Where is revenue management going?

This article is part two of a three-part series on revenue management. Look to Thursday’s technology newsletter for part three.

SkyTouch Technology has put a lot of thought into “what we think the market will do,” said SkyTouch’s Director of Product Management Charlie Green. “We do that vastly differently than it has been done in the past,” he said. “Within the past few years, we’ve taken advantage of transitioning so much data into the cloud and centralized systems, making data so easy to access.”

With that data, hotels can focus on revenue management on a transactional level, Green said. “We’ll know where that guest has stayed and what type of properties they traditionally stay at,” he continued. “The pricing decision will have so many more factors than anything that’s ever been done in the past.”

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Green cautions that this is probably at least five to 10 years out. But mobile, which is driving so much growth in reservation revenue, will drive a shorter-term growth in revenue management.

“It’ll be interesting to see what mobile can do—how location and time can affect the mobile price,” he said. “How will last-minute deals entice a guest who is only five miles away from a certain hotel? Or is that guest local and just looking for a weekend getaway? Mobile will be a great tool in appealing to guests.”

Shayne Paddock, CIO of ZDirect, agreed that hotels will need to find the right channel to appeal to the customer, whether it is through mobile offers or social media.

 

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