Hotel revenue managers are the hospitality industry’s “input / output” experts. They have this innate ability to analyze external forces like seasonality or competition, and predict revenue, adjust rates and manage occupancy. There’s no crystal ball involved, just hard numbers and big data. The challenge is that with so many inputs, how do revenue managers know exactly what patterns to look for?
These 10 hotel revenue management books cover dozens of examples and case studies that can help revenue managers apply entirely new ways of thinking to forecasting revenue at their hotel.
Find out how to incorporate the industry’s best practices and make sure you have all of your bases covered. Revenue Management for the Hospitality Industry is based on a common principle all revenue managers can live by. The secret is to “charge the right price, to the right customer, for the right product, through the right channel, at the right time.” Sounds simple enough right? Students and people new to the industry will want to check this one out.
Most experts agree. Cornell University has the best hospitality program in the country. That’s why their team of professors got together to write this book. Cutting Edge Thinking and Practice highlights the modern best practices in the industry as they relate to recent trends. It’s required reading for Cornell students, and a pre-requisite for anyone looking for a serious career in revenue management.
Revenue Superstar is about mastering and bringing simplicity to complex systems. Technology is changing at a faster rate than ever before this book dives into the how revenue managers can adapt quickly and prepare for incoming change. Get an understanding for the traditional principle behind hotel revenue management and find out how they’re being challenged and changed with modern data models and more predictability.
Factors to Consider When Pricing Your Room Nights is a short digestible volume focused primarily on the nuances of sleeping and guest rooms. Author Shane Lambert dives into a few of the more common revenue management mistakes, as well as the systems that revenue managers put in place to ensure success.
Hotel Pricing in a Social World: How to Drive Value in the New Hotel Economy starts by giving us a bird’s-eye view at the hotel industry today. Keeping with with global trends can be daunting, particularly with so much volatility in hospitality in recent years. Before you start digging into your favorite data models you’ll need to know the forces in our world the drive supply, this book explores the current market conditions that have the biggest impact on hotel revenue management.
Social Tables’ latest eBook dives into 10 ways hoteliers can optimize group and meetings revenue. Check out this eBook to see how Revenue managers can work more closely with their sales teams and provide the data they need to close higher value clients. Click here to download it for free.
Maximize Your Profitability is a perfect introduction into the world of hospitality revenue management. It’s specifically written for students and hospitality professionals that are just getting into revenue management. This one is in eBook format so you’ll be able to conveniently download it to your iPad, Kindle or Laptop.
7. Introduction to Revenue Management for the Hospitality Industry: Principles and Practices for the Real World
Another great option for folks that are starting fresh. Principles and Practices for the Real World provides a set of guiding frameworks and decision-making trees that can be applied to most problems that face revenue managers day to day. Additionally, students that are new to the industry can learn about a set of professional profile and career paths to see exactly what their options are when it comes to hospitality revenue management.
Of all the hotel revenue management books on this list, only this one deserves the title of the revenue manager’s bible. It gives a comprehensive overview at the most effective strategies and tactics for hotel revenue managers at virtually any sized hotel. The book also reveals how tiny mistakes and bad habits across a hotel’s management can have major effects on revenue generation and retention.
The Evolving Dynamics of Revenue Management reminds us that revenue management is a science. The best way to succeed in hospitality is with a proper revenue and data management organization that can support a revenue strategy. This book is perfect for revenue managers that are looking for more than just best practices but also the applications of revenue management beyond higher yields.
This is the first comprehensive introduction to the concepts, theories, and applications of pricing and revenue optimization. From the initial success of “yield management” in the commercial airline industry down to more recent successes of markdown management and dynamic pricing, the application of mathematical analysis to optimize pricing has become increasingly important across many different industries. Not just hospitality.
Which hotel revenue management books did we miss? Send us a note over @Socialtables on twitter and tell us about one of your favorites.
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