For any hospitality business to be successful, it’s critical to have a way to predict and manage guest demand. Revenue management is about more than just room revenue, it encompasses the full spend of the guest including dining, retail and gaming spend. Knowing the potential demand for a given sales period is determined by understanding elements such as historical trends, current events and the current pace of bookings, just to name a few. Equally important, operators should seek to truly understand the guest and their preferences or patterns to anticipate how they will spend their money while on property. Combining all this data to drive rates and personalized offers enables hospitality operators to yield the highest possible return based on the full spend of each guest.
As visitors are looking to their resorts to offer more service and amenities, the traditional PMS is becoming increasingly limited. It’s only focused on the details associated with a specific stay – and that’s about where it stops. For years, this was all that was needed. It was ‘good enough’ and aligned well with the revenue manager’s focus: room revenue. But what about guests who don’t charge to their room, don’t partake of amenities and don’t dine on property? There’s a lot of missing detail, important data that a traditional PMS simply doesn’t capture.
The latest in revenue management and PMS technologies are innovative, leveraging information that helps casinos attract the right guests by optimizing forecasting, pricing and even reinvestment. With industry-leading partners, casino resort operators can align their strategies to make more informed decisions that grow profitability. The latest technology delivers more than just an estimation of guest room demand; it enables operators to present personalized offers that target the guest’s overall spend. This is all made possible by systems that share data in real-time and it’s organized in a way that makes it actionable for revenue managers. This data includes things like prior guest spending habits, regional influencers, competitor rate shopping, review scores and web shopping activity.
Properties with this ability can yield by market segment, distribution channel and room type. They’re moving away from “one size fits all” discounts off a fixed Best Available Rate (BAR) and instead generating personalized offers to reward loyal guests and to spur direct bookings. Partnering with industry leaders in revenue management and optimization enables operators to work with a single provider who can help achieve a holistic hospitality management system. More importantly, the combination of PMS and Revenue Management technologies allows operators to take the data shared between the two systems to the next level. With this new set of revenue management data, hoteliers can offer truly personalized services to guests that result in the highest yield possible.