Hotel Revenue Management is more than a technique for creating prices. It is a philosophy and a culture that must be implemented throughout the hotel.
A key question for Revenue management is:
Are you ready to say no to business? General management, Sales and Reservations need to agree on the same vision and objectives as the Revenue Managers. Conflicts can happen! Weekly meetings are necessary to share everything. Set short, medium and long term strategy together to increase revenue. Decisions must be based on knowledge, not on feelings!
- Distribution Systems
Practice of Revenue Management may go faster than technology: does your PMS allow Flexible pricing? Record statistics for knowledge-based hotel revenue management decisions.