The benefits of total revenue management
Total Revenue Management (TRM) is a business strategy that aims to optimize revenue from all sources within a hotel. It is a holistic approach involving all departments, from sales and marketing to revenue management, to work together to increase the average guest spend and maximize revenue per room. This whitepaper will provide an in-depth overview of Total Revenue Management, including its benefits, challenges, and the critical steps to get started. The focus will be on the importance of a holistic approach, the role of technology in optimizing revenue, and the importance of involving all stakeholders in the process. By following the best practices outlined in this whitepaper, hotels can increase their revenue, improve their guest experience, and remain competitive in a rapidly changing industry.
Journal/Conference/Book titleHSMAI Academy