Editorial Board   Guest Author

Mr. Mogelonsky

Larry Mogelonsky

President & Founder, LMA Communications

Larry Mogelonsky (MBA, P. Eng) is the founder of LMA Communications Inc. (www.lma.ca), an award-winning, full-service hospitality consulting and communications agency. Established in 1991, the company has assisted hundreds of luxury independent and branded properties throughout the world, providing solutions to sales, marketing, operational and digital challenges. Mr. Mogelonsky is an associate of G7 Hospitality Group as well as a member of Cayuga Hospitality Advisors and Laguna Strategic Advisors. He is also one of the hotel industry's most published authors and has been recognized by HSMAI as one of the Top 25 Minds in Hospitality. His work includes three books on the hospitality industry entitled “Are You an Ostrich or a Llama?” (2012), “Llamas Rule” (2013) and “Hotel Llama” (2015). You can reach Mr. Mogelonsky at his email address to discuss any hospitality business challenges or to review speaking engagements.

Mr. Mogelonsky can be contacted at 416-440-2500 or larry@lma.ca

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.