The Jigsaw Puzzle of Revenue Management:
Find Out How Your Business Fits
A panel of hoteliers offered a glimpse of the inner workings of revenue management, to help planners understand the decisions behind the deals. Planners who aren’t afraid to ask about a hotel’s biggest profit centers, its patterns, its seasonal room-to-space ratio, and its business mix can better evaluate whether a property fits their event.
Tina Sampson, vice president of sales and marketing for Gaylord National Resort and Convention Center, said the knowledge can also help planners negotiate a better deal.
“Understanding what is going on in each market can make a big difference,” Sampson said. “If your event has a Friday/Saturday pattern in Washington, D.C., it’s going to be more valuable than it would be in Las Vegas. Find out how and why your business fits.”
Mark Benson, vice president of North American sales for Fiesta Americana & Caesar Park Hotels and Resorts, said an event’s history is also an important factor in revenue management.
“Times have really changed, but you can give us a conservative estimate of what you think you can perform,” he said. “How could this event translate to other opportunities for us? Share that information with us so we can do better business together.”
Finding out why an event doesn’t meet revenue management standards may help planners adjust their terms. Flexibility on dates, patterns, space requirements, and food and beverage minimums could change a hotel’s “no” to a “yes.”
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