This post is part of the 2014 Keynote Vote for The Beat Live 2014, in New Orleans Oct. 6-Oct. 8.
What will you speak about?
Mysteries of Hotel Revenue Management Revealed
Airline revenue management is well known but hotel revenue management is becoming equally sophisticated—and possibly equally frustrating! I will explain how hotels think about revenue management which is (thankfully) very different from the airline industry (and it isn't just because the hospitality industry actually is hospitable.)
Why should the audience listen?
Who wouldn't want to understand what really goes on inside the revenue management black box?
• How do hotels arrive at prices? Dart board? Magic 8-ball?
• Why are my rates closed out when I have LRA?
• Why do prices drop at the last minute so often?
• Why are there rates on Expedia that I can't find in the GDS?
• What role do loyalty programs play in revenue management – and customer profitability?
We will discuss all these questions and more—and even share a few secrets! We will make a fairly dry topic fun, interactive and informative. See an actual revenue management system predict prices! We'll even lower some rates in real time. Maybe even yours!
How will you avoid a sales pitch?
I promise to only mention our GDS chain code (NY) once.
What insight do you want The Beat readers to share in advance, to help you prepare for your presentation?
Examples of their frustrations, challenges and unanswered questions about revenue management would be great. Compromising photos of Dave Hilfman could also be helpful.
Tom Botts is EVP and chief customer officer for Denihan.