3 Winning Revenue Management Strategies, Plus New Skills for Hoteliers

Dr Cindy Heo | November 24, 2021

By Dr. Cindy Heo   Revenue management (RM) is concerned with maximizing the revenue performance of an asset by setting different prices and optimizing inventory availability according to the predicted demand. Therefore, one of the key principles of RM lies in the company’s ability to forecast demand, which has been greatly impaired as a result of COVID-19’s unprecedented impact on hotel occupancy and rates. Therefore, revenue managers will need a new set of skills, built on analytical thinking and cognitive flexibility, to maintain the effectiveness of their decision-making in light of greater industry volatility.   ...