The Interdependence of Marketing and Revenue Management

Marketing pros know their customers – their buying behavior and their product preferences. To begin the revenue management process, most hotels start with market segmentation -- what types of business can your hotel serve? Most properties typically segment their markets into a set of categories. The most recognizable categories – ones that almost every property identifies no matter the size – are the basic: business traveler vs. the vacation traveler.

Based upon market conditions, room supply vs. room demand, the question to ask is: What rates can you charge? Or from another perspective, what rates is each segment willing to pay?

Managing revenue in hotels requires accurate forecasts. Bottom line: there is a heightened interdependence between hotel marketers and revenue management.

Want to learn more? Our Revenue Managers Committee has organized an informative panel program for our August 19th meeting at the Hyatt Coral Gables.

Come hear the experts – representing various parts of our industry – ask questions, and network with your fellow hospitality members. Registration online closes soon, so visit www.hsmaisouthflorida.org for more info and our registration link.

Hope to see you there!
Best, Julie Wernick, HSMAInsider, Managing Director, HSMAI-South Florida chapter.