{"id":6103,"date":"2022-03-05T09:18:36","date_gmt":"2022-03-05T09:18:36","guid":{"rendered":"https:\/\/ihmnotessite.com\/?page_id=6103"},"modified":"2022-03-05T09:26:24","modified_gmt":"2022-03-05T09:26:24","slug":"revenue-management","status":"publish","type":"page","link":"https:\/\/ihmnotessite.com\/index.php\/home\/hmct-notes\/bhmct-4th-year\/front-office-management\/revenue-management\/","title":{"rendered":"REVENUE MANAGEMENT"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"6103\" class=\"elementor elementor-6103\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5eb6401 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5eb6401\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-219838a\" data-id=\"219838a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-50745b7 elementor-widget elementor-widget-image\" data-id=\"50745b7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"659\" height=\"300\" src=\"https:\/\/ihmnotessite.com\/wp-content\/uploads\/2020\/06\/PM.jpg\" class=\"attachment-large size-large wp-image-2423\" alt=\"\" srcset=\"https:\/\/ihmnotessite.com\/wp-content\/uploads\/2020\/06\/PM.jpg 659w, https:\/\/ihmnotessite.com\/wp-content\/uploads\/2020\/06\/PM-300x137.jpg 300w\" sizes=\"(max-width: 659px) 100vw, 659px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-11984d1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11984d1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-264116c\" data-id=\"264116c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c84a96 elementor-widget elementor-widget-text-editor\" data-id=\"5c84a96\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2 id=\"what-is-hotel-revenue-management\"><span style=\"color: #000000;\">What is hotel revenue management?<\/span><\/h2><p><span style=\"color: #000000;\">Robert G. Cross, the author of the book\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revenueanalytics.com\/hospitality\/resources\/the-book\"><em>Revenue Management: Hard-Core Tactics for Market Domination<\/em><\/a>\u00a0defines revenue management as\u00a0<em>\u201cthe art and science of predicting real-time customer demand at the micromarket level and optimizing the price and availability of product.\u201d<\/em><\/span><\/p><p><span style=\"color: #000000;\">Simply, revenue management means predicting consumer behavior to sell the product at an optimal price every day. Therefore, the definition of hotel revenue management is straightforward:\u00a0<em>selling the right room to the right client at the right moment at the right price on the right distribution channel with the best commission efficiency.\u00a0<\/em>Sometimes revenue management is called yield management, but these terms aren\u2019t interchangeable.<\/span><\/p><p><span style=\"color: #000000;\">Revenue management is defined by interconnected components, which are<\/span><\/p><ul><li><span style=\"color: #000000;\">Customer segmentation,<\/span><\/li><li><span style=\"color: #000000;\">Demand forecasting,<\/span><\/li><li><span style=\"color: #000000;\">Inventory management,<\/span><\/li><li><span style=\"color: #000000;\">Yield management, and<\/span><\/li><li><span style=\"color: #000000;\">Pricing.<\/span><\/li><\/ul><p><span style=\"color: #000000;\">Each plays a crucial role and greatly impacts the ultimate financial result of a hotel, so let\u2019s describe them one by one.<\/span><\/p><p><span style=\"color: #000000;\">ELEMENTS OF REVENUE MANAGEMENT<\/span><\/p><h3 id=\"customer-segmentation\"><span style=\"color: #000000;\">Customer segmentation<\/span><\/h3><p><span style=\"color: #000000;\">Customer segmentation is an important part of marketing and pricing as it allows you to define groups of travelers that visit your hotel and address them differently. For example, business travelers have different needs and preferences than backpackers on a budget, so you have to know your customer and be ready with the offers that fit each group.<\/span><\/p><p><span style=\"color: #000000;\">However, there are more possible categories that you might want to identify and market to than just \u201c<em>business vs leisure<\/em>\u201d. Some typical segmentation criteria are<\/span><\/p><ul><li><span style=\"color: #000000;\">demographic factors (age, gender, marital status, etc.),<\/span><\/li><li><span style=\"color: #000000;\">the trip\u2019s purpose (business, sport or entertainment event, family vacation, wedding, etc.),<\/span><\/li><li><span style=\"color: #000000;\">stay duration,<\/span><\/li><li><span style=\"color: #000000;\">traveler status (new, returning, or regular),<\/span><\/li><li><span style=\"color: #000000;\">booking channel (direct, through an OTA, or walk-in), and so on.<\/span><\/li><\/ul><p><span style=\"color: #000000;\">Each customer group provides opportunities to gain extra profit \u2014 if you do it right. For example, you might offer discounts to your loyal customers, create tour packages for families, or negotiate rates with companies that have many business trips.<\/span><\/p><p><span style=\"color: #000000;\">Further analysis can help you discover important trends in customer behavior. You might find out that some customer groups have a high rate of cancelations or no-shows, so it makes sense to focus your marketing efforts on other segments. Here, the technique that can help predict such disruptions is demand forecasting.<\/span><\/p><h3 id=\"demand-forecasting\"><span style=\"color: #000000;\">Demand forecasting<\/span><\/h3><p><span style=\"color: #000000;\">Customer demand is never static. It fluctuates depending on different factors such as the season, important events in the area, or even macroeconomic conditions.\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/demand-forecasting-methods-using-machine-learning\/\">Demand forecasting<\/a> is the analysis of information about past demand, as well as current and future events across all the customer segments. Based on this data, you can predict when the demand will increase or decrease, and develop the right pricing, marketing, and distribution strategy.\u00a0<\/span><\/p><p><span style=\"color: #000000;\">This part of revenue management is especially important because it serves as a basis for setting prices, choosing distribution channels, creating promotions to engage more guests, or launching other marketing activities to increase occupancy. To learn more, visit our post about\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/whitepapers\/machine-learning-bridging-between-business-and-data-science\/\">machine learning<\/a>\u00a0approaches to\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/business\/price-forecasting-machine-learning-based-approaches-applied-to-electricity-flights-hotels-real-estate-and-stock-pricing\/\">price forecasting<\/a>.<\/span><\/p><h3 id=\"yield-management\"><span style=\"color: #000000;\">Yield management<\/span><\/h3><p><span style=\"color: #000000;\">The goal of yield management is to define customer behavior and set the best price to sell rooms with maximum profit. This concept appeared much earlier than the concept of revenue management and is narrower. While revenue management is focused on the whole revenue of a business, including\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/revenue-model-types\/\">ancillary revenue<\/a>\u00a0and spendings, yield management focuses on the price and the volume of sales.<\/span><\/p><p><span style=\"color: #000000;\">Yield management is closely related to both inventory management and demand forecasting since it aims at selling the greatest number of rooms at the highest possible price according to customer demand. Here are some of the tactics and tricks you can use to play around with your inventory and maximize revenue.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Maximum length of stay (MaxLOS)<\/strong>\u00a0restricts reservations to a maximum duration. It can be used to limit the availability of discounted or promotional rates.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Minimum length of stay (MinLOS)<\/strong>\u00a0restricts reservations to a minimum duration. It\u2019s used during high-demand periods to encourage longer visits.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Closed to arrival\u00a0<\/strong>means that no reservations are allowed with arrival on a particular day. It can be applied to lighten the workload of the\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/hotel-front-desk-software\/\">front desk<\/a>\u00a0team on a busy day but is definitely risky as it can turn away some of the guests.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Allotment\u00a0<\/strong>is giving your partners (such as wholesalers, travel agents, or event organizers) a pre-negotiated number of rooms to sell, often at a discounted rate.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Last room availability\u00a0<\/strong>relates to a contract between a company and a hotel that fixes the room rate. It is done to support last-minute reservations for business trips and guarantee room availability for a pre-negotiated price.<\/span><\/p><h3 id=\"inventory-management-or-distribution-management\"><span style=\"color: #000000;\">Inventory management or distribution management<\/span><\/h3><p><span style=\"color: #000000;\">In revenue management, the term inventory refers to the product (i.e. rooms) sold. A room is considered a perishable product with a certain \u201c<em>expiration date<\/em>\u201d. It means that if you do not sell a room for tonight, you can\u2019t sell it later. And if a room is not sold, a hotel loses money.<\/span><\/p><p><span style=\"color: #000000;\">So, another core aspect of revenue management is choosing the right mix of distribution channels. The main channels you deal with are probably\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/travelport-vs-amadeus-vs-sabre-gds\/\">GDSs<\/a>,\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/online-travel-agency-business\/\">OTAs<\/a>,\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/bed-banks-hotelbeds-travco-bonotel-hotelspro\/\">bed banks<\/a>\u00a0(or wholesalers), and\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/hotel-search-engines\/\">metasearch engines<\/a>. Using demand forecasting results for various customer segments and channels, you build the distribution strategy that will balance occupancy and revenue maximization.<\/span><\/p><p><span style=\"color: #000000;\">For instance, hotels may use online travel agencies as the leading distribution channel, while making allotments for bed banks to fill in remaining rooms for a lower cost.<\/span><\/p><h3 id=\"pricing\"><span style=\"color: #000000;\">Pricing<\/span><\/h3><p><span style=\"color: #000000;\">Price is one of the main factors impacting a guest\u2019s decision to choose your hotel. Pricing, or setting optimal rates for your inventory, is the key to maximizing your revenue. You have to carefully analyze the market to understand your customer and see booking trends. That will help you build the right pricing strategy for your hotel.<\/span><\/p><p><span style=\"color: #000000;\">Note that you have to analyze demand and set your rates well in advance so that you have everything ready for travelers who prefer to book early.<\/span><\/p><h2 id=\"pricing-strategies-and-approaches\"><span style=\"color: #000000;\">Pricing strategies and approaches<\/span><\/h2><p><span style=\"color: #000000;\">You already know that it\u2019s a good idea to base your pricing strategy on customer demand forecasts and the different groups of guests that you can carve out. However, there are several approaches to price setting. Let\u2019s see what the main ones are.<\/span><\/p><h3 id=\"dynamic-pricing\"><span style=\"color: #000000;\">Dynamic pricing<\/span><\/h3><p><span style=\"color: #000000;\"><strong>Dynamic pricing<\/strong>\u00a0is about changing the room rates regularly (sometimes multiple times per day) according to market demand.\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.altexsoft.com\/blog\/datascience\/machine-learning-redefines-revenue-management-and-dynamic-pricing-in-hotel-industry\/\">Dynamic pricing strategies<\/a>\u00a0are built around selling the property for the best price possible. They are based on supply and demand ratio, as well as external and internal data.\u00a0<em>External data<\/em>\u00a0includes such data points as competitors\u2019 prices, weather data, and booking patterns; while\u00a0<em>internal data<\/em>\u00a0includes segmentation, customer profiles, rates, etc.<\/span><\/p><p><span style=\"color: #000000;\">Dynamic pricing strategies allow hotels to keep up with the market and maximize occupancy rate, as well as the other hotel revenue management KPIs (we\u2019ll talk more about them in the next section).<\/span><\/p><h3 id=\"open-pricing\"><span style=\"color: #000000;\">Open pricing<\/span><\/h3><p><span style=\"color: #000000;\"><strong>Open pricing\u00a0<\/strong>refers to creating different prices for reservations made by different guest segments at different time periods through different distribution channels, etc. Such flexibility allows you to maintain stable levels of occupancy and generate revenue even during low demand periods.<\/span><\/p><p><span style=\"color: #000000;\">So, if dynamic pricing mostly focuses on the supply and demand balance, open pricing is more about varying profitability margins across segments and channels.<\/span><\/p><p><span style=\"color: #000000;\">Open pricing requires building complex price matrixes based on accurate forecasts; however, it enables discount channels to generate revenue instead of closing them off.<\/span><\/p><p><span style=\"color: #000000;\">Here\u2019s an example to illustrate the concept. Imagine you have your standard room priced at $100 and your luxe suite at $200. But you know that there\u2019s going to be an elite car show in the area so you can charge more for your luxes since they would be in demand. At other times, you expect a big business conference nearby, so you can discount the luxes to get them occupied together with standard rooms.<\/span><\/p><h3 id=\"additional-pricing-strategies\"><span style=\"color: #000000;\">Additional pricing strategies<\/span><\/h3><p><span style=\"color: #000000;\">There is a wide variety of other pricing strategies that can be implemented (often in conjunction with one another):<\/span><\/p><p><span style=\"color: #000000;\"><strong>Length of stay pricing\u00a0<\/strong>can refer to either setting a minimum visit duration (can be effective during high-demand period) or offering a lower rate for longer stays (say, set a discount for reservations of more than 4 nights). The latter not only ensures higher occupancy, but might also lead to higher ancillary revenue.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Packages and value-added pricing<\/strong>\u00a0is offering a bundle or\u00a0<em>package\u00a0<\/em>of services at discounted rates. You can include other hotel services in such packages (e.g., airport transfer, meals, spa, etc.) or partner with external providers (such as car rentals or tour agencies) to provide guests with special deals.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Cancellation policy\u00a0<\/strong>can also impact your pricing strategy. For example, you offer higher prices with an opportunity to cancel the reservation and get a refund and vice versa.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Segment based pricing<\/strong>\u00a0is setting different rates for different guest segments. For example, you can offer special rates or create special offers for those who book directly through your website (read on to learn more about the importance of encouraging direct bookings).<\/span><\/p><p><span style=\"color: #000000;\"><strong>Exclusivity vs affordability<\/strong>\u00a0are two opposite approaches when you either position yourself the highest (most exclusive) or the cheapest on the market. Depending on your property, you can promote yourself as a luxury place and target top-shelf travelers or as an affordable place for price-sensitive guests. Note that in the first case, it\u2019s important to create and maintain an excellent reputation and also to be fully transparent with what you offer, letting your guests understand what they are paying for. In the second case, remember about the break-even point and don\u2019t let high occupancy with low prices lead to losses.<\/span><\/p><p><span style=\"color: #ff0000;\">FOR MORE INFO: https:\/\/www.altexsoft.com\/blog\/business\/hotel-revenue-management-solutions-best-practices-revenue-managers-role\/<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0a64bce elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0a64bce\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-78cc30b\" data-id=\"78cc30b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0308f1e elementor-widget elementor-widget-text-editor\" data-id=\"0308f1e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><span style=\"color: #000000;\">Additional Hotel Revenue Management Tips<\/span><\/h2><p><span style=\"color: #000000;\">The following tips can help those associated with hotel management to deliver better revenue management results.<\/span><\/p><h3><span style=\"color: #000000;\">Develop a Revenue Management Culture<\/span><\/h3><p><span style=\"color: #000000;\">To achieve the absolute best results, you should try to create a revenue management culture within your hotel. This will mean that everyone within the business will take an active interest in revenue management and will make an effort to contribute towards success in this area. You may need to work with individual departments and their leaders, in order to explain why it is so important and how it can benefit the whole organisation in the long run.<\/span><\/p><h3><span style=\"color: #000000;\">Stay Aware of Changing Habits<\/span><\/h3><p><span style=\"color: #000000;\">One potential problem with revenue management is related to the fact that it will often draw heavily from historic data. Although this data is perfectly valuable, its use can be hindered if there are significant changes to customer behaviours and habits. With this in mind, it is essential that you keep up with any of these changes and that you take these shifts in behaviours or habits into account when making predictions about the future.<\/span><\/p><h3><span style=\"color: #000000;\">Remember to Place a Focus on Value<\/span><\/h3><p><span style=\"color: #000000;\">Answers to the question \u2018what is revenue management?\u2019 will often focus on the idea of price, but it is worth stressing that you can sell hotel rooms at a higher rate if you offer your customers good value. As a basic rule, guests are happy to pay more for a high-quality room, in a hotel where they are guaranteed good service, and this is especially true if you also throw in extras. Do not be afraid to emphasise value instead of pure price.<\/span><\/p><h3><span style=\"color: #000000;\">Avoid Over-Reliance on Automation<\/span><\/h3><p><span style=\"color: #000000;\">Many aspects of revenue management can now be carried out through AI and software automation. Yet, it is imperative that you use this hotel technology intelligently and avoid over-reliance on it. Automation can be especially useful for calculations and purely logic-driven decisions. Nevertheless, the very best hotel leaders and decision-makers will also take calculated risks and take the kind of chances that AI will not be able to replicate.<a id=\"hotel-revenue-management-courses\" style=\"color: #000000;\"><\/a><\/span><\/p><h3><span style=\"color: #000000;\">More Revenue Management Tips<\/span><\/h3><p><span style=\"color: #000000;\">There are a number of further tips that are worth knowing when trying to optimise your revenue management strategy. These include making sure you are keeping consistent and relevant records, providing clear incentives for customers to book hotel rooms directly, prioritising mobile optimisation and actually creating a map of where you expect demand to come from. Read\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/revenue-management-tips-for-hotels\">\u201c8 Revenue Management Tips for Hotels\u201d<\/a>\u00a0for more information.<\/span><\/p><h2><span style=\"color: #000000;\">Check Out Hotel Revenue Management Courses<a id=\"revenue-management-system\" style=\"color: #000000;\"><\/a><\/span><\/h2><p><span style=\"color: #000000;\">Hotel revenue management courses will cover everything, from answering the basic question of \u2018what is revenue management?\u2019 right the way through to using advanced tools and techniques. In some cases, it may be worth investing in a course of this kind, as they can equip you with all of the information you need to optimise financial results.<\/span><\/p><p><span style=\"color: #000000;\">Take a look at\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/hotel-revenue-management-courses\/\">\u201cHotel Revenue Management Courses: Information + List of Educators\u201d<\/a>\u00a0for further information, along with a directory of some of the main educators who are actually offering these courses.<\/span><\/p><h2><span style=\"color: #000000;\">What is a Revenue Management System?<a id=\"system-features\" style=\"color: #000000;\"><\/a><\/span><\/h2><p><span style=\"color: #000000;\">When you make revenue management a priority, it is often sensible to invest in a revenue management system (RMS). This is essentially a software solution, which will make various revenue management tasks easier and allow you to more easily maintain and access related information or data.<\/span><\/p><p><span style=\"color: #000000;\">Read\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/revenue-management-system\/\">\u201cRevenue Management System (RMS): What Are the Advantages?\u201d<\/a>\u00a0for more information on what an RMS is and how it can help you, along with details about some of the specific advantages associated with these solutions.<\/span><\/p><h2><span style=\"color: #000000;\">Essential Revenue Management System Features<a id=\"total-revenue-management\" style=\"color: #000000;\"><\/a><\/span><\/h2><p><span style=\"color: #000000;\">There are a variety of different RMS software solutions on the market and it can be difficult to know where to start when choosing between them. However, once you know the main features to look out for, the process of selecting your revenue management system becomes significantly easier.<\/span><\/p><p><span style=\"color: #000000;\">Take a look at\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/rms-system\/\">\u201cRMS System: An Overview of the Most Important Features\u201d<\/a>\u00a0for further information on the most important features to look out for, and details on why those features are so useful.<\/span><\/p><h2><span style=\"color: #000000;\">What is Total Revenue Management?<a id=\"hotel-revenue-management-strategies-tactics-trends-tips\" style=\"color: #000000;\"><\/a><\/span><\/h2><p><span style=\"color: #000000;\">For most hotels, there are a number of revenue sources beyond simply selling hotel rooms. Depending on the hotel, this could include leisure activities, conferencing facilities, food and beverage sales and much more. Total revenue management can be broadly viewed as the process of optimising each of these, to maximise profitability.<\/span><\/p><p><span style=\"color: #000000;\">Read \u201c<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/total-revenue-management\/\">Total Revenue Management: How Hotels Can Maximise Their Revenue<\/a>\u201d to find out much more about what total revenue management is, how it differs from the more conventional concept of hotel revenue management and why it is so important, along with some useful tips for implementing your own total revenue management strategy.<\/span><\/p><h2><span style=\"color: #000000;\">The Latest Hotel Revenue Management Strategies, Tactics, Trends and Tips<a id=\"hotel-marketing-strategies-tactics-trends-tips\" style=\"color: #000000;\"><\/a><\/span><\/h2><p><span style=\"color: #000000;\">Hotel revenue management is an important topic and there is a lot to cover, from how to create accurate forecasts, through to how to make the best use of your revenue management system. To read more about these topics, try exploring our hotel revenue management category page, where you will find an archive of our posts on the topic, allowing you to develop a more rounded knowledge and access the very latest strategies, tactics, trends and tips.<\/span><\/p><p><span style=\"color: #000000;\">For more advise, go to the\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/category\/hotel-blog\/revenue-management\/\">\u201cHotel Revenue Management Category Page\u201d<\/a><\/span><\/p><h2><span style=\"color: #000000;\">The Latest Hotel Marketing Strategies, Tactics, Trends and Tips<\/span><\/h2><p><span style=\"color: #000000;\">Your marketing efforts will have a huge bearing on how successful your hotel is, as marketing communications will be used by people to form judgements about your business and its values. On top of this, the decisions you make can influence how many customers you attract, the types of customers you attract, their expectations, and how much they are willing to pay. Check out our hotel marketing category page for strategies, tactics, trends and tips.<\/span><\/p><p><span style=\"color: #000000;\">For more advise, go to the\u00a0<a style=\"color: #000000;\" href=\"https:\/\/www.revfine.com\/category\/hotel-blog\/marketing\/\">\u201cHotel Marketing Category Page\u201d<\/a><\/span><\/p><p><span style=\"color: #ff0000;\">FOR MORE INFO: https:\/\/www.revfine.com\/what-is-revenue-management\/<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What is hotel revenue management? Robert G. 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