Throughout 2022 The Revenue Optimization panel addressed a number of interesting topics including emerging decision making technologies, moving beyond RevPAR to focus on profitability, driving ancillary revenue, the evolving role of the Revenue Manager, and even how to avoid the fine line between data-driven decision making and analysis paralysis.
Few hoteliers would disagree that 2023 has started off strong, presenting a whole new set of opportunities, some of them unique, due to new technologies and the lasting impact of the pandemic, and others bearing a spooky resemblance to what worked over a decade ago, the last time the industry found itself at this point in the cycle. The phrase «old school is the new, new school» seems to come up a lot.
So, we decided to ring in the new year by asking our panel to look ahead.
What is your most unique prophecy and most important professional new year’s resolution as you welcome 2023?
Challenging to predict given the current VUCA environment, but since «we’ve come to play» typing here, I would say 2023 will show a more thoughtful European customer, looking more into the rates and offers, and not as splendid as they were in 2022, when they blew the savings of two years of no travelling. Now, many economies – both at household and at national level- are overstretched, and some vacations will be shorther, while others will be to nearer or cheaper destinations.
On the other hand, many Asian customers (particularly Chinese) did not have the chance to travel last year, and the destinations receiving them will benefit from the spending power.
As for the new year resolution, at a personal level it will be to focus on ancillary revenue, creating new ways to generate revenue and keep steering towards total revenue management at our properties.
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