10 Conclusions from the VIII Conference

10 Conclusions from the VIII Conference

Can you imagine what would happen if you were to sit in the same room with some of the very best revenue professionals in our country and participate in an event open to the public with great attendance?

This, as you can imagine, is synonymous with sure success and it is exactly what happened yesterday at the VIII Conference organized by the URJC on “The Future of Revenue Management: challenges and opportunities.”

Below we have highlighted some of the most interesting issues discussed so that you don’t miss a single detail on the challenges Revenue Management faces. Here are the 10 most important points of discussion: 

• Segmentation will lead to a clustering of the client. When we talk about clustering, we are referring to the statistical procedure that starts from a data set and contains information about a sample of entities. This information is organized into relatively homogeneous groups called clusters. Through this formula, patterns are extracted based on realities and not on impressions. 

• The reserve motors will be used to distribute the accommodation units on an individual basis. Technologies based on “Choose Your Room” systems so that the client can preview, on 3D models, the characteristics of the accommodation such as the location or the views from the terrace. 

• The differentiating factor of accommodation in comparison to OTAs and Metasearch engines lies in the humane treatment. It is essential to take advantage of the client’s passage through the accommodation and after-stay to work on the loyalty and recurrence of each traveller. The technology does not get’close’ to the users and therefore this part of the product is where the hosting is most competitive. 

• The figure of the experience department arises as an analysis of the accommodation from the traveler’s point of view. It is considered important to provide the traveler with an experience that goes beyond the mere enjoyment of a bed in a standardized room. Personalization must be based on the traveler’s knowledge and how to provide a memorable experience to the traveler both inside and outside the hotel space.

• Social listening on which to base housing decisions. The possibilities that the market offers us on a social level are very numerous. The technology to interpret large volumes of social content is developed so it is important to implement active listening processes through social networks, reviews in Otas, travelers’ social networks, and so on. Any portal about which we talk about our accommodation and can extract information from our client will be a resource to be taken into account. 

• Analyze the function of accommodation within the traveler’s Customer Journey. It is important to approach the market from the position that as a player our accommodation plays. In this way, it will be possible to analyse the influence capacity and the decision-making process that takes place from the customer’s point of view when travelling. 

• Search for the necessary partners that will allow you to have a greater capacity for action and analysis. The phrase: “If you want to go fast, go alone, but if you want to go far, go with someone else” was included in the event. Today, strategic alliances are key to creating more cross-cutting products based on proven and proven technologies. 

• Seek to distribute the product that best fits your customer. In the market there are success stories based on both dynamic packages and the sale of “beds”, so it is important to base our decisions on the previous analysis. The best solution for your hosting is the one that reports the best results and, therefore, it is recommended to analyze and validate empirically those products that you want to put on sale in a generalized way. 

• RMS as an interdepartmental tool. It is important that RMS is a tool that is used on a regular basis and allows accommodation to make increasingly intelligent decisions. The marketing department must be one of the most interested in the matter since it will have very interesting information on which to obtain and identify the best periods in which to invest in campaigns.

• The future lies in determining the cost of acquisition of each of the travellers who arrives at the accommodation. Although this has not yet been achieved, the way forward is clear in this regard. It is key for the hotel to determine which channels are more profitable in relation to lower cost and higher profitability of the type of traveler. 

BEONx actively participated in the event with the intervention of our CEO, Rubén Sánchez, in the round table on MRI management through the different technological tools where all the participants agreed on the importance of technology to access greater sources of information and processing to integrate them into the RMS and help sell to each client at the most appropriate price maximizing the income of hotel establishments. 

Initiatives such as this one help to clarify the challenges faced by hoteliers in order to transmit their own value to the client and involve a commitment to knowledge and training within a space such as the Rey Juan Carlos University, one of the reference schools in Revenue Management in Spain and Europe, which is developing the  Expert Course in Revenue Management  for future professionals in the sector.