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The author of this research, Sheryl Kimes (Singapore Tourism Board Distinguished Professor of Asian Hospitality Management at the Cornell School of Hotel Administration), explained: “Not surprisingly, the revenue managers´ top concerns were all marketing and pricing related, including customer rate resistance, contract renegotiations, competition, and price wars. Just a year ago, the top issues involved human resources and technology.”
The report also presents comments from participants in a revenue management roundtable, held in May 2009 in Singapore. Looking at the results of the survey, participants in the Singapore roundtable agreed that pricing power has shifted considerably toward the customer. How to keep rates up? Solutions commented in Singapore include competing on the basis of quality, creating strategic partnerships, taking advantage of your loyalty program, developing additional revenue sources, and developing new market segments.
The study is available for free at http://www.hotelschool.cornell.edu/research/chr/pubs/reports/2009.html.
