Besides setting out strategies for the Transient, Corporate and Wholesale segments, we also have an opportunity to generate more revenue by preparing and planning for group business. Revenue managementstrategies have to be applied to groups as well.
Just over a year ago we wrote an article announcing the increase in outsourcing specialist areas in hotels like revenue management. In the aftermath and recovery from the global economic crisis the eyes of real estate investors and hotel owners should have been opened acknowledging the need for structural change. We would like to benchmark our insight from last year against a recently published survey of Cornell University by Sheryl Kimes titled the Future of Revenue Management.
Last week Thursday I moderated an expert panel at the BTO conference in Florence, #bto2010, discussing the state of revenue management within the hotel industry. Confirming Xotels’ 4 years of revenue management training and consulting we have come to a rather sad conclusion though; many revenue managers still lack basic skills..
I actually would like to rephrase this. I recommend to stop all online marketing spend. Just kick it out of your budget. Save some cost for a change. I simply would like to take back what I wrote in previous blog posts, and what I said during any of our seminars and workshops about hotel internet marketing and social media marketing. I now run a 100 room hotel and I have got it all figured out.