Revenue Management Strategies
What Hoteliers Can Learn About Revenue Management From Shark Tank
Steve Lapekas | April 5, 2022
By Steve Lapekas In any industry, the measure of a brand’s success can be attributed to a number of factors, but perhaps none more important than revenue. In simple terms, a business is either profitable – or it’s not, and the ability of a company to consistently drive profit will, in many ways, determine the likelihood of its success and staying power. Let’s take, for example, Shark Tank, the popular reality TV show in which bright-eyed entrepreneurs pitch their business ideas to a panel of venture capitalists in the hope of securing investments and business advice from them. Throughout each episode, viewers are intro...
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. ...
