In this Hotel News Now Roundtable Series, hotel revenue leaders chart the path of the beginnings of revenue management toward the more holistic approach of revenue strategy, which incorporates technology to navigate distribution, sales and loyalty.
As much as the hotel industry likes to celebrate its history of taking care of people and the integral role service and hospitality play into success, no hotel is meeting its goals if it’s not bringing in revenue. It was that way of thinking—that hotels should maximize the money they bring in at the same time as they give exemplary service—that gave birth to the discipline of revenue management. It’s also the driving force behind the ongoing evolution of the revenue discipline away from simple day-to-day management and toward holistic strategy that incorporates the input and expertise from virtually all departments across a company or property.
This shift in thinking presents various challenges for hotel companies, from finding the best people to fill these evolving roles to choosing the right ways to incorporate technology to navigating the complicated world of distribution, sales and loyalty and doing all of these things in a way that will make all stakeholders happy.
In hopes of answering those big questions, Hotel News Now met with a group of revenue leaders in Nashville for our Revenue Strategy Roundtable. Inside we hope you’ll find not just a guide to what the revenue discipline is today, but at least a rough sketch of what some of the leaders in the field hope it can soon become.
The Hotel News Now Editorial Staff
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