The Hospitality Sales and Marketing Association International (HSMAI) and Revenue Analytics present The New Revenue Team, a white paper offering insights into hospitality revenue during the COVID pandemic. The publication examines revenue teams during the pandemic and after the pandemic, and identifies the right solution for right now.
“There has been a noticeable shift in the way hotel revenue optimization teams operate during the pandemic,’” said Robert Gilbert, CHME, CHBA, president and CEO of HSMAI. “COVID-19 has forced revenue teams to become more agile, collaborative, and strategic under unprecedented circumstances. Many of the key learnings revenue teams have made during the pandemic will go on to serve their teams in the future, carving the path to industry recovery.”
The New Revenue Team focuses on three main topic areas:
Revenue in the Time of COVID
Revenue optimization teams in the hospitality industry have changed during the pandemic. COVID-19 has led to more clustering at the property level as well as big cuts above property. The pandemic has also helped break departmental silos, as hotels get leaner, leading to greater collaboration among teams. Mass amounts of data have led hotels to prioritize data analytics.
Revenue After COVID
Looking ahead, revenue experts are predicting how hotel revenue models will work post-COVID-19. Revenue models may remain flexible and maintain many of the efficiencies used during the pandemic. Additionally, revenue teams may become even more collaborative, strategic, and analytic going forward.
The Right Solution for Right Now
Revenue Analytics has developed N2PricingTM, a tool that responds to the unique dynamics created by the pandemic and reflects hospitality trends that Revenue Analytics has observed for years.
“The COVID-19 crisis has forced revenue teams to do more with less,” said Dax Cross, CEO of Revenue Analytics. “That pressure has accelerated previous trends towards above-property management, greater automation, and heavier usage of analytics and technology in making tactical decisions. The insights from industry leaders featured in this White Paper will help teams adapt to these changes and win the recovery.”
For more insights, access The New Revenue Team on the HSMAI Americas website.
HSMAI is a global organization of sales, marketing, and revenue optimization professionals representing all segments of the hospitality industry. With a strong focus on education, HSMAI leads the way in identifying and communicating trends in the hospitality industry. Operating as a leading voice for both hospitality and the sales, marketing, and revenue optimization disciplines, HSMAI connects its members with customers. Founded in the United States in 1927, HSMAI is a membership organization comprising 5,000 members from 35 countries and chapters worldwide. HSMAI operates around the globe via regional boards of directors and staff. There are four regions: the Americas, Asia Pacific, Europe, and the Middle East. Each region has signature programs and services for association members. HSMAI has a Global board which is made up of delegates from each region.
About Revenue Analytics
A pioneer of Revenue Management, Revenue Analytics is an enterprise SaaS company that partners with hospitality, media, and passenger rail companies to solve their most complex pricing challenges. By leveraging powerful analytics and deep strategic experience, Revenue Analytics’ next-generation software delivers intuitive answers to help companies perfect their pricing, reclaim missed revenue, and take back their time. To learn more about how Revenue Analytics is recreating Revenue Management, visit revenueanalytics.com, or follow us on Twitter and LinkedIn.