Revenue management technology is evolving and it can get easy for you to get overwhelmed. As such, it is prudent for you to keep up with the latest trends. Here are five revenue-management trends to watch out for this year:
Instead of using multiple systems, from operations to revenue management, integrated systems are now being developed. These systems will allow staff to have all their data in a single succinct location, enabling hoteliers to easily forecast revenue of all hotels and not just one room.
A more strategic focus
According to experts, hotels will now look at both top and bottom lines for figuring out the best route towards profitability. This also includes how guests are spending time in the property, what type of guests are opting for group bookings, at what times of the year and more. This will help managers better understand the business.
Push in direct bookings
2017 was marked by an increase in direct bookings for both independent hoteliers and bigger chains, and 2018 will be no different. Direct bookings can increase through several avenues such as enhanced marketing tools, user-friendly booking engines and incentives for guests to book directly through the hotel.
These are the trends we foresee in revenue management over the coming years. What do you feel? Please let us know in the comments section!