteopaths, naturopaths, fitness coaches, yoga masters, even psychologists, to promote vitality, stress management, and emotional balance. The July issue of the Hotel Business Review will report on these and other advancements, and document how some hotel spas are integrating them into their operations.