Taktikons Blog about Revenue Management

Taktikons Blog about Revenue Management

Revenue Management

In this blogg I aim to give a background on Revenue Management and Distribution. It discusses both organizational issues as well as lectures regarding Revenue Management and Distribution. Many of the blogs can be used as preparation to the Courses and Workshops in Revenue Management and Distribution that Taktikon organizes.

To end all discussions: There is no such thing as a billboard effect and direct bookings are most profitable for hotels

DistributionPosted by Oliver Geldner Sep 12, 2016 14:24:35


OTAs, metasearch, wholesalers and traditional travel agencies can be an important part of the mix, but they are no match for booking direct

Following the launch of book direct campaigns by a few of the major hotel brands, some articles have surfaced with unsubstantiated information questioning the value of the business through direct channels. Hospitality Upgrade sought the guidance of an industry expert to find out what the industry data actually shows.

Kalibri Labs, a Rockville, Md. based big data firm maintains a growing database from more than 25,000 hotels and tracks all bookings, revenues and customer acquisition costs with a history back to 2011.

Based on analysis provided by Kalibri Labs, direct hotel website bookings continue to be significantly more profitable than OTA bookings. The findings showed that direct bookings remain more profitable for the hotel industry — to the tune of 9 percent — and when factoring in ancillary spend, profitability can be almost 18 percent better. Costs that are considered for this analysis include commissions, transaction fees, loyalty fees, and any other direct channel costs.

On top of this, the acquisition costs for customers using direct channels decrease over time while those for OTA customers remain steady or may increase as commissions rise. Hotels essentially pay the same commissions every time a guest comes through an OTA; there is no reduction in cost when volume increases or guests come back. In contrast, as loyalty rosters grow, the overall marketing costs are reduced and the entire system becomes more efficient. The added advantage of direct engagement leads to improved relationships with guests.

The other factor regarding the OTA channel is that the presumed “billboard effect” benefit, touted by third parties to justify the high commission cost of their channels, has been shown to be a myth. The Online Travel Shopper’s Journey study published by the AH&LA Consumer Innovation Forum (to be released in June 2016 as Part I of Demystifying the Digital Marketplace: Spotlight on the Hospitality Industry) will explore this in detail, but the key finding from the 2015 study is that there is only a slight likelihood (7 percent) that a consumer will visit an OTA and then return to the hotel website to book.

Further to this, early research by Kalibri Labs following the book direct initiatives reveals that when OTAs have “dimmed” hotels by removing photos and other content to de-emphasize their visibility, the hotel demand shifted to other channels, mainly direct ones, suggesting that the amount of incremental business through OTAs may be in fact less than originally thought. This raises the question of the value of paying a premium in commissions for business that will come anyway through other channels. In examining trade-offs more closely on the hotel side, Kalibri Labs reported, the higher net ADR suggests that although some loyalty guests who had previously paid full rates are taking advantage of the discounts, many are not. This metric will be carefully tracked as the campaigns are more fully deployed but this preliminary finding implies that the book direct programs may be shifting new customers into the loyalty programs rather than simply seeing trade-down pricing from existing customers.

Kalibri Labs advises that third-party business from OTAs, metasearch, wholesalers and traditional travel agencies can be an important part of the mix, but their report summarizes: striking the optimal balance between direct and indirect business sources will ultimately result in a hotel enjoying higher profit contribution, delivering better consumer experiences through higher levels of guest engagement, and yielding healthier economics for a hotel as a result of a diverse business base.

Article published by Hotelonline, May 23, 2016



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What hotels can expect when parity rules change

DistributionPosted by Oliver Geldner Sep 12, 2016 14:20:10


Just last, week The British House of Lords has joined the rank of countries such as Germany, Italy, France and Sweden in the battle for improved rate transparency, as it decided to launch an investigation on anti-competitive practices in the online travel market with focus on rate parity and ranking search results on OTA-sites.

In light of the changes in rate parity regulations that occurred during 2015 and the expected continuation of this development in 2016, Taktikon recently held a series of Forums in Copenhagen, Gothenburg and Stockholm to shed some light on the developments and analyze the impact rate parity will have on pricing and distribution. Our guest speakers came from OTAinsight, Bookingsuite and Triptease to share their data and expertise on the issue.

When looking at the emergence of OTAs and the entailing rate parity clauses, it is vital to understand that 10 - 15 years ago hotels were all in favour of the OTA business model as a means to earn extra revenues during low occupancy periods. What happened during the years of growth of these platforms, was that OTAs became experts in marketing their sites, generating traffic and above all converting visitors to bookers. OTAs use data driven decisions to adjust their user interface and booking processes to make the purchase easy for customers, and as long as they have both inventory and parity rates from their hotel partners, the OTAs are happy.

According to OTAinsight, Rate parity is beneficial for both the hotel and the OTA in markets where the hotel does not advertise or market directly, especially in view of the dilemma that Wholesale-sites as Amoma are prone to undercut both OTAs and the hotel’s own website rates (in certain countries up to 40% of the search incidents when going through Metasearch). So, when speaking parity, breaches occur not only between OTAs and the hotel web, and hotels therefore also have to evaluate the number and quality of their wholesale-agreements.

As alternative to maintaining rate parity, hotels in the USA and in Europe have introduced “member only rates”, where customers are enticed to book on the hotel’s booking site at a 5-15% discount when using a simple registration process. Hilton Hotels “stop klicking around”- campaign is using member only rates as a means to convince customers to stay on their booking site.

This trend has resulted in an interesting push back from the OTA sites, where hotels have lost visibility in ranking of the search results by being pushed to lower ranking slots. In other documented cases, the hotel’s images, descriptions and reviews have been removed from the search results, leaving only the hotel name and its rate on display. Hotels therefore need to be mindful of the consequences in offering lower rates on their website, be it “member rates” or discounts on limited room types or periods, as ranking or display penalties might be a consequence.

Another interesting development has been observed by rate transparency provider Triptease, namely that OTAs have been observed undercutting parity, if only by smaller margins. The causes for this were often relayed to testing, currency exchange rates, taxation levels, as well as poor extranet management by the hotels. This fact highlights the relevance of refined rate update software and interfaces allowing for consistency in the rates distributed by the hotel.
But it also underscores that OTAs will test and tweak rate displays to keep the customer on their page to complete the booking transaction, as the OTAs objective is to follow the customer journey from the first search instance to the final purchase in order to analyze buying behavior from A to Z.

In a recent study, Triptease found that 60% of customers prefer to book on the hotel website if the rate differential to an OTA is less than 6 EUR, highlighting the relevance of having a rate transparency widget on the hotel website, showing the competing channel’s rates in relation to the hotel offer.

A third consequence of changing rate parity regulations is the process of pricing hotel rooms not based on a rate grid or discounts, but rather looking at market demand and business segments as a metric to calculate the optimal price point. Data-centric pricing tools such as Bookingsuite can supply this information, thus enabling the conversion from static pricing into open and flexible pricing strategies.

To summarise:

With vanishing parity rules, hotels are in theory free to distribute any rate they want in different channels. This focus on steering rate distribution into the right channel for the hotel requires increased rate transparency and is agreeably the biggest change on the horizon. In consequence, hotels can expect a shift in the business share received from OTA’s directly to Metasearch sites who act as aggregators for different booking channels.
More differentiated rates in existing distribution channels will shift consumers away from the “best rate” promise every site guarantees these days to smarter search tools covering all rate offers available.
Pricing competition will continue to be a key driver of booking conversions and thus a greater level of elasticity in pricing is going to be required from hotels.

The question is not IF this will happen and when, but rather how well hotels are equipped for this switch of the status quo which is already well underway to create a new business reality.



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Revenue Management Outsourcing should be more than just Outsourcing!

OrganizationPosted by Annemarie Gubanski Jun 23, 2015 11:35:12

A Revenue Management Outsourcing program can mean so much more than just outsourcing, it should always give you a long term solution.

A proper outsourcing program should not only mean that you hire an expert in Revenue- and Distribution Management, you also hire a mentor; someone to interact and be creative with. An external Revenue Manager might also give you a different view to your usual routines and commercial actions. Your situation will be seen with fresh and objective eyes that might bring new opportunities.

Another important benefit of a well working Revenue Management outsourcing program is that it gives you a chance to understand how you can increase your profit margin and be able to take over the Revenue- and Distribution Management function in the future.

As each property is unique, Outsourcing programs mostly are individually adapted to the individual goals and needs of the customer. The services Taktikon offers are various starting from Light (around 10-15 hours per month) to Full Revenue Outsourcing (around 20-25 hours per week) with a duration of a few months to a few years. Whatever the level or duration, we always aim to increase the level of knowledge so that our clients are able to stand on their own Revenue Feet in the future.

When a Revenue Outsourcing Program is tailor made, it is ideal for a broad kind of properties; individual hotels as well as mid sized chains, for organisations that would like to start with Revenue Management and Distribution/E-Commerce as well as hotels or resorts that do have a Revenue- and Distribution team in place but would like to have a mentor or are without a Revenue Manager for a period of time.

In our opinion, programs should start with a full Revenue Audit, which forms the basis of outsourcing services. An audit is aimed to find the revenue opportunities within each company and should result in a report with clear action points so that properties can start working together with their Revenue Expert. In the Audit that Taktikon performs, we focus to achieve the optimal Marketing Mix, Distribution Strategies, Rate Structure and Revenue Organisation. Our Outsourcing Program is aimed to help hoteliers implement our findings and achieve an improved profit margin.



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The Rise of the Metasearch

DistributionPosted by Annemarie Gubanski Jun 16, 2014 10:00:53

The Rise of the Metasearch
Metasearch Sites are the fastest growing distribution channels of todays travel industry. A study by PhoCusWright from december 2013 shows that 36% of the holiday planners now are using metasearch sites to book their holiday. During the HSMAI event in London february 2014, there was talk that Metasearch sites twere behind 20% of all web reservations in London and Berlin. There is no doubt that Metasearch will continue to grow.

Metasearches can help to cut our commissions that otherwise would be paid to the distribution channels and lead guests straight to the hotel website. This can mean that the hospitality industry that is struggeling with increased commission fees, can take advantage and drive traffic to their website. The question is; Are you ready?

What is Metasearch?
Metasearch sites are so called “hybrid” websites that compare rates and availability from different sources, making them very popular with consumers. Sites shown on the Metasearches are mainly OTA’s, some of which get their availability and rates through the Wholesalers. Examples of Metasearch Sites are Google Hotel Finder, Trivago, TripAdvisor and Kayak.

Many of the large online travel companies are currently investing heavily in advertising on Metasearch to increase production and revenue. Recent events are TripAdvisor launching a hotel metasearch, Expedia becoming majority stakeholder to the German Metasearch leader Trivago and Priceline acquiring Kayak Software, which accounts for 90% for domestic airlines' Metasearch traffic.

Can you take advantage of Metasearch?
You can make sure that your Brand Website appears on the Metasearch Sites and this way get the opportunity to gain market share from the OTA’s. In order for your website to appear on these sites, you will need to fix connection and advertisement. The several Metasearch Sites work in different ways but most Meatsearch works on a cost-per-click (CPC) basis. Furthermore, the Metasearches promote the lowest selling rate, which means that you will need to keep a very close eye on which rates you sell at your site in comparison to the OTA’s.

Make Metasearch part of your Marketing Strategy
Metasearch development means that there is a huge potential for the hospitality industry to increase direct bookings to the Hotel Websites directly. Make Metasearch part of your Marketing and E-Commerce Strategy and increase your chance to decrease commission fees!


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The future Revenue Management Organization

OrganizationPosted by Annemarie Gubanski May 22, 2014 14:16:13

The future Revenue Management Organization
The increasing importance from Social Media as well as the move towards Total Revenue
Management and Profit Management has an effect on the organization. In the near future we will see that the different departments will work more closely together.

Having an effective Revenue Management oriented organization will be more vital than ever. In this article I will try to highlight which effects are behind the necessity to work more closely together and what impact it has on your organization.

The Social Media effect
Social Media was, from the beginning, seen as “the thing for the Marketing people”. Fortunately, organizations are now acknowledging the effect it has on the entire organization.

A study that Micros published in april 2013 showed that a high position on TripAdvisor can lead to an increased amount of reservations through the hotels website. Cornell published in november 2012 a study on The Impact of Social Media on Lodging Performance where they stated that a hotel can increase their price by 11,2% and still maintain MPI if it increases its review scores by 1 point on a 5-point scale. This is confirmed by Expedia, who find that “good reviews of 4.0 or 5.0 generate more than double the conversion of a review of 1.0 – 2.9.”

So, Social Media can help increase both occupancy and rate. This means that these media are important tools for the hotel industry and for Revenue Management in order to increase result. And what are our guests talking about? Apart from the size of the room and location of the property, the comments mainly involve Operations oriented issues, such as cleanliness, friendliness, quality of food, etc. This means that one of the most important marketing channels; Social Media, actually is influenced by your operational departments. The better they function, the higher the rate and better the chance you get to increase your result.

We are moving towards a more individualized world, certainly helped with the increase of Social Media. We are so used to being talked to individually on the net, that we no longer are attracted by marketing campaigns directed to a broader group. We want to feel like a company is talking to us directly. This forces us to have a different approach towards our Market Segmentation. In a more individualized world, we can no longer group our market segmentation mainly depending on booking pattern and rate impact. We need to work with segments that enable us to send individualized marketing campaigns to our clients. You can read more about this in my earlier blog regarding Client segmentation.

So, Social Media has an immediate impact on our result as it has a positive effect on both rate and number of reservations. Furthermore, they are excellent channels that enable us to talk to our guests individually. The departments that ensure an increase can be achieved are the Operations Departments, the departments handling Social Media and the departments handling the brand website.

The Total Revenue Management effect
A clear trend within Revenue Management is the step towards Total Revenue Management. This means that we are no longer “only” focusing on Room- and/or Conference Revenue Management but apply this on all revenue increasing departments, such as F&B outlets, minibar, spa, parking, sport, etc.

Applying Revenue Management on different departments is interesting, as each department has its conditions to take into account. The Time factor is different on Room Revenue as it is on most of the other departments, as hotel rooms usually are booked per night, whereas the other departments can face multiple requests that can differ from a few hours to a few days. Menu Engineering is frequently used within Spa- and Restaurant Revenue Management and is an excellent tool that enables properties to maximize profit. I will write more on that in a later blog.

Smart scheduling can help optimize the use of the spa facilities, as Smart Menus are used to attract the highest-margined dishes. At its turn, all departments have the possibility to create highly commercial packages and can calculate which impact the different package elements should have on the different departments in order to create the optimized result.

This means that, besides increased knowledge in Total Revenue Management, an organization needs to establish Who Does What and have a close look into the different job descriptions and commission schemes for the individual departments in order to make sure that all departments are willing to work together to get the best total result for the property.

The Profit Management effect
With the move to Total Revenue Management, we see a further swift towards Profit Management. This means that we not only look at the revenue generated by the different departments, but even at the different margins from each reservation. This involves both flexible and fixed cost such as distribution, labor, rent, cleaning, purchasing, travel expenses and allowances.

This means that we will need to have a different approach when it comes to mapping the different financial department codes towards the revenue streams. Finance will need to have an increased cooperation with the Revenue Management department in order to get the best picture. If done right, we are able to calculate the exact net impact per reservation type or market segment and with this obtain the best profit possible.

Are you ready for the future?

All commercial departments, operational departments and Finance will be working together more closely in the future and if done right, properties have the possibility to increase their net result drastically. The question is; are you ready for the future?



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Rethinking Market Segmentation

Revenue ManagementPosted by Annemarie Gubanski Apr 28, 2014 07:44:50

Rethinking Market Segmentation
Market Segmentation has always been one of the most powerful tools to identify which client groups to target during which periods. By understanding which segments have the most impact on your result, strategic decisions can be made in when, where and how to target your customer groups. Traditionally, segmentation is chosen by:

- Type of clients, for instance corporate- and leisure individuals or corporate- and leisure groups
- Type of Rate Products, for instance negotiated-, public-, meeting-, spa- or campaign rates
- Type of Channel, for instance Merchant, Retail, GDS, Brand Website
- Extra Revenue, for instance meetings, F&B, Spa, Minibar
- Origin, which country or region
- Booking pace, when do these customers book and where

In an individualized world, adapting your communication as well as your offers and products towards your individual customer is more vital than it ever has been. As all individual guests have individual needs, hotels see themselves forced to rethink the way they set up their segmentation and go over to Customer Segmentation, which not only diverts type of customer but places them in groups depending on their needs.

Customer Segmentation in Action
Applying customer segmentation means that you will have to start understanding the needs of customers and what makes them decide between one offer and another. When you know this, you can start to form groups of customers who share the same or very similar values. This enables your property to determine which groups of customers are best suited for which product and service.

Traditionally your corporate customers like efficiency. Furthermore, they care about their expence bill but quite often would like to compensate themselves for spending a night away from home for business purposes. The offers they might like to see from you can include

- Highspeed breakfast
- Highspeed internet
- Highspeed check-in and check-out
- Dining credits, drink vouchers

Your leisure guests however might appreciate anything that makes their stay more memorable. They could be interested in:

- Early checkin and late checkout
- Tickets to attractions
- Tourist information

At it’s turn, each market segmentation consists of different groups that have different needs and different booking patterns. Why keep them whithin one group? For instance; leisure individuals can consist of both couples and families, though their needs and booking pace is completely different. Furthermore, you would need to keep in mind that corporate customers might come back to your property for leisure purposes and your leisure guests might partly be using their leisure trip working. This means that different offers might apply on different occasions and a specific guest might fall into several segments.

This is not a new way of segmenting your business. It can be seen as a sign to what is happening within the business at the moment; a much closer internal communication where departments work more closely together. Social Media has from the beginning been seen as a “Thing for the Marketing Department” but has an increasing influence on Revenue Management as positive ratings can influence our pricing when potential guests might be willing to pay a bit more if they see that we outperform our competitors. What is written on Social Media mostly relates to the operational departments. This means that these departments have an increasing influence on pricing. This means that we no longer can look at our business consisting of different departments working together on their individual goals. I will write more on the changes in the organizational schedule in my next blog.

Rethinking in Practice
Your customers are already telling you what they would like you to offer. Social Media is a source of information.

· List all the comments your guests have regarding your facilities and services. This does include the services and facilities they are lacking

· Involve your guests. Ask them what they are interested in and how they would like to see your property in the future. What services and facilities do they appreciate?

· Determine which services/facilities you might want to add or change and group the different services/facilities.

· Now group the customers that share the same interests and values. Adapt your marketing communication to their needs.

Most likely you will find that you would need to devide your segmentation in different segment groups and you will need to look into the handling of your guest profiles. As more detailed information per customer is stored on your profiles and this information is used for marketing purposes, duplicate profiles can cause even more challenges in the future.

Need help?
External help always makes it easier to Think Outside The Box (don’t you also hate that expression?) as they have a possibility to view your property from the outside in they can offer you a new level of looking at your own business. Taktikon, as a number of other experts in Revenue Management, does offer a number of services that might help you increase your result. If you would like to contact me, you can do so by tel: +46 (0)73 9044 222 or +31 (0)6 55 81 00 86, or send me an email at: annemarie.gubanski@taktikon.com and tell me what you would need help with. I would gladly like to see if I could help you. When in doubt, you can always visit my website for more information: www.taktikon.com


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The power of a Compliment

OrganizationPosted by Annemarie Gubanski Mar 01, 2014 13:22:01

The Power of Giving Compliments

In my neighborhood lives a man I have given the somewhat non-original name; Compliments Man. It has happened to me a few times; when he meets me on the street, he comes up to me, looks me in the eye and says; “I just want to tell you, you look great”. I am far from exclusive, as most days he just walks straight past me and goes to another girl, looks her in the eye and says something. I know he tells her the same thing, as the reaction is exactly the same as the way I react. A big smile. A happy face. I must admit that I feel just a bit better and happier, the days I meet Compliments Man.

This reminds me about World Compliment Day, which is a non-commercial initiative, held on the 1st of March every year.

From a commercial perspective; giving compliments is about the best way to keep your staff and colleagues motivated and loyal. Showing appreciation actually is far better and has a longer lasting effect than pay raises, as these tend to be best only the first month. And why stop at the working space? When was the last time you gave any of your friends and family a spontaneous compliment? Think about how good it feels to receive one. Then think about how great it feels to give one.

Support Compliment Day and give at least one earnest compliment to any one of your friends, family, colleagues or innocent by passers. I promise you that both parties will feel a lot better the whole day. And with that said; why stop at Compliments Day? There are 365 days in a year, you know?

Related links

http://www.worldcomplimentday.info/

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Total Revenue Management, the future Revenue Management?

Revenue ManagementPosted by Annemarie Gubanski Feb 11, 2014 14:04:07

Total Revenue Management, the future Revenue Management?
Cheryl Kimes conducted a study in 2010 regarding the future of Revenue Management, which concluded that “In the future, Hotel Revenue Management would be more strategic in nature, would be more technology-enabled and that it would encompass all parts of the hotel. The respondents identified function space and restaurants as the most likely candidates for future applications of Revenue Management”. I agree with this point of view; a good way to make sure to achieve the optimal result is to focus on all departments that create Revenue. This conclusion is also strengthened by the survey that HSMAI recently conducted and which was presented by Carl Oldsberg during the HSMAI conference in London on the 6th of February 2014.

Some hotels and hotel chains are starting to extend the responsibility of Revenue Management to the Function Spaces. However; there is no massive movement in applying Revenue Management to other departments such as; Restaurants, Minibars, Spa, Shops, etc. This might be so because these departments are considered to be a service and a loss or Break Even is therewith acceptable. Basically properties are missing out on a potential growth of 30% per department.


The Six C’s in Revenue Management on different departments
Previously we talked about 4 C’s (Capacity, Calendar, Clock, Cost) with a fifth binding factor; Customer. The sixth factor increases in importance; Channel.

Capacity: There are many similarities to the "traditional" Room Revenue Management, conducted by most hotels, though the time factor is even more important when it comes to Conference-, Spa- and Restaurant Revenue Management, as these facilities can be rented by the hour, part of day or whole day. Also Space Management is an important factor to keep in mind as many times space, such as swimming pools and floor space, can be limited compared to, for instance, the treatment- and hotel rooms available.

Calendar: Calculating Total Demand is a vital parameter in determining the right price. On the same day and time, the demand may vary from department to department, which might be challenging, but can mainly be seen as a great opportunity to achieve the optimal effect, as all departments can benefit from each other and pricing can be adapted strategically. This does mean that the various departments should be able to co-operate well and trust each other’s judgement.

Clock: Knowing your booking pattern, such as time of booking, expected length of stay and the pick-up levels that can be expected are also important factors to calculate Total Demand. When applying Revenue Management on Conference, understanding your customers booking pattern is one of the most important parameters in determining the probability to expect the most profitable requests and which requests to say No to.

Cost: Every sale comes with a cost. This does not only concern Cost Of Sale on your distribution channels, but even operational- and personnel costs. How do we relate cost towards revenue and achieve the best margins on all departments? Do we work with Dynamic Rates and how do we sell this practically? How does Menu Engineering work and how can we use this tool to increase profitability?

Customer: How do we define the optimal Marketing Mix and what is the Total Revenue per Market Segment? Do we need to break this down to Customer Level in order to be able to offer customer adapted packages? How can we make sure we know the Total Margin per Segment and how do we make sure we can offer availability to our most loyal and profitable customer? Furthermore, how do we find the systems that support us in these questions?

Channel: This factor is increasingly important. Which channels do our customers use and which customers do we need to attract in order to find new markets and new possibilities? How do we make sure we can find the packages our customers want to buy and to which rate? Furthermore, what are the possibilities the different channels create to offer packages and which channels are best adapted to our needs?


Challenges and Opportunities in the implementation process
There are basically three main challenges, that all are related:

Organization: There usually is a fear factor involved; department heads can be unsure if they will be able to handle an increased responsibility on an already overloaded schedule or might be afraid to delegate a certain responsibility to somebody else. It is not always easy to have a person from a different department determining which rates to sell to. Trust is an important factor and it is vital to know all involved know what to do in order to increase result. This leads directly to the second challenge/opportunity;

Knowledge: Not only training is of an essence; staff members from all departments will have to be aware of the implications on their daily tasks. In many cases, a Revenue Management project on a property starts with making sure that all heads of department are aware of the changes of the impact the implementation of Revenue Management will have on their department. By the end of the day, all involved will achieve increased knowledge and new challenges. With knowledge comes the demand for good statistics and tools to analyze. This relates to the next challenge;

System Solutions: Where can we find the Systems that help us know the Total Revenue per customer or per Market Segment? Will we be able to offer the possibility to offer a booking engine that enables our customers to book all our departments directly through our website and are there any systems available, or being developed, that will help us yield all Revenue generated?


Related Articles:
Cheryl Kimes article on Total Revenue Management: http://hotelexecutive.com/business_review/3620/total-hotel-revenue-management

HSMAI Survey: RM%20succession%20planning_1.pdf (attached)


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