Revenue Measurement Is Not Revenue Management
In pricing and revenue management, hedging your bets with a tried-and-true process may actually be riskier than taking a chance on something different. It sounds counterintuitive, but the fact is that the conservative route to pricing practices is costing big hospitality firms millions in revenue, risking their future viability.
Integrating e-commerce into a hotel’s overall business strategy
Commerce should be a compliment to every part of a hotel's operations. All staff members need to be briefed on the advantages of taking a collaborative approach to e-commerce.The front desk staff, for example, needs to understand the correlation of stellar customer service on online guest reviews and the ability of a hotel to sell its products online.
Online traveler review volume continues to grow
A new report from PhoCusWright reveals that online hotel review volume expanded significantly in 2010, as traveler opinion plays an increasingly powerful role in the online travel search-shop-buy process. PhoCusWright's Social Media in Travel 2011: Traffic, Activity and Sentiment analyzes nearly 2.9 million online traveler reviews, covering more than 26,000 U.S. properties of 65 top hotel brands.
"RM now moving away from overall profitability towards customer centric profitability"
It is critical to understand that the interests of the hotel are the same as protecting your most valuable customers, says Devdutta Banerjee, Regional Director - Revenue Management, India Bangladesh and Nepal, Starwood Hotels & Resorts.