Simple hotel revenue strategies to avoid leaving money on the table
Best-available-rate (BAR) pricing has been at the core of traditional revenue management for years and has provided hotels a more advanced approach than the “gut feel” method that came before it. Hoteliers establish one price based on some combinations of historical data, competitive prices and forecasted demand.
However, as new channels and other intermediaries have emerged that are taking a larger cut of the action, this fixed-tier approach has become less effective, if not antiquated.
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“Times have changed, and so must the hotel industry if it wants to remain profitable. Revenue Strategy is about proactively coordinating sales, marketing, distribution, revenue management, loyalty - and everything else that is a part of generating revenue - to grow profits.”
– Patrick Bosworth, Co-founder and CEO, Duetto