Revenue management

Everyone is familiar with over-exaggerated marketing claims across the Internet and the media:

How do you stay on top of all your hotel revenue management strategies? From adjusting prices, to monitoring local demand and reporting, it can be pretty overwhelming to think of all the jobs hotel revenue managers have to complete every day to execute a successful revenue management strategy.

Pricing hotel rooms and producing a successful hotel pricing strategy can be difficult.

What is rate parity? Rate parity is a legal agreement between a hotel and an OTA.

Nothing is more frustrating than seeing your hotel revenue stagnate despite your continued effort to fill your rooms. I know this because I’ve been there many times at my hotel.

To strengthen their revenue management policy, hotel managers need to decide what type of pricing strategy they want to implement relative to their competitive set.

To seek a competitive advantage over their competitors, hoteliers need to think about fine-tuned hotel room pricing methods. Indeed, the hotel industry is one of the few that can develop effective revenue management strategies because they retain full control over the price and duration parameters.

What is Hotel Revenue Management? Hotel Revenue Management is a scientific discipline widely used within the hospitality industry aiming at helping hoteliers decide on what room to sell to a given target, for what price, when to sell it and decide what is the most appropriate route to do so.