Revenue Managers—Start Your Calculators!

Many of you in the hospitality business may remember the days when people had only three ways to make a reservation: by mail, by phone, by walking in, and the price-rack rate-for that room was the same for all three categories.

However, as towns turned into cities and boarding-house style hotels turned into the everything-included-in-a-suit hotels of today, and travelers had more than one choice of hotels to choose from, new ways of marketing, new ways of attracting business, new ways of “looking at things”, and new ways of accounting also had to be devised to manage and attract a steady stream of guests. Note 😦 Airlines started this trend)

Enter the Revenue Manager (RM): part statistician, economist, trends reader, number of guests guesser, and room rate setter: the daily, weekly, monthly, yearly supreme prognosticator.

For the better RMs, it wouldn’t hurt to be part sociologist, psychologist, and historian.

And for the outstanding RMs, it wouldn’t hurt to be knowledgeable about current trends in living space design, art philosophy, design and color psychology and trends, etc.

The days of RMs just being number crunchers is long gone . . . or are they?

RMs have to synthesize information from a variety of objective and subjective data and then analyze and evaluate that data to formulate a plan that will fill hotel rooms with paying guests steadily throughout the year. Read more

Published in: http://ehotelier.com

By: Alan Campbell

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About RezNext

RezNext is the world’s only true Real-Time Distribution Management Solution provider. It empowers hotels to adopt a distribution strategy that simplifies the complex global distribution environment and makes it understandable and manageable. It is integrated with revenue management, operating intelligence and powered with reputation management insights. RezNext’s portfolio of offerings include Rate & Channel Manager, Revenue Management, Online Reputation Management, Website Designing and Web Booking Engine, Mobile solutions, Central Reservation System, Business Intelligence, Property Management System (PMS) two-way connect, GDS and OTA Interface and Loyalty & Feedback Management. Our growing range of solutions can be access by hospitality properties across market segment and size, such as independent hotels, chain hotels, business hotels, resorts, clubs, service and limited service apartments, spas, restaurants and others.
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