Total revenue management, the future of hotel marketing
July 02, 2012 | Hotel Marketing
A third generation of revenue managers will focus more on optimizing the revenue from a single guest rather that the traditional rooms revenue model—an emerging practice called total revenue management.
For too long revenue managers have focused on optimizing rooms revenue instead of total guest spend, which might include golf, spa or food and beverage, said Bonnie Buckhiester, president of Buckhiester Management.
“We’re very rooms-centric. We don’t spend enough time optimizing (food-and-beverage), retail or golf,” she said.
Buckhiester sees revenue managers in three generations. The first revenue managers weren’t given that title but were mostly GMs and directors of sales who were practicing pricing strategies. The second generation—which is most of the revenue managers with tenure today—are very analytical and do a lot of number crunching. Some are not as good at the strategic planning, Buckhiester said.
A third generation, those early in their career or entering the industry today, need to be very much interested in the whole asset, she said.
Get the full story at HotelNewsNow.com
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