RM MAGAZINE issue 7 RM MAGAZINE issue 7 2018 | Page 27

keep sales managers in check by challenging actions like negotiating discounts and filling the hotel with the wrong guests. and adjusting rates in real time to maximize profitable bookings. What Data Should be Shared? “I think revenue managers have become very sophisticated data analysts right now. We got much more sophisticated in our approach, we understand we need to merge data in order to get better at it, so I think the tools and the specialization is increasing rapidly.” — Michael Levie citizenM Hotels A daily report should inform key stakeholders on the forecast and how actual pickup is trending. Managers on property need to know what’s on the books for the day. Additionally, any demand weaknesses or risks will be identified. Historical performance reports have always been a success measurement for the revenue team. New data sets that show your hotel’s performance against the market or competing hotels are more commonly available and are solid measurements of success. New metrics like RevPar Index, Total Revenue Per Available Room and Gross Operating Profit Per Available Room are valuable data sets when available. Hotels can use this data, coupled with guest and transactional data, to form a more modern and tailored ecommerce strategy, starting with a more user-friendly and personalized booking experience. As a bonus, this data helps you make more profitable pricing decisions, and a better booking experience will help capture demand on your least expensive channels. Once your analytics are centralized and shared, hotels can start to do things like experiment with pricing and merchandising, testing different offers In Their Words “The revenue management professionals, working in alignment with sales and their GMs and guest service teams at the front are at the absolute nexus of both revenue and cost for that revenue, so it’s hard to deny that strategic and tactical importance of that role.” — Mark Carrier B.F. Saul Hospitality Group “I think revenue management is an old term these days…What I want really from our revenue team is to be able to fully understand what’s happening in the market, fully understand what’s happening with our hotels, and then position the right strategy in terms of how we set ourselves up to deliver the best performance that we can.” — David Taylor GLH Hotels ABOUT DUETTO Duetto is hospitality’s only Revenue Strategy Platform. A powerful suite of cloud applications addresses the industry’s complexity in distribution and technology, providing solutions that increase booking conversion, guest loyalty and revenue. Duetto allows hotels and casinos that leverage dynamic data sources and actionable insights into pricing and demand across the enterprise, enabling a holistic and more profitable Revenue Strategy. Duetto’s fully deployed hotel clients using GameChanger have recorded an average RevPAR Index lift of 6.5%. More than 2,500 hotel and casino properties in more than 60 countries have partnered to use Duetto’s applications, which include GameChanger for Open Pricing, ScoreBoard for intelligent reporting, PlayMaker for personalization, and BlockBuster for contracted-business optimization. For more information, visit http://duettocloud.com Better Revenue I Better Industry I APAC I www.revenuemanagement.com.au 27