A revenue management culture is defined as a cross-departmental understanding of the importance of revenue management principles including fact-based data-driven strategies and the impact of discounting on profitability to increase demand. Despite applying revenue management principles to optimize RevPAR in this hospitality industry since the 1990’s there are only very select cases of successfully moving from RevPAR to TrevPAR (Total Revenue per Available Room) or even GOPPAR (Gross Operating Profit per Available Room). The reason based on my 30 years’ experience as a revenue management specialist is the lack of a revenue management culture. Hotel Operators might have a designated Revenue Manager (whether in name only without any training whatsoever will be discussed in a separate article), might have applied some revenue management principles like rational pricing (don’t sell your breakfast inclusive rate lower than the room-only rate) or might even have deployed an automated revenue management system, but one or all three of the above does not constitute a revenue management culture. While any form of revenue management is arguably better than no revenue management at all, even rooms revenue management or RevPAR optimization strategies require an understanding of revenue management principles across the various segments of the commercial department, which unfortunately is not a given. I have experienced too many times that due to non-aligned KPI’s (Key Performance Indicators) Sales is driving occupancy by bringing in as many contracts as possible while the revenue management department is trying to block these rooms from coming in using yield management to protect the ADR of the property and to avoid displacement. Having a revenue management culture would prevent or at least vastly reduce such scenarios, because the KPI’s of both departments are aligned towards revenue optimization and the revenue manager has pro-actively informed the sales department of periods of low demand where additional occupancy would be incremental as well as high demand periods where only premium rooms might be available for a potential group. A key factor to implement a revenue management culture successfully is the cross-department understanding of revenue management principles as stated in the definition above, so it boils down to effective communication and training. For the revenue manager to understand and implement revenue management principles alone is not sufficient and nor effective as these principles should be understood by other commercial disciplines as well. To further strengthen the application of a revenue management culture, it would be beneficial for the revenue manager to also understand the challenges of sales. Back in the day it certainly helped me building a stronger bond with the sales department by joining sales calls/sales mission and trying to convince a client to utilize our property versus a competitor. Communication and cross-training is key and at Wolf Commercial Consulting it is our passion to build and strengthen the revenue management culture of any organization. Join the revenue management foundation training in Phuket. Το άρθρο Revenue Management Culture εμφανίστηκε πρώτα στο TravelDailyNews Asia & Pacific.
Chinese electric vertical take-off and landing (eVTOL) startup AutoFlight completed the world's first electric air taxi demonstration flight between two cities. The flight went from Shenzhen to Zhuhai in China's Guangdong province on February 27.
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South Korean actor Kim Seon Ho is returning to Manila, Philippines, as part of his 2024 Asia fan meeting tour. The event, titled "Color+Full," is set to take place on April 13, 2024, at the SM Mall of Asia Arena. Fans can purchase exclusive fan packages, whi..
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European aerospace giant Airbus, has publicly apologized, following the reports that visitors from China and Russia were barred from boarding a Luftwaffe Airbus A400M military transport aircraft during the 2024 Singapore Airshow. Military personnel prevented several Chinese guests from boarding the German air force plane during the Public Day of the airshow, multiple complaints on social media allege. A Chinese show visitor shared a video where the woman at the A400M entrance asked to verify his nationality as it is a German aircraft. She mentioned that Chinese and Russian nationals are prohibited from boarding the plane. The attendee also recorded German personnel allegedly pursuing him after discovering he was Chinese. A second claimed that Germans had physically attacked him, leading him to file an official complaint with the airshow organizers, citing “discrimination against Chinese people.” Chinese visitors were reportedly allowed to board other countries’ military planes. Airbus issued a statement acknowledging that there were concerns raised by visitors regarding access to their aircraft. They promptly communicated and coordinated with the customer and their Airbus teams at the show to ensure that the aircraft was accessible to all visitors for the duration of the event. Airbus emphasized its commitment to pursuing mutually beneficial collaboration with the Chinese aviation industry and striving to establish channels of communication between China and Europe. Airbus has secured a larger portion of the passenger aircraft industry in recent times, primarily because Boeing, its American competitor, has faced a series of manufacturing problems that posed potential danger. The Boeing 737 MAX 8 encountered computer malfunctions, leading to fatal accidents in Indonesia and Ethiopia during 2018 and 2019. Consequently, numerous commercial planes were taken out of service for nearly two years. The substitute model, the 737 MAX 9, also faced grounding and production restrictions from US authorities following an incident where an Alaskan Airlines flight experienced an in-flight blowout last month. Brussels and Washington have long complained about Beijing’s alleged theft and surveillance of western military technology. The US has pressured the UK and EU states to ban Huawei from their 5G infrastructure, lest the company’s equipment turn out to include backdoors feeding sensitive Western data to the Chinese government. To date, no evidence of the alleged capabilities has been made public. The European Union and the United States of America have consistently expressed concerns regarding Beijing’s rampant theft and copying of Western military technology. The US has also urged the UK and EU countries to prohibit Huawei from being involved in their 5G infrastructure, fearing that the Chinese firm’s equipment may contain hidden access points that could enable the Chinese government to steal sensitive Western data. SOURCE: Chinese banned from Airbus A400M at Singapore Airshow BY: eTurboNews | eTN
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If you are looking to book last-minute travel this spring, Southwest Airlines is offering up to 30% off flights across its network for travel through most of May.
Southwest's latest sale has 30 percent off flights for travel within the continental U.S. between March 19 and May 22.
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Throwing it back to the 90′s for an election race and more, we’re heading back in time this week with local historian Bill Hudson for our weekly Time Travel Tuesday!
Rail Delivery Group said it hopes the analysis will allow businesses to make greener travel choices
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Georgian Prime Minister Irakli Kobakhidze on Monday said the Chinese Government had made a decision to introduce visa-free travel to the country for Georgian citizens, Azernews reports, citing Agenda.
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The Broomfield Photo Club meets on the fourth Tuesday of every month.