Today's Revenue Management thought:-

It’s Friday - the last one of 2023 - time to contemplate.

In the realm of sparking interest or debate, it is essential for professionals in the industry to have the insight to actively anticipate and adapt to changes.

Engaging in decision-making based on data, experimenting with cutting-edge marketing strategies, and continually refining service offerings are crucial for sustaining a prominent position in this ever-changing sector.

Success in the future of the hospitality industry is expected to lean towards those who can foresee trends and react promptly and strategically.

Have a profitable 2024 !

✌🏼

Today's Revenue Management thought:-

Reflecting on some of the comments I received during 2023.

• “The demand is slow, let’s lower the rates to get more bookings”

• “We are almost full, let’s raise the rates”

• “That’s a huge piece of business, we cannot turn it down to give it to the competition”

• “We should put a minimum Length Of Stay restriction over the event”

• “I cannot overbook the Hotel”

• “We closed X% more than Last Year/Budget so we did great!”

• “We have to fill up the Hotel”

• “Do you have a crystal ball?”

I am confident that numerous readers of mine have indeed faced similar comments in 2023.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

As 2023 comes to a close, I want to share three simple ideas that capture important aspects of our work:

1. "Balancing profit and guest satisfaction is the key to effective revenue management."

2. "In hospitality, every night is a chance for income, and once it's gone, it's gone forever."

3. "Success in our competitive industry depends on using data wisely—it's the essential currency of revenue management."

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s Friday - time to contemplate.

The essence of hospitality lies in its human-centric nature, where a hotel's success hinges on the commitment of its staff.

Dedicated personnel form the backbone of any hotel, and it is often the entry-level positions that serve as the breeding ground for future stars in the hospitality industry.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

A Balancing Act: Human Touch in Automated Hospitality

Education in hospitality must strike a delicate balance between technology and the human touch.

Training programs should emphasise the symbiotic relationship between automation and personalised service.

Professionals need to learn to leverage technology to elevate, not replace, the human element, ensuring that as the industry evolves, hospitality retains its essence of warmth and genuine care.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

The Rise of Tech-Savvy Hospitality Management Programs

As the industry evolves, educational institutions must revamp their hospitality management programs.

Curricula should incorporate emerging technologies, emphasising data analytics, artificial intelligence, and cybersecurity.

By nurturing a tech-savvy mindset, educational institutions empower future leaders to navigate the dynamic landscape of automated hospitality seamlessly.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Refined Skill Sets for Tomorrow's Hospitality Professionals.

With automation handling routine tasks, the focus for hospitality professionals shifts towards honing specialized skills.

Education becomes pivotal in cultivating emotional intelligence, creativity, and problem-solving abilities.

Tomorrow's workforce will thrive on the ability to deliver exceptional human-centric experiences, capitalizing on the unique qualities that machines cannot replicate.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Embracing Automation in Hospitality.

The hospitality industry is undergoing a transformative shift with the integration of automation in its operations.

From check-in kiosks to robot-assisted room service, technology is streamlining processes.

As we welcome these advancements, the need for education in hospitality takes center stage.

Industry professionals must adapt to these changes, mastering the art of seamlessly integrating automation to enhance efficiency.

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

It’s Friday - time to contemplate.

“Greed, for lack of a better word, is good.  

Greed captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. “

We all remember these words uttered by Gordon Gekko in the iconic film “Wall Street”.

Is this the way Revenue Managers should think about generating their revenues or should there be an increased focus on pricing ethics ?

Have a profitable week !

✌🏼

Today's Revenue Management thought:-

Consumers are generally resistant to accepting price gouging in hospitality as a norm within pricing cycles.

While fluctuations based on demand and seasons are expected, exploiting emergencies or high-demand situations excessively can lead to negative consumer sentiment.

Such practices are often perceived as opportunistic and unfair, eroding trust between businesses and customers. Acceptance of price gouging as a routine pricing strategy contradicts consumer expectations of fairness and transparency.

The hospitality industry relies heavily on positive customer experiences and satisfaction. Engaging in price gouging risks damaging a hotel's reputation and may result in long-term consequences, such as loss of customer loyalty and negative online reviews.

Consumers increasingly prioritise ethical business practices, and any departure from fair pricing can lead to a decline in trust and overall satisfaction.

For these reasons, hotels are advised to exercise caution and prioritise ethical considerations in their pricing strategies to maintain a positive and sustainable relationship with their customer base.

Have a profitable week !

✌🏼