How to Overcome the Flaw in Hotel Revenue Management
Revenue managers have a tough gig.
Being responsible for the pricing decisions of a hotel is not a responsibility many would envy, and of course hoteliers who can't afford a revenue manager have it even tougher.
Nevertheless, revenue management is essential for any hotel today. Without it, hotels simply forfeit the ability to boost their bookings, revenue and profit; offer competitive rates and promotions; and forecast the upcoming booking season. However, successful revenue management requires full visibility of all revenue streams for a hotel – from the online booking websites where it chooses to advertise its properties, to its marketing and sales – in order to provide meaningful decisions that are based on one of the most fundamental principles of economics: supply and demand.
For support, many hotels turn to a revenue management system (RMS) – and there are some brilliant RMSs out there. SiteMinder is proud to partner with a number of them.