Hotel Pricing in a Social World: Driving Value in the Digital Economy (Wiley and SAS Business Series)

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9781119129967: Hotel Pricing in a Social World: Driving Value in the Digital Economy (Wiley and SAS Business Series)

Take control of revenue management in the new hotel economy

Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an insightful resource that provides guidance on improving organizational decision making to keep your hotel relevant, from a pricing standpoint, in the often chaotic hotel landscape. This groundbreaking book clearly showcases the current environment of the hotel industry, and describes new and emerging trends that can impact your revenue management tactics. This essential text prepares you to survive and thrive in today's highly competitive market, and outlines the best approach to building profitable pricing strategies that follow both tactical and strategic best practices.

Revenue management has become a key activity in the highly social environment of today's hotel industry, thanks to mobile technology and social media. Though relatively new, revenue management is a quickly-evolving discipline that requires precision if you want to maintain your hotel's relevance in the market.

  • Leverage original research, case studies, and industry examples to understand the practical application of key concepts
  • Explore current market conditions that have an impact on revenue management
  • Consider how advances in data management, analytics, and data visualization can impact revenue management practices
  • Identify how revenue management can help you take advantage of market opportunities and overcome challenges

Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy is an essential text for hotel CFOs, CMOs, revenue managers, and operations managers who want to leverage revenue management techniques to keep their hotel competitive.

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From the Inside Flap:

The evolution of the digital economy has enabled consumer behavior to become more quantifiable. As a result, the role of revenue managers has changed from a tactical orientation to a strategic approach involving pricing, total hotel revenue management, and a customer-centric methodology to developing demand. Hotel Pricing in a Social World demystifies the modern practice of revenue management to ensure revenue managers develop the knowledge and skills they need to meet today's challenges and take advantage of profitable new opportunities.

Based on research from leading experts and firsthand experiences of the author and revenue leaders from around the world, practical coverage guides hotel revenue managers to make the best decisions about data, technology, and business processes to move their business forward. Everything you need to be competitive today and into the future is inside—from innovations in analytics and technology improving pricing decisions, the expanding role of revenue management, and such broader strategic opportunities as personalization initiatives. Along the way, you'll gain skills that will elevate your value in your company and the industry, including:

  • Using pricing to improve reputation, drive market share, reinforce branding initiatives, increase guest loyalty, and attract new owners and investors
  • Identifying the best circumstances to apply price optimization as opposed to traditional inventory optimization
  • Dissecting analytics to uncover opportunities to improve decision making in revenue management as well as across the entire organization
  • Creating intelligent demand management, where marketing generates demand during needed periods and promotional demand is accounted for in pricing and allocation decisions
  • Developing a pricing strategy based on user generated content
  • Boosting other revenue-generating assets with a versatile revenue management framework

Whether you want to become top talent or attract it to your hotel, Hotel Pricing in a Social World is your single-source solution.

From the Back Cover:

TAKE CONTROL OF REVENUE MANAGEMENT IN THE DIGITAL ECONOMY

Hotel Pricing in a Social World prepares hotel executives to survive and thrive in today's highly competitive market by outlining how to build profitable pricing strategies. This groundbreaking book taps revenue leaders from around the world who are driving their organizations with analytics to share their best practices, personal experiences, and data to facilitate your own revenue improvement. The answers to improving your hotel's revenue lie in your customers' behavior, and now you can discover what they are telling you about your brand by:

  • Grasping the practical application of key concepts through original research, case studies, and industry examples
  • Exploring the variety of factors affecting revenue management and the skills and competencies revenue managers will need in the future to stay in demand
  • Capturing, storing, and accessing the high variety, velocity, and volume of data available to hotels
  • Following proven steps to use revenue management to profit from market opportunities and overcome challenges

Open up new opportunities for career advancement and higher profits with Hotel Pricing in a Social World.

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