White Paper: Rethinking Revenue Management
01 February 2011
Rethinking Revenue Management
Like all thriving businesses, a successful hotel is one that makes profit by charging the highest possible rate based on consumer demand. While this concept seems simple enough, the process, particularly for the hotel industry, requires more than setting a price and hoping customers will pay it. For hotels today, it is essential to run operations with strong revenue management strategies that go far beyond the basics.
Greatly, in part due to the astounding take-off of Internet sales over the last decade, today's industry requires revenue managers to do more than set prices, manage channels and control inventory. Hoteliers and revenue managers must be hands-on—identifying customer motivations and buying habits, foreseeing consumer decisions and influencing those decisions by the way they manage their rates.
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