Since its introduction into the hotel industry close to 25 years ago, revenue management is merely a process of issuing the best capacity to the right client, at the right time, and at an affordable price to generate maximum income. In the hotel industry, it involves finding a balance that accommodates all guests. This is a delicate process, but, through technology, hoteliers have found an innovative way of carrying out effective revenue management.
Effective management of revenue in our hotels is an important factor given the industry’s current state. Demand is growing stronger by the day, and there are even more opportunities for earning revenue than before. In fact, occupancy rates back in 2015 stood at 65.6% which was a 27-year record. Performance in the lodging industry continued to increase throughout 2016 with an astonishing 6.5 percent boost in revPAR.
Here, we’ll cover ways given below to increase revenue:
- What is importance of effective revenue in hotels?
- Find the best fit to maximize revenue
- Understand the needs of your guests & how to these with the help of technologies