- How has the revenue management role changed over a period, especially after the pandemic?
The Revenue management role has always been an ever-evolving discipline with robust trends dictating the way forward for top-line revenues.
Prior to the global Covid-19 pandemic, Distribution and Channel production was limited to the concentration of volumes through limited channels i.e. Global Distribution System (GDS) and online production, which accrued to the lion’s share of the business in tier 1 cities. However, after the pandemic, it has become crucial to leverage all channels and distribution opportunities (both online and offline) to maximize topline revenue.
- How has the social media influx changed the way revenue is managed and what has been its impact in the present and for the future?
Considering the hotels have spent the better part of the last two years – inducing and creating demand, social media and marketing campaigns are an integral part of ensuring a higher visibility quotient.
For online rates, it is pivotal that the packages are backed with a robust marketing plan to amplify their outlook/reach and ensure an effective performance with the target audience.
- What are the other engagement tools and strategies that hotels are looking at to maximize their revenue?
For matured markets, the occupancy levels are already near pre-pandemic levels, which means that the better half of this year should witness an increase in rates and pricing.
With inflation of 6-7%, hotels will have to push the ante on pricing and corporate pricing will be a pivotal strategy to employ and witness a healthy growth – considering the flat pricing over the past two years.
- What, according to you, are the changes that the revenue management will have to adapt to stay relevant in the years to come?
Considering revenue management has been majorly limited to rooms, the way forward will be to diversify revenue management into F&B Outlets, Catering and Ancillary Departments among others. The endeavor is to maximize the top line in every functionality of the hotel services spectrum.
