In the early stages of Revenue Management, cranking up rates when the hotel was on a clear path to selling out was about all it took to be a successful Revenue Manager. But as digital transformation has taken hold in hotels, the role, and the definition of success, have evolved greatly.
Once the gold standard, technical knowledge and decent Excel skills are now table stakes. Today’s successful Revenue Manager must focus far beyond forecasting and setting prices. A mastery of the constantly evolving distribution technology landscape, including a keen understanding of every step of the digital customer journey is essential to optimizing market share and total hotel profitability.
Today’s customer experience begins way before the guest steps foot on property. The ease of finding information before booking, transparency and fairness in pricing, and the effective collection and dissemination of every customer’s specific needs form the foundation of a successful hotel stay. And the proliferation of user generated content and review sites practically ensures that if today’s guest has trouble booking your hotel, tomorrow’s guest will not even try. The past practice of opportunistic pricing now often results in one step forward… then two steps back.
So, we asked our experts: What strategies and tactics are successful hotels employing to strike this delicate and crucial balance between maximizing revenue and contributing to a positive guest experience? How are Revenue Managers evolving from «number geeks» to having a key role in delivering great customer service?
Being in touch with the customer all along their journey, from the moment they dream at home about going on holidays, until they are back home happy after their dreamt holidays spent at your resort.
Revenue management & customer care must work hand on hand to offer the best experience possible, while maximizing the total revenue generated.
That is possible if we personalize that communication, offering the customer no upsells or cross sells, but a better experience, an amazing time, a memorable stay with us. Our aim on this topic is to make sure every customer leaves the premises more satisfied, having spent more money.
If what we offer, every add on, really adds value, then customers will happily pay extra; because we have to remember that in most cases it’s not about how much extra does it cost, but the added value it represents.
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