MAY 8, 2008. Revenue management has built and broken businesses in the travel industry and now Trevor Stuart-Hill, one of the people responsible for making sure hoteliers are on the building of business end of the equation has co-authored a textbook on the subject, 'An Introduction to Revenue Management: Principles and Practices for the Real World.'
Stuart-Hill draws on the insights he has used to fuel the growth of SynXis' revenue management consulting services where customers have, on average, experienced six to 20 percent growth in revenue after implementing the programs recommended by Stuart-Hill and his team at SynXis.
After identifying a need for a practical revenue management and pricing resource, Kimberly Tranter, Assistant Professor and Lead Faculty Lodging for The Hospitality College at Johnson & Wales University, tapped Stuart-Hill's expertise to help structure an emerging course in hospitality management. The book outlines the basic elements of the revenue management process and the keys to effective revenue management planning. Using the Rev MAP model as a guiding framework, it shows how to develop, implement, and evaluate a strategic management process. Professional profiles highlight key issues and career paths, while application chapters relate material to each segment of the hospitality industry. One chapter looks at trends and even attempts to forecast the future evolution of this important new field.
Stuart-Hill brings his experience from 20 years in hospitality, 14 dedicated to revenue management, to SynXis and its customers by offering different levels of revenue management consulting to complement the distribution technology and online marketing services being used by SynXis hotel customers.
'The lines between the disciplines of Internet marketing, distribution, revenue management and customer relationship management are beginning to blur,' said Stuart-Hill, who also serves as chair of HSMAI's Travel Internet Marketing Special Interest Group. 'Smart organizations will take a holistic approach to defining a strategy that will encompass these disciplines. They will also cultivate in-house expertise through the encouragement of education amongst those who are charged with responsibility in these key areas.'
The SynXis CRS, RedX, offers many basic and advanced revenue management features including: Best Available Rate, Hurdle Rates, Promotional Pricing and a Property Connect interface between RedX and several automated Revenue Management Systems. However, SynXis understands that many properties, especially those not ready for full automation, do not have the resources needed to be diligent about revenue management disciplines and are unable to utilize the RedX tools to gain the maximum benefit. The SynXis Revenue Management Consulting services take into consideration all channels of distribution and incorporate the holistic approach that Stuart-Hill believes is necessary to compete in today's marketplace. SynXis services range from a one-time consultation to a full-time Revenue Management Professional.
'I need to wear many hats to get my job done, but with the SynXis Revenue Management services I can relax and trust that all of my online rates are in parity,' said Cathy Balestriere, General Manager, Cranes Beach House in DelRay, Florida. 'SynXis has given us a means to information and strategy that we would not be able to afford on our own, and we have seen our revenue increase by six percent since working with SynXis.'
