Hoteliers’ Chat – Fundamentals of Revenue Management
Revenue management is about optimising revenue based on demand. It is defined as ‘selling the right room, to the right customer, at the right time, right price and through the right distribution channel’. Over the years the hotels’ business models have evolved, however revenue management has been slow to include strategies for supporting revenue streams such as F&B or function spaces. There is also much debate in the industry where the accountability of this function resides – Reservation or Sales, as well as the skills required for this business-critical function.
In this Hoteliers’ Chat episode, Jessica Tham, an independent Revenue Management Consultant shares with Hanley Chew, what it takes to be successful in a Revenue Management role, how it is evolving and how culture can play a role in higher revenue growth.
Music Credit: Bensound
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