Hotel Revenue Management For Sport. Are you agile and competitive enough to win gold?
Reflecting on the Olympic Games during the Paris 2024 Closing Ceremonies, it occurred to me that Hotel Revenue Management is as much a competitive sport as athletics, gymnastics… or even breakdancing.
The following is true in all of these areas of endeavour:
It is competitive and you are always focused on staying ahead of the opponents, who also are most often your colleagues and dear friends. It can be brutal and unpredictable.
There are awards and bragging rights. But sadly there's literally zero points awarded for effort and having an enthusiastic go!
Every day you reset the clock. Another win around the track expires as quickly as a perishable hotel room night.
It is all about execution and keeping score.
Fractions of seconds or points in sport, or a few dollars in hotel revenue, can make the difference between first and second place.
You can not do it alone. A good coach can take you all the way.
A continual supply of power is required.
It requires excellent coaching, years of practice, and technology can assist to optimize human interaction with performance outcomes that win.
Evolution of Olympic level gymnastics:
How it started:
You have to be agile.
Evolution of Hotel Revenue Management Tech:
How it started:
Optimizing profits, not just room nights by the calendar date, but also time and space bookings anyone? Now there's the innovation we need!
There’s that one annoying competitor that wins. Every. Single. Time. Most Revenue Managers have a nemesis that’s always first in the compset. Any other team/hotel that tries to beat them is just out for a good day of practice.
And, no one likes a show off who refuses to wear a helmet.
Ultimately, whether in sport or hotel revenue management, when in doubt, always raise the BAR.
Have you thought the same? I’d love to hear from you if you are a hotel manager who feels as though every day is the Olympics! Comments encouraged below:
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