revenue manager
8 Revenue Manager Phrases That Mean “I Am Winging It and Have No Idea”
Fabian Bartnick | October 31, 2024
By Fabian Bartnick We’ve all been there—stuck in a meeting where someone says something that makes you think, Do they actually know what they’re talking about? Here are 8 classic phrases from revenue managers who are definitely winging it. 1. We’re optimizing our mix across all channels. Translation: I threw some guesses out there and hoped for the best. Please don’t ask for specifics. 2. The data suggests we should hold rates steady. Translation: I looked at the numbers, but there’s no way I can explain why it matters. Holding steady just sounded safe. 3. Our forecast accuracy is a high priority for us. Transl...
The Power of Persistence: A Revenue Manager’s Lesson From Milan
Fabian Bartnick | August 28, 2024
By Fabian Bartnick A skill every revenue manager needs! I forgot about it. Now it's back :-) It all began during our journey to Milan last week. My family and I were listening to the Million Dollar Weekend podcast, which featured a discussion about the power of follow-up and how every “no” can breed countless opportunities for sales. Downside none, upside unlimited. It was an insightful session, but it wasn’t until later that evening, when we took the tram home from seeing the city, that the lesson truly hit home. The Persistent Power of a Nine-Year-Old After we arrived in Milan and settled in, went for dinner and took the tr...
From Silos to Synergy: Getting Commercial Teams on the Same Page
Lynn Zwibak | November 21, 2023
By Lynn Zwibak Now that the hotel industry has moved away from siloed departments, you expect your commercial teams to work together. But that’s impossible when each department is still operating independently. Team members outside the revenue-management department often feel mystified by the hotel’s pricing and availability decisions. And that’s holding your hotel back. Picture this: The marketing team dreams up a brilliant marketing campaign. They design beautiful content with compelling text, get it in front of the public through all the proper channels, and then celebrate its success. But the hotel misses forecast and the S...
Why Hotel Revenue Managers Know Not to Soley Rely On Gut Instinct When It Comes to Group Revenue Management
David Millili | May 4, 2023
By David Millilii, CEO of LodgIQ Amadeus reports that group and business travel segments are steadily recovering, with 4.3 million group room nights booked for H1 2023. The global business travel segment is expected to recover fully by 2024. According to the Global Business Travel Association (GBTA), group travel demand will likely increase in 2023, and the average spend per attendee for group events will increase in 2023. Group business means big business for hotels, accounting for a significant portion of hotel revenue. Some estimates suggest it can make up as much as 30-50% of a hotel's total revenue. This underscores the importance ...
5 Things That Highly Successful Revenue Managers Do Every Morning
David Millili | December 20, 2022
By David Millili Discover how to kickstart your day using the right strategies to optimize productivity, revenue, and the most profitable results In a society largely defined by work and our ability to excel, many of us are fascinated with the traits and habits of great leaders and successful people. More importantly, we want to know which practices and routines we can emulate to garner similar results and transformations. Let’s take British business magnate Richard Branson, as an example, who likes to get up around 5 AM and exercise first. Similarly, Apple’s Tim Cook is up early every morning, rising at 3:45 AM to work on email...
The 2023 Annual Budget – A Captivating Story of Intrigue and Suspense
Gary Isenberg | November 10, 2022
By Gary Isenberg As summer tumbles into fall, hotel asset managers are challenged with reviewing and approving annual budgets. As they analyze page after page of next year’s proposed budgets from their management companies with input from all facets of hotel operations — from housekeeping and F&B to maintenance and marketing — hotel and resort asset managers ought to look beyond the spreadsheets and revenue projections before concluding whether they have a best-seller on their hands. In the case of a hotel budget, the primary focus is on the revenue goal and the strategy of how it will be achieved. Since all good stories have ...
The Title and Role of Revenue Manager Should Be Transitioned to “Revenue Generation Manager”
Doug Kennedy | May 18, 2022
By Doug Kennedy If you asked most hoteliers to write up a job description for the position of Revenue Manager (RM), chances are the responsibilities listed would focus on controlling and “managing” revenue, as opposed to generating it. For example, the first tasks that most will think of would likely be setting rates and restrictions for transient segments, determining channel mix, calculating revenue-per-guest opportunities by segment, managing OTA’s and other electronic distribution channels, and providing sales staff with quotes for groups and functions. It is time for the lodging industry to reimagine both the title and role...
Beonprice Redesigns Hotel Quality Score to Improve Revenue Strategies
Beonprice | December 11, 2019
Cutting-edge technology pairs traditional revenue management tools with new Hotel Quality Index™ to boost hotels’ REVPAR 11 December 2019: Challenging the adage of ‘quality over quantity’, travel technology company Beonprice (www.beonprice.com) has redesigned the hospitality industry benchmark assessment to help hoteliers better qualify rates and competitor set in their revenue management strategies. The new Hotel Quality Index™ (HQI™), developed by Beonprice, is a unique way of assessing a hotel’s reputation and market position to improve a property’s REVPAR. Combining traditional revenue management considerations with real...
