Revenue management alone doesn’t create maximum performance. Today, revenue optimization and driving GOPPAR are equally critical to your success. So what is the difference?
Revenue management is the management of systems, tools, data and tasks. It is reactive in nature - ‘here is what we have, so now what should we do with it?’
Revenue optimization is more strategic and proactive. It considers true demand versus forecasted demand, strategic pricing and inventory management; segmented booking patterns and ancillary revenue capture. At Aspire this is what we call Wallet Share.
Most hotels study pace, history and market indicators. This forecasted demand allows a hotel to determine performance. And though this type of forecasting is vital, it leaves plenty on the table - what is happening in the market, and what can be done to capture more demand at the optimal price, leveraging guest spending. Understand more here.
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