The idea of Revenue Management first came to China twenty years ago, when International Hotel brand was introduced into Beijing, Shanghai and Guangzhou. Since then local brand realized the importance of Revenue management thus began to start practicing the concept of Revenue management.
Revenue management is an important line of defense for hotels. It provides timely help to hotels and makes operations better. On one hand, revenue management team will closely monitor the market situation and sales team. On the other hand, effective revenue management makes hotels more competitive so that they can beat competitors.。
Currently, revenue management in domestic hotels faces an ideological challenge. Some domestic hotel management team does not realize the importance of revenue management as the lifeline of hotel operation. Next, there is no professional revenue management group in domestic hotels.
In the age of big data, hotels will get much data, including customer satisfaction and data on OTA platform. We categorize data into basic (original) data for staff, second-level data for management team and first-level data for decision makers. A rising Data managing system Snapshot collects necessary data for decision making and presents them on one platform. Snapshot is a comprehensive and integrative data platform that can effectively improve the usage of data and transform data to information.
Revenue management theories are clear and easy to understand. But in practical operations, revenue management teams in hotel differ in terms of tools adopted, reporting lines and whether cluster revenue management is adopted.
Revenue management if not only for rooms, but also for F&B, catering and all revenue department in hotels (e.g. SPA, golf and parking area),
Revenue management should keep in pace with the development of sales, marketing, brand marketing. The process of revenue management and relevant organization structure need to be optimized.
Hotels need to consider changing traditional performance index (e.g. Occ, ADR and RevPar) to new index like KPI and total revenue/ GOP/ EBITA by square meter to measure hotel operations.
Revenue management is a kind of thinking logic. In the future, revenue management can be integrated to various fields to achieve the cross-border cooperation.
In the age of big data, the value of data lies in the quality rather than the quantity of data. Effective data can help hotels better position themselves in the market. Hotel operators need to improve the ability of using revenue management systems effectively.
Fiona He SnapShot GM, China
Karen Kang Boyue Beijing Hotel Deputy GM
Christine Liu STR Country Manager, China
Wei Wang FRHI Hotels Regional Director of Sales and Marketing, China
Charles Wang IDeaS Consulting Manager, Greater China
Harvey Zhang HK CTS Hotels Co., Ltd. Deputy GM
SnapShot was created for a simple purpose, which is to make managing hotel data more conveniently. SnapShot Analytics is a comprehensive and integrative data platform that can effectively improve the usage of data and transform data to information. Single platform service, visional graph, customizes settings and the ability to compatible with different platform help increase the overall managing efficiency of the hotel.