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REVENUE MANAGEMENT
MICE technology transforms Empire Riverside’s revenue management strategy
Despite their prime location and high occupancy, they weren’t optimizing for demand, leaving profit on the table. In many cases, they would turn down high-value and last-minute RFPs, because space was already reserved up to 12 to 18 months ahead.
Revenue per person: The hotel wanted to move away from occupancy and focus on RevPP, considering factors like room rates, event spaces, and catering, for a total revenue perspective.
Implement flexible pricing: The hotel wanted to base their pricing structure on demand and seasonality.
Automate the booking process: The hotel wanted to reduce the time spent on creating proposals, allowing staff to focus on client relationships and strategic sales efforts.