“Revenue Management has long been focused on maximizing room revenue, but in the past few years, we can see an increased interest in Total Revenue Management.
To ensure a collaborative effort, I would say that the first step would be to change the mindset. Revenue Management can be applied to all potential revenue-generating streams of a hotel. Whether it is F&B, Wellness, Events (meeting spaces, weddings, groups), or Housekeeping and minibar – everything that can bring ancillary revenue can be optimized.
The second important aspect would be for all stakeholders to understand the common goal and how they can all contribute – therefore training and constant communication are essential. Having common KPIs, regular revenue meetings that include all those concerned, and taking customer feedback into consideration would definitely help. Creating some incentives could also be a good idea.
In terms of technology, very often the tools are not all integrated (e.g., the software used in a hotel for Rooms, F&B and Events might be different). It might be a good idea to integrate systems or plan to invest in better tools so that data and behaviour can be tracked.
Depending on the hotel type, it would be interesting to work with other departments to create value-added packages that are authentic (i.e., not what everyone else is doing, like upgrades, resort credits etc.) but going beyond that and understanding post-pandemic customer behaviour and what they are really looking for.”