Hotel shift mindset from revenue management to revenue generation

Through new business intelligence tool, hotels now have reliable insights into what’s driving customers to the brand’s website

As hotel revenue managers shift their focus more to revenue generation, experts on a revenue strategy panel at the 2023 Hunter Hotel Investment Conference said the crux of the strategy should remain simplified.

Key takeaways

• A key part of transitioning from a mindset of revenue management to revenue generation is involving other departments and “being able to elevate the understanding of how different pieces of information come together for revenue managers to make better decisions.”
• A revenue manager shouldn’t solely focus on average daily rate and occupancy. For example, more attention must be paid to driving brand loyalty among booking customers;
• The industry must figure out a way where segmentation isn’t derived just by distribution systems. The goal is to capture, understand and engage with customers earlier in the search and booking phase.

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