In this podcast, LodgIQ’s Fabian Bartnick sits down with Glenn Haussman, host of No Vacancy podcast, to make the case for data-driven revenue management.
We ask one important question: Is revenue management via Excel spreadsheet alone still effective? We’ve spoken a lot about how buying behaviors and demand factors are evolving but let’s speak to the purely human element of RM. Revenue management via spreadsheet alone is deceiving because, as humans, we tend to be a bit optimistic and maybe even a bit emotional. On a good day, you think to yourself, “Yes, I got that right.”, on a bad day you maybe chalk it up to an off day. The missing element here: insights from data that allow revenue managers at any experience level to price with confidence, even on the off days. Remember, technology isn’t here to replace revenue managers, it is here to enhance your capabilities.
Another thing to mention here is the importance of adopting a true revenue culture at your hotel. What we mean by this is step outside the spreadsheets and your office, join the morning meetings, help the staff to understand their role in helping the hotel achieve its goals. When everyone is onboard the positive impact to your hotel can be far-reaching.