Call to Action: Avoiding the Revenue Management Stall Out

Kelly McGuire is getting bored with revenue management. And when the executive director of hospitality and travel global practice at SAS, who also holds a PhD in revenue management from the Cornell School of Hotel Administration, talks revenue management trends, people tend to listen. Her research has been published in The Cornell Hospitality Quarterly, Journal of Pricing and Revenue Management and the Journal of Service Management. Prior to her gig at SAS, McGuire consulted with Harrah’s Entertainment on restaurant revenue management strategies for major markets and worked for Restaurant Revenue Management Solutions providing menu pricing recommendations to major chain restaurants.

What's got this intensely immersed, multi-industry revenue management expert and noted pundit so bored? Her answer may sound like a familiar one for multifamily revenue and asset managers. "All of our conferences and blogs are going in circles," McGuire says in this fantastic post over on SAS’s “The Analytic Hospitality Executive” website.  "We need disruptive change in the way we think and talk about revenue management in hospitality and travel."

Like multifamily, the hospitality space has expanded the position  of revenue managers to a more strategic role in the organization with broader responsibilities that encompass a marketing, sales, and channel approach. The problem, McGuire says, is that no one is recognizing the strategic, corporate importance of that role. "We've changed the role of our revenue managers," McGuire says, "but no one is recognizing it. We've stalled out."

So what's a revenue-minded executive to do? "Don’t assume that the big players have it right, or that you need to stand back and see what happens next," McGuire says. "Ask good questions of your marketing counterparts, your executive team, your colleagues at conferences. Challenge your vendors to actually solve your pricing problems in new and innovative ways, rather than rebuilding a tired user interface or writing a new report based on the same analytics."

Luckily for multifamily executives, marketing specialists, asset managers and revenue managers alike, all of those objectives can be accomplished in one place: at the 2013 Apartment Revenue Management Conference.

We invite you to join us September 22-25 at the Turnberry Isle Resort in shaping the course of revenue management in the apartment industry not just in the years to come, but in the here and now of immediate applications to improve your operations and your business. The 2013 Apartment Revenue Management Conference features expanded education and networking events that cover the gamut from secret shopping to renewal analytics to gaming algorithms and our first ever Owner's Only Revenue Management Roundtable.

As McGuire puts it, "let’s dig in and figure this stuff out in a practical and actionable way."