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Every business wants to get profit and increase revenue. In this AI era you better to keep up and follow the white rabbit.

Regardless of the industry , Revenue Management is the application of analytics that predicts consumer behaviour at the micro-market level to optimise product availability and price to maximise revenue growth.revenue management is to sell the right room, to the right client, at the right moment, for the right price, through the right distribution channel, with the best cost efficiency. It is key to any business that has relatively fixed capacity, perishable inventory, and time-variable demand. 

Why Revenue Management?

Hotels, like many other businesses, have fixed costs, which need to be paid regardless of how many rooms are sold and regardless of how much money is generated from guests. Therefore, through a revenue management strategy, hotel owners can ensure their costs are met and their prices and services are dynamically optimised. 

How to Manage Revenue Accordingly?

• Managing rates and inventory
• Segmentation and channel management
• Analyzing and reporting
• Budgeting and forecasting
• Meetings and arbitration
• Strategy

Some strategy might be useful ;

• Make time to keep up with trends and focus on big picture, long-term strategies.
• Optimize your reach across channels.
• When assessing performance, take into account costs of acquisition.
• Focus on brand distinction vs. commodatization.
• Donʼt forget the traveler! Audit rate positioning from traveler perspective.