I’ve sat in hundreds, maybe thousands, of Revenue Management meetings. The setting is often the same: a promotion is launched to stimulate demand during a slow period, and a few days or weeks later, a pickup report is pulled. Someone reads off the number of rooms booked or the revenue generated, and the room collectively decides whether the tactic “worked.” Sometimes the verdict is positive and the promotion becomes a recurring tactic. Sometimes it’s dismissed and shelved. But in most Read more
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7 Hotel RM Metrics You Probably Have Not Checked In A While — But Should
Categories: Analytics, Comp Set Anaysis, Data, Forecast, Hotel Analytics, Hotel Revenue Discovery, Pricing, Revenue Management
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Most Revenue Management strategies don’t fail because of bad math. They fail because of good math applied to old assumptions. Metrics that once held steady — like booking window, LOS, cancellation rates — start to drift quietly, and nobody notices. The RMS keeps outputting forecasts, the meetings keep rolling, and the team keeps working the plan. Until one day, you're behind pace, pricing erratically, and wondering why the model no longer fits reality. But the model didn’t break — the Read more
8 Ways the Best Revenue Managers Have Re-Defined their Job
Categories: Analytics, Budget, Data, Forecast, Guest Analytics, Hotel Analytics, OTA, Revenue Management, Strategic Planning, Total Revenue Management
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The 25,000 or so Hotel Revenue Managers around the world are self-dividing into two distinct categories: those that are well prepared(or preparing) for 2024 and those that are well prepared for 2004. Fourteen years ago, the global lodging industry returned to positive profit growth after three years of declining revenues. Hotels began their four year ride(2004-2008) to historic levels of revenue and profit. In 2004 TripAdvisor, HomeAway and dozens of OTAs launched to capture the new opportunities in travel that Read more
Revenue Managers have taken the Five Ps away from Marketers
Categories: Analytics, Data, Forecast, Guest Analytics, Hotel Analytics, Marketing, Pricing, Revenue Management, Spa, Total Revenue Management
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For years, we’ve all been reading about the need to coordinate the activities of Revenue Management and Marketing into one synergistic Revenue Generation process. In practice what is really happening in many hotel companies is that the activities of both departments are not merging, but they are instead becoming the domain of Revenue Management. That RM is “taking” away many of Marketing’s traditional roles makes sense. As marketing has become more digital, it has inevitably become more data driven, and in most Read more
The 5 Cs of Building a Data-Driven Hotel Company
Categories: Analytics, Big Data, Budget, Data, General Management, Hotel Analytics, Revenue Management
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It is hard to argue with the claim that Analytics is the hottest buzzword in the hotel business today. More specifically, the impact of Big Data is now a global topic of conversation in industry, government, and education. In the hospitality industry, every function from RM to Marketing to F&B is becoming more data driven. Unfortunately, behind every technology bandwagon there are a plethora of unproven software startups cashing in on the unceasing pressure placed on managers to find a Read more