Editorial Board   

Mr. Stacy

Mike Stacy

Chief Executive Officer, Groople.com

Mike Stacy has been the Chief Executive Officer of Groople.com, the leading group travel booking website since November 2005. Mr. Stacy brings 15 years of experience to Groople, including successfully building and growing some of the top online travel brands. Prior to joining Groople in November 2005, Mr. Stacy was president of Cheaptickets.com, a leading online travel website owned by Cendant. While at Cheaptickets, Mr. Stacy developed a new organization and improved the technology and customer experience, leading to historically high conversion rates. He effectively cut costs and launched a new marketing campaign, bringing Cheaptickets to profitability for the first time, earning the website the accolade of "Fastest growing online travel site" in 2004. Based in Denver Colorado, he holds a bachelor's degree from St. John's University and an M.B.A. from Pepperdine University.

Mr. Stacy can be contacted at 303-483-9006 or mikestacy@groople.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.