All posts in Strategic Planning

14
Nov

8 Ways the Best Revenue Managers Have Re-Defined their Job

Categories: Analytics, Budget, Data, Forecast, Guest Analytics, Hotel Analytics, OTA, Revenue Management, Strategic Planning, Total Revenue Management
Comments Off on 8 Ways the Best Revenue Managers Have Re-Defined their Job
by Robert Hernandez

The 25,000 or so Hotel Revenue Managers around the world are self-dividing into two distinct categories: those that are well prepared(or preparing) for 2024 and those that are well prepared for 2004. Fourteen years ago, the global lodging industry returned to positive profit growth after three years of declining revenues. Hotels began their four year ride(2004-2008) to historic levels of revenue and profit. In 2004 TripAdvisor, HomeAway and dozens of OTAs launched to capture the new opportunities in travel that Read more

14
Aug

In Revenue Management, Never Being Right is Better than Sometimes Being Right

Categories: Analytics, Data, Revenue Management, Strategic Planning
Comments Off on In Revenue Management, Never Being Right is Better than Sometimes Being Right
by Robert Hernandez

One of the most difficult concepts to explain in Mathematical Rate Setting is that the optimal rate is the one that has the best chance of maximizing revenue over the long term, not necessarily in the short term.  In other words, it is the rate that has the best chance of delivering the optimal revenue if the same rate decision where repeated many times.  That does not mean that it is the best rate for any one time that you make Read more

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