The traditional revenue-management best practices have failed, leading processes to change from a static to nimble approach, according to panelists on a webinar hosted by the Hospitality Sales and Marketing Association International University, Hotel News Now and STR, HNN’s parent company. The way in which customers shop has changed, panelists said during the webinar titled “Revenue & yield management ‘best practices’ have failed.” Therefore, best-available-rate pricing is in its final act of the revenue-management play. Tom Botts, executive VP and chief customer officer for Denihan Hospitality Group, said best-available-rate pricing often offers little value to customers but makes hoteliers “feel good.” Customers today are shopping based on price, he said. Ash Kapur, VP of hospitality revenue management and distribution for Starwood Capital Group, agreed consumers shop by lowest available rates, but online travel agencies aren’t the ones to blame. “Why blame them? They’ve created a marketplace,” he said. “Shoppers are used to going to marketplaces. … We cannot change customer-shopping behavior of going to these sites. What we should focus on intrinsically is our own digital booking experience.” Get the full story at Hotel News Now