Duetto recently connected with nearly 100 revenue managers - users and non-users - for specific research on what keeps them up at night. Through surveys and interviews with DORMs, Area DORMs, corporate-level revenue executives and management companies from across the globe, some new trends emerged. In general, concerns seem to have shifted from competing with OTAs and driving top-line revenue to improving processes, gaining clearer visibility into future demand opportunities and making data- and profit-driven decisions.
Across responses from the entire data set, consistent patterns emerged.
First, revenue managers almost unanimously suggested they need more tools around automation. Next, a majority of them reported needing more accurate demand and financial forecasts for clearer visibility into revenue, profit and loss numbers, particularly around budgeting. And lastly, a number of revenue managers said they need better resources around knowing how and when to accept the right group contracts.
The top 9 revenue management pain points identified were:
- Revenue managers are wasting time collecting and processing data
- Revenue teams can’t respond to changes in demand 24/7
- Reporting and forecasting takes too long
- Revenue managers must constantly explain pricing decisions and strategies
- Conflicts between departments, particularly Sales, Revenue and Group
- Area directors have little visibility into how properties are pricing
- Corporations have little centralized control over property revenue strategy
- Executive teams have little visibility into cross-property performance
- It’s too difficult to implement a cohesive brand strategy
Because of these current challenges, revenue teams said they fear they are missing opportunities to drive rate. Because they are bogged down with menial tasks, revenue managers feel they have no time for strategy and are constantly chasing their competitors. A lack of resources means they’re stressed, overworked and often leaving money on the table.
Can you relate to these pain points? Download our whitepaper Revenue Made Simple to hear from industry experts on how analytics and automation can help you work smarter not harder.