Hotels need better skill-building in revenue strategy
Revenue managers need to get better at articulating takeaways from data rather and focusing on analysis that can help the entire commercial operation
During the "Great Debate: Setting the Foundation for True Revenue Strategy" session at HSMAI's 2023 Revenue Optimization Conference, Jeff Borman, vice president of revenue optimization at Ashford Inc., said not enough focus is given to providing employees a diverse set of experiences.
Key takeaways
- For years, hoteliers have talked about the need to "breakdown the silos" between the disciplines of revenue management, sales and marketing, but experts say those silos remain;
- The biggest steps in moving away from the siloed approach is to talk between departments more about strategy and less about data points;
- It's easy to just read out a report, but there's no value in calling out what we can all look at ourselves. The focus should be on strategic adjustments to be made as a result of having come to meetings prepared.
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