A solid revenue management practice is the most effective way of finding out what’s working and what could use some help. Not having the right data, or using the right data for the wrong reasons, is basically leaving money on the table. It’s important to think of revenue management analysis as flexible to the ever-changing market instead of formulas that are carved in stone. By analyzing sales trends and forecasting results, pricing strategies can be adjusted to maximize profit. Below are five easy ways to get the most out of revenue management analysis. Some owners and managers think of revenue management as just a quantitative, technical process based around rate management. While that’s certainly a major part of the picture, analytics are meaningless without structure and vision. Hotels need to decide where to focus their efforts. Hotel owners need to clearly communicate to their revenue management teams about which data points are important. That way, the data can speak to those goals. An effective revenue management analysis should also look at each guest’s total profitability. This means evaluating ancillary spending and per guest cost, not just room rates. Get the full story at rainmaker