|Getting the Price Right: Interview with Managing Director of EMEA at IDeaS at ITB.|
By Louise Osborne ~ Exclusive from ITB 2014
Wednesday, 5th March 2014
Exclusive Feature: One of the greatest concerns for hoteliers is how to get the right price for the rooms they are renting out to customers at the right times, but knowing when demand is up and room rates can be raised or when to lower prices as need falls, can be a challenge.
Revenue management, such as that offered by U.S.-headquartered firm IDeaS, can offer an insight by providing analysis of the market.
Fabian Specht (right), managing director of Europe Middle East Africa for the company spoke exclusively to 4Hoteliers.com about the business and how it applies to hotels.
What is revenue management?
Revenue management is a discipline where we apply analytics to predict behavior to come up with right pricing decisions with the right product availability decisions to maximize revenue opportunities in any industry.
It really started in the tourism and trade industry with the airlines in the 1970s when the U.S. flights were deregulated.
Read the full story HERE, only at 4Hoteliers.com