Hotel Revenue Discovery Ideas

10 Biases that Afflict Hotel Revenue Managers

Categories: Revenue Management
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by Robert Hernandez

Elon Musk recently took to Twitter to declare that cognitive biases “should be taught to all at a young age.”  He referenced an infographic that listed the 50 most common biases. These biases affect us most in the decisions that we make on a daily basis. It, therefore, follows that these biases play a major role in Hotel Pricing and Revenue Management. In the absence of collaborative data analysis, decisions made under uncertainty become highly subjective activities. The most relevant Read more

Five Experiences that Build the Revenue Manager Résumé

Categories: Revenue Management
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by Robert Hernandez
resume

The traditional career path for most Revenue Managers is to start in Reservations or the Front Office and then jump into an RM role. While this may be the most efficient process for sourcing RMs, it is not necessarily the most effective. Many hotel companies are beginning to realize that great Revenue Management is more about creating value and wealth than it is about uploading rates and creating pace reports. For the latter, you just need to learn some technical Read more

How to Go from Revenue Manager to Revenue Science

Categories: Analytics, Big Data, Direct Booking, Revenue Management
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by Robert Hernandez

Almost two decades after the big expansion of Revenue Management throughout the hotel industry, Directors of Revenue Management still make 20% less than Directors of Finance and Accounting (payscale.com) . That may seem unfair because RMs have as much, or maybe more, fiduciary responsibility to the bottom line of a hotel company as their counterparts in finance. Not only that, but RMs have to deal with more systems and more data than finance ever will. However, there is good reason Read more

3 Hotel Freebies That Destroy Profit

Categories: Food and Beverage, Pricing, Restaurant, Revenue Management, Total Revenue Management
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by Robert Hernandez

Many hotel marketing and promotional ideas sound like they should work when being thrown about in strategy meetings, but when the PMS/POS data is actually analyzed intelligently you find that they do more harm than good. Based on my work with resorts over the past eight years, I can safely say that these three common freebies simply won’t deliver any value to most properties. Free Alcohol.  This is the easiest way to give away profit inadvertently.  At the last resort where 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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by Robert Hernandez

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

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