Hotel revenue management isn't what it used to be. With today's highly informed, connected consumers, pricing strategy alone can't ensure room occupancy. A new book from analytics and revenue management expert Kelly A. McGuire, PhD, throws out a lifeline. Hotel Pricing in a Social World offers strategies to not only understand this new digital world, but also harness it to create new opportunities. Social platforms lay out service triumphs and mistakes for all the world to see, making pricing and competitive positioning more complicated by the day. Online travel agencies present price, location and feature comparisons across the market. Review sites integrate with Facebook and other social channels, so potential guests can consider the opinions of their friends, or even friends of friends. And all this activity is shifting to mobile at lightning speed. Yet, revenue managers still have to build profitable pricing strategies. The market has changed, the technology has changed and the revenue manager has to change as well. Under McGuire's guidance, they can begin to:
McGuire travels the world, speaking with revenue managers and experts about how data and analytics can move their businesses forward. In this book she collates her decades of experience to provide distinct direction on how to use innovations in analytics, processing power, data management and data visualization to create new revenue opportunities.
"This book is less about the practice of revenue management itself and more about the implications of changes in consumer behavior on revenue management," said McGuire. Armed with her advice, revenue managers will be prepared to participate in conversations not just about the revenue management system, but also about the hotel's broader data, technology and business strategy.
"My aim is to inspire revenue managers to evolve with the market place and consumer," she added. "It is an exciting time to be in revenue management. But unless revenue leaders are poised to manage pricing in a social world, they and their companies will fall behind"
Kelly McGuire leads the SAS Hospitality and Travel Global Practice. She is an analytics evangelist, helping SAS' hospitality and travel clients realize value from big data and advanced analytics initiatives, and build a culture of fact-based decision making. Before joining SAS, McGuire consulted with Harrah's Entertainment on restaurant revenue management strategies. Prior to that, she was a Senior Consultant at Radiant Systems. She also worked for RMS (Restaurant Revenue Management Solutions). McGuire has a BS from Georgetown University and an MMH and PhD in revenue management from the Cornell School of Hotel Administration. Her research has been published in the Cornell Hospitality Quarterly, Journal of Pricing and Revenue Management, Journal of Hospitality and Tourism Research and the Journal of Service Management. She is also a frequent contributor to industry publications, speaker at industry conferences and is co-author of the SAS/CHR blog The Analytic Hospitality Executive.
About SAS
SAS is the leader in analytics. Through innovative analytics, business intelligence and data management software and services, SAS helps customers at more than 75,000 sites make better decisions faster. Since 1976, SAS has been giving customers around the world THE POWER TO KNOW®.
About IDeaS
With more than one million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS® and more than 25 years of experience, IDeaS proudly supports more than 7,000 clients in 94 countries and is relentless about providing hoteliers more insightful ways to manage the data behind hotel pricing.
IDeaS empowers its clients to build and maintain revenue management cultures—from single entities to world-renowned estates—by focusing on a simple promise: Driving Better Revenue.
IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities—not just for rooms, but across the entire hotel enterprise.
For more information, visit www.ideas.com.
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