The five key trends in revenue management for Hoteliers Worldwide
Tuesday 22, June 2010
New report from Travelclick and HSMAI provides insights for improved financial performance.
TRAVELCLICK®, the market leader in hotel e-commerce solutions, and the Hospitality Sales and Marketing Association International (HSMAI), the global organization of sales and marketing professionals representing all segments of the hospitality industry, have partnered to develop the report The Evolving Dynamics of Revenue Management: A Comprehensive Revenue Optimization Road Map for Hotel Owners, Operators and Practitioners. Published by the HSMAI Foundation, the report analyzes key trends in revenue management across the hospitality industry.
“More than ever before, efficient revenue management hinges on effective business intelligence,” said Robert Post, Chairman and CEO of TRAVELCLICK. “No longer a luxury, intelligence is a strategic necessity in improving a company’s probability of survival and prosperity, especially in difficult times. This report will enable hotels to take an informed, scientific approach to understanding market dynamics, applying the right marketing strategies and channels, and converting bookings at optimal value.”
TRAVELCLICK has identified five future trends from the report that are especially important to hotels globally as they move out of the economic downturn and begin to improve their growth figures:
Also serving as a publishing sponsor of the report is Smith Travel Research, the hospitality industry's leading information and data provider.
“By relying less on spreadsheets and revenue directors with strong Excel skills, and more on central storehouses that compile all enterprise data and help hotels better analyze and process it, hotels will advance the impact of revenue management,” said Kristi White, TRAVELCLICK’s Director of Revenue Optimization. “Business Intelligence tools will be critical in this effort, producing objective, actionable information and analysis, and reducing subjective interpretations.”
White underscores the importance of sticking with a strategy, through good times and bad. “During good times, hoteliers are more apt to pay attention to their own needs and price as a benchmark of what the market will bear,” she emphasized. “During downturns, they shift to groupthink and merely follow the herd to the bottom of the bucket. There are always opportunities to maintain or grow rate even in a down economy.”
“Hotel companies that embrace the requirements of revenue management, structure their organization, and provide the support required will find they receive the greatest benefits and realize the highest potential revenues,” said Robert Gilbert, HSMAI President & CEO. “Hoteliers who make these commitments and follow through will find they are positioned to be leaders in their marketplace instead of followers. Those commitments will provide hoteliers with the right information, confidence, and tools to price according to the customer’s willingness to pay.”
TRAVELCLICK is passionate about creating products that help hotels improve their financial performance. For the past 10 years, the company has led the market in delivering business intelligence innovations to the industry. TRAVELCLICK continues its leadership with this year’s release of Hotelligence360™, a revolutionary suite of integrated business intelligence applications that enable hotels to see their performance from every angle, forecast future trends, and maximize revenue. From interactive data to guided analytics, dynamic dashboards to proactive alerts, Hotelligence360 arms hotels with clear information for informed action. Whether managing one hotel or a chain of thousands, they can use data as a strategic asset to capture market share, outperform competitors, and drive their businesses forward.
Digital and hard-copy editions of the report are available at www.hsmaipublications.com.
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