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The Convergence of Marketing and Revenue Management

The Convergence of Marketing and Revenue Management

The Convergence of Marketing and Revenue Management

In the last decade, hotels and hotel technology partners have evolved tremendously.

In the last decade, hotels and hotel technology partners have evolved tremendously.

In the last decade, hotels and hotel technology partners have evolved tremendously.

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Convergence of Marketing

In the last decade, hotels and hotel technology partners have evolved tremendously.

Convergence of Marketing

In the last decade, hotels and hotel technology partners have evolved tremendously.

The Convergence of Marketing and Revenue Management

Technology based on real information and learning algorithms, like Machine Learning, are replacing other types of technology that have become stagnant and too complex for the user. RMS technology is fundamental for revenue management departments to understand their hotel, consumers, and market.

The confluence of marketing and revenue departments is inevitable. The two departments complement each other, so information must flow between the two and they must work together to develop actions based on your hotel’s internal and external information. To market your product at the right time, place, and to the right user, these two departments need to be integrated and constantly share information. When these two departments work side by side, it’s much easier to carry out campaigns for determined periods of time with variations in pricing and availability.

Below are 4 ways your marketing and revenue management departments can work together and make the biggest impact, with the help of RMS technology:

  • Track all leads and conversions. The convergence of marketing and revenue teams in developing strategies for attracting, nurturing and converting as many leads as possible is essential. Depending on the strategy adopted by the marketing department, you can decide how to interact with prospects. For example, if you have a leisure guest and a sporadic business guest at the same time, you’ll need to take two different approaches and adapt your strategy to guest type.

  • Monitor competitors. Competition is one of the 4 C’s of marketing and one of the most relevant parameters in an oversupplied market, like our market today. Evaluate your competitors’ pricing and availability and compare it with your own market position. BEONx‘s BQI uses more than 21 objective parameters to help you easily determine and compare your market position with your competitors.

  • Demand forecast. It’s important to talk about accessory income for hotel rooms, as this one of the most important factors for boosting hotel revenue. There are some airlines that generate more revenue off of accessory income than airline tickets. It’s not unreasonable for guests to spend more money on your hotel’s pool, bar, restaurant or room service than on the room itself. That’s why it’s essential for your marketing department to identify and track these levels of consumer spending and ensure that these guests continue coming back to your hotel. What your guests spend their money on is valuable information for both your revenue and marketing departments to be able to plan and implement the right strategic actions.

Earlier, only 3 important factors were mentioned, however, there are many others worth considering. During daily hotel operations, there are many moments that your marketing and revenue management teams can collaborate. To improve collaboration between these two departments, we propose the following tips:

  • Flexible and aligned teams. As mentioned before, team collaboration is important. One way different departments can work together is by holding periodic meetings to exchange ideas on propose strategic actions.

  • Evaluate information generated. All information and reports generated must be organized by both departments. At the same time, information is generated between departments in real time and there’s an immediate access to that information.

  • Take immediate action. For this to be possible, you need to have a protocol in place that can expedite actions or an action plan for when opportunities or needs come up at your hotel. Launching campaigns at specific segments during opportunities or periods of low occupancy, based on information provided by your revenue management department, will help the marketing department execute their actions more strategically.

Marketing has changed and consumers are diversifying their purchases of tourism products in a fragmented market. Fortunately, we now have access to sophisticated hotel technology to analyze the market and forecast demand. At BEONx, we encourage you to implement technology, work as a team and optimize your hotel’s results by adapting your product to market demand.

Unlock your potential

Speak with one of our dedicated hotel experts and get started on your journey to sustainable profitability.

BEONx will only use your personal information to manage your account and provide the products and services you requested from us. Occasionally, we would like to contact you regarding our products and services, as well as other content that may be of interest to you. If you agree to receive communication from us for this purpose, please check the box below to indicate how you would like us to communicate with you:

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“Beonprice has not only helped us in a technological way, but also in a human way. The support and understanding of the people who make up Beonprice, especially during the difficult times we have gone through in recent years, has been exceptional. The team is remarkable.” – 

Pedro Pavón,  Revenue

Management Director at Casual Hoteles.

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Unlock your potential

Speak with one of our dedicated hotel experts and get started on your journey to sustainable profitability.

BEONx will only use your personal information to manage your account and provide the products and services you requested from us. Occasionally, we would like to contact you regarding our products and services, as well as other content that may be of interest to you. If you agree to receive communication from us for this purpose, please check the box below to indicate how you would like us to communicate with you:

You can unsubscribe from these communications at any time. For more information, please review our Privacy Policy.

Exp.: 08/22/SA/0012 . Línea 2022 Expansión internacional de Pymes.
Expansión internacional de las PYMES de la Comunidad de Castilla y León
Objetivo: “Conseguir un tejido empresarial más competitivo”
Actuación subvencionada: Participación en la feria FITUR (Madrid, Enero 2023)

Exp.: 03/18/SA/0022 Línea: Fomento de la innovación en Pymes
Proyectos de innovación en en ámbito tecnológico de las Pymes
Descripción del proyecto: Diagnóstico de ciberseguridad y seguridad IT de la plataforma SAAS de Beonx

Exp.: 07/18/SA/0015. Línea: Desarrollo de la Industria TIC
Proyectos de desarrollo de las TIC en Pymes
Descripción del proyecto: Smart Hotel Distribution for General Purpose: Nueva solución de Revenue Management System
para la optimización de la distribución en la venta de habitaciones de hotel.