1. How has the revenue management role changed over a period of time, especially after the pandemic?
Revenue Management has been an ever evolving role. During the Pandemic, Revenue Managers were responsible for generating demand rather than managing the demand. Post the Pandemic, the role has become even more Holistic, Revenue Managers have to be more Proactive than Reactive.
2. What are the new challenges that the hotel faces in revenue generation?
The ongoing Uncertainty of the Business environment is the major challenge in Revenue Generation/ Forecasting. The key to Revenue Generation is being Proactive in nature in terms of understanding and analysing Where is the Demand coming from and Why is the demand coming.
3. 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?
Digital touch points impact all stages of the customer journey and hence Social Media is extremely crucial right from creating awareness to the Conversion state. What people are talking about the hotel on Social Media, How the Content is featuring on various Social Media Handles is of utmost importance now which was not the case before. Going forward as well Social Media will be “THE DISTRIBUTION CHANNEL” for Direct Marketing and Voice of Guest’s.
4. What are the other engagement tools and strategies that hotels are looking at to maximize their revenue?
So Revenue Management all this while has been about The Right Price, Right Product, Right Client, Right Time, I believe now is the time to look at the Right Distribution channel. Having a balanced Distribution Mix directly impacts GOP of the hotel.
5. What, according to you, are the changes that the revenue management will have to adapt to stay relevant in the years to come?
Revenue Managers have to become conduit between all the Commercial divisions of the hotel where they help the other commercial verticals understand what are the current business needs. Secondly, Digital is the way forward, hence I strongly believe that Revenue Managers should be attuned with the Digital channels/ strategy of the hotel.
