A New Year, Renewed Focus and Best Revenue Management Strategies for 2010

For hoteliers in 2010, very few aspects of daily and strategic operations are going to be as crucial as revenue management. Of course, revenue management is important at all times but as the new year gets underway with a stronger recovery mentality – and about time too - it is especially important now: demand for hotel rooms is forecasted to increase only slightly more than 1%, and occupancy to essentially remain unchanged this year^[1]. It is vital, therefore, for individual properties to effectively manage their revenue streams to remain competitive and, well, keep the doors open for business. This means optimizing rates, managing multiple sales channels, embracing new and innovative revenue management techniques and technologies, and using as much information as possible to get the best rates from every booking.