HOTEL BUSINESS REVIEW
AUGUST FOCUS: Food & Beverage

Outsourcing Revenue Management is the Future

By Lily Mockerman Founder, Total Customized Revenue Management | August 2017

Most hospitality leaders or general managers wouldn’t blink at hiring an outside IT firm. When asked why, the common response is that they would find IT hard to manage, as they don’t fully understand what needs to be done, leaving them open to hiring a less than qualified person, ending up with under-performing employees, or being unable to truly review the employee fairly. Even as the leader of an outsourcing revenue company, we recognize the value of being able to hire highly-skilled groups of providers, which is why we choose to outsource items like payroll. Yet when asked about Revenue Management, a similarly specialized field, most general managers feel they understand the discipline. Looking at the evolving nature of the discipline, however, many leaders don’t realize the way that this area has expanded. As I mentioned in my earlier article, The Future of Revenue Management, revenue managers are faced with an array of challenges that include advanced tactics like channel optimization, distribution cost management and room type optimization. As if that were not enough, Revenue Management is sometimes asked to function as a miniature IT department, with most companies looking to the revenue management department to be the experts in the PMS, CRS, GDS and RMS systems. The detailed nature of these systems when it comes to building content and revenue structures, or finding ways to use the system to optimize when it may not particularly lend itself to advance revenue techniques, can present a daunting challenge for a leader who believes they have a firm understanding of Revenue Management. This often leads to less than thorough evaluations of a revenue manager’s talent and performance. It is, of course, not a general manager’s fault that they may not be able to keep pace with innovation and expansion in revenue management duties, but it is essential that they understand that the discipline is no longer simply pricing a booking window and working with numbers. Perhaps in some cases, the job description of a revenue manager tends to be misleading in this aspect, seeming to focus only on things such as forecasting, budgeting and pricing. With the broad scope of the new revenue management role, it is unreasonable to expect someone to manage the Revenue Management department effectively without being integrated in the day-to-day activities of the position, if a hotel truly values and desires focus on this discipline. Outsourcing, then, provides some solutions to these challenges, as it does for outsourcing IT, payroll or HR. From the talent perspective, using an outsourcing company to provide revenue management capabilities can impact talent in four major ways. First of all, as alluded to above, using an outside company for this function allows a hotel to tap into higher talent levels than they may be able to find (or afford) on their own. While the quality of such companies can vary widely a reputable company will have highly-skilled and knowledgeable staff that are chosen by other experienced revenue management professionals who understand the skill sets needed and how to properly manage performance in the department. Secondly, outsourcing gives hotels access to a broader “think tank” of knowledge to help solve strategic problems. In the best companies, there is a strong environment of collaboration between the revenue management team members, giving the hotel access to not just one perspective, but a wealth of team members who all see a given strategic problem from multiple angles, allowing them to best select the most effective strategy. Even the most experienced on-property revenue managers often fail to look beyond their local market to make the best decisions for their property. It takes substantial time and effort to pull together a comprehensive revenue management strategy that extends beyond local reach. When outsourcing Revenue Management, a property can benefit from a broader perspective on current trends and will be able to gather data from a wider array of sources. This type of information creates a strong competitive advantage in any market. As a third advantage, outsourcing companies are more likely to have the resources to attract the best talent, such as strategists and analysts who specialize in their respective areas. This eliminates one of the greatest grievances for employees in the revenue management field – when high-level strategists get dragged down by everyday report-pulling or data collection vs. being able to put their best talents to use. Similarly, emerging talent can become frustrated when there aren’t enough levels of advancement for them to reach their career goals. In addition, the analyst role allows for more exposure to their chosen field without requiring a full-fledged resume of experience. Consequently, properties benefit from more motivated and driven revenue management talent, those who are truly invested in their work and in the success of their assigned hotels. Finally, outsourcing companies are generally more likely to have the resources to allow their employees to directly participate in more ongoing learning such as industry conferences, to help them stay on top of the latest trends and to network with like-minded colleagues. Most hotels either don’t have the budget, time or desire to invest in such activities, sometimes causing in-house talent to stagnate, forcing them to rely only on the base of knowledge they had at the time they entered the position. Though upper-level management may participate in these conferences, the knowledge gained seldom, if ever, filters all the way down through the ranks to where it can have the biggest impact. As it relates to maintaining control of the department, this is perhaps the strongest pain point for most hotels when they consider an outsourcing strategy. Many leaders feel that an outsourced revenue manager will not be ingrained enough in the culture to toe the company line in terms of the way they prefer to think about and apply strategy. In some ways, this is true; but then, this also provides a benefit if a company is willing to step outside their comfort zone long enough to consider it. While the best talent should be able to adapt and integrate themselves into the overall culture of a company and stay within the broad strokes of their guidelines, they should also be able to push the envelope of new and creative strategies, challenging the status quo. Of course, for these more creative or effective methods to be successful, whether suggested by an outsourcing company or an internal employee, the property must be receptive and willing to embrace these ideas. In addition, without the pressure of a direct reporting structure, which is often a part of an internal employee’s experience, outsourced revenue managers can feel more free to offer a bevy of ideas and methods, rather than withholding ideas for fear of “crossing” an upper level manager. One reason outsourcing revenue management can be more effective is to look at our “holy grail” of revenue management – analytics. Three primary issues with analytics mentioned in previous articles include the following: - Collection Addiction - When a company has a high level of focus on collection of data from multiple points, but doesn't place enough emphasis on effective application, leaving them with a disjointed data warehouse of unusable metrics. Companies can gather an influx of data that may help tell a story, but if they don't have the ability to effectively apply the information, then it will be considered useless. This issue often presents itself when working with big data. - Biased Fallacies - When a company or team member misuses data to further their own agenda by creating false proofs using information in partial or misapplied ways. This can be compared to the familiar confirmation bias - a common systematic error of inductive reasoning. - Distractibility or Reactivity - When team members are so focused on the next fire to put out, or the pressure of a political corporate environment, that the analytics are "massaged" or altogether ignored in favor of an emotional reaction to various situations. This directly conflicts with the science of analytics and can often present disastrous results for a company. Outsourcing revenue management can effectively diminish the issues listed above because the hotel/location becomes the client, and it’s in the outsourced revenue manager’s best interest to produce a plan that remains free of fallacies or ineffective application. Outsourcing revenue management companies will ignore emotions and will only focus on the analytical approach. Additionally, outsourcing companies are more likely to have the resources to put together a comprehensive plan to focus on revenue management across all facets of a hotel. One strategic thought leader can oversee multiple revenue streams and analytics talent, such as analysts for F&B, Spa, Space Optimization or Golf – a team which can manage the day-to-day implementation of strategies and can become experts in their various areas. Often, the return on investment for just one additional property role to better deploy the revenue management department can exceed a 20:1 ratio with the proper training, support and buy-in. Electing to hire an outsourcing team will make that ratio even greater, since an entire team is dedicated to brainstorming, analyzing and pulling together a tactical plan of execution. With the broad scope of what is now the new revenue management role, especially for companies embracing the idea of Total Revenue Management, outsourcing tends to reveal the best results for many, if not all, of the reasons listed above. Of course, in any revenue-focused organization, profit is the bottom line, and this is another area where outsourcing can be extremely effective. Working with an outsourcing company allows for predictable, flat costs, and eliminates multiple categories of expense. Outsourcing companies provide their own office space, equipment, training, hiring, certifications, etc. In some hotels, office space is at a premium, so being able to eliminate the need for even one office space can offer significant benefits. The expense of benefits and turnover related to the position are eliminated, with the onus falling on the new company to ensure that any turnover or other costs are paid, with no increase to the hotel’s fees. Additionally, outsourcing companies can provide strategies to eliminate out of office time, with minor exceptions, meaning that the hotel doesn’t miss a beat in their strategies while someone takes vacation, goes on maternity leave, or moves into a new position. In many cases, outsourcing is also more cost-effective than paying the salary of a single revenue manager, especially because outsourcing companies generally have a team dedicated to a specific client instead of a single person handling an array of tasks. Particularly when looking to incorporate more advanced strategies, companies will often find more bang for their buck when hiring a company that has embraced Total Revenue Management and can dedicate experts to the property’s account. So how does a hotel that wishes to outsource Revenue Management begin? What are some of the attributes of a good outsourcing company? First, a hotel must hone in on exactly what need they’re trying to meet. Is this solution intended to just cover the basics short-term? Should they have long-term sustainability? Is the hotel heavily involved in technical systems, or does it need a company that can improve processes? Searching for an outsourcing company should include extended research on whether the company can meet these needs. While price should certainly be a factor based on a client’s budget, some companies may achieve stronger ROI’s than others through a more involved, full-service approach, or a higher class of talent, and this should be considered when looking at various quotes vs. just going with the best price. A potential customer should ask about similar projects the company has completed in the past, what type of clients they’ve worked with, and if they would be willing to share references if needed. Granted, with so many new facets of Revenue Management, as well as the relatively new emergence of outsourcing revenue companies as major players in the industry, there may be a time in which the best company for the job doesn’t have prior experience. Most companies in this scenario are happy to offer special considerations for the fact that they’re able to gain the experience through a partnership with a new client to add to their resume, whether that’s a free training period for their staff, a discount on the overall project, or another creative solution that serves the needs of both companies. In this scenario, it’s important to ensure that there is a satisfactory exit strategy in case the trial period isn’t successful. Additions to these considerations include the ability of a company’s representatives to speak knowledgeably about the services and products they offer. When working with a sales person for the company, for example, if the client doesn’t feel that person is highly knowledgeable, it is not inappropriate to ask to schedule a call that includes one of the personnel from the company who frequently works on similar projects, to gauge their level of knowledge, their passion for their work, and overall whether that type of person would be positive to work with. The person within the company who is responsible for the assignment of personnel should also be able to review the client’s requirements and suggest the best person for the job based on the unique talents within the company. Companies that suggest all their employees are equally qualified for a specific project that entails more than a standard day-to-day strategy may not be specialized enough to provide the best experience. Once a company has been retained, it is equally important to manage the relationship with the company to ensure the best service. Most of these companies truly want to provide a positive client experience, and would prefer to know if something doesn’t quite meet expectations right away so that a quick resolution can be provided. Any client is doing themselves a disservice by not immediately reporting any concerns to upper management. In many cases, it makes sense to schedule a periodic meeting with a service provider from the company to allow the chance to ask any questions, advise how things are going, and point out areas that could be improved. A strong and ethical company will welcome the chance to continually improve services through reasonable service requests and will work day and night to ensure their clients are satisfied. Generally speaking, it’s safe to say that many of today’s hospitality companies could benefit from a Revenue Management team – a team that specializes in both strategy and analysis, one which offers a broader knowledge base than a single Revenue Management can possibly do in light of the many aspects of this position. Being able to trade the physical costs of on-site revenue managers, such as office space and equipment, and the costs of maintaining an employee, for an entire team which provides its own resources, is a great way to increase immediate profits. Add to that the benefits of new ideas, a fresh look at a property’s culture, up-to-date knowledge of what works and new trends in the industry, as well as revenue managers who are entirely focused on a property’s increase in revenue, knowledgeable in total revenue management and free of any of the internal distractions inherent with being “within the company walls”. For companies with an eye towards seizing their full potential for the future, it’s time to truly evaluate outsourcing as the future of revenue management to propel your property to its full potential.

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Notwithstanding the foregoing, any and all disputes, which the parties cannot informally resolve, regarding the scope of issues or matter with the jurisdiction of the arbitrator, shall be resolved by a separate dispute resolution process whereby HotelExecutive, in its sole discretion shall elect the dispute to be resolved by either (1) a court of competent jurisdiction in the State of California or (2) a panel of three new arbitrators.

This Agreement shall be governed by and construed in accordance with the laws of the State of California notwithstanding any conflict of laws provisions. You and HotelExecutive agree that the venue for all legal disputes, controversies, actions of any kind arising under or related to this Agreement shall be San Francisco, California. You and HotelExecutive further agree that in case of any litigation regarding this Agreement, you irrevocably and unconditionally (i) consent to submit to the exclusive jurisdiction of the state and federal courts in the County of San Francisco, California for any litigation or dispute arising out of or relating to this Agreement, (ii) agree not to commence any litigation arising out of or relating to this Agreement except in the California Courts, (iii) agree not to plead or claim that such litigation brought therein has been brought in an inconvenient forum, and (iv) agree the California Courts represent the exclusive jurisdiction for all litigation relating to this Agreement.

11. MEMBERSHIP FEES

Hotel Business Review Subscriptions

If you choose to purchase a subscription, member subscription payments can be made in U.S. Dollars, as well as a variety of international currencies. Membership terms are Annual Recurring, and Monthly Recurring. The Annual Recurring subscription is an annual commitment and subscribers will be charged each consecutive billing cycle. Annual Recurring subscriptions can be cancelled after the first billing cycle and within 30-days of the billing date for a full refund. Monthly Recurring subscriptions are ongoing and subscribers will be charged each consecutive monthly billing cycle. Monthly Recurring subscriptions can be cancelled after the first month and within 7 days of the monthly billing cycle for a full refund.

12. PAYMENT AUTHORIZATION

Payment for the services provided to you in, at, through or in association with HotelExecutive may be made by automatic credit card, debit card, direct debit, bankwire or Paypal and other approved payment means offered in, at, through or in association with HotelExecutive, and you hereby authorize HotelExecutive and its agents to transact such payments on your behalf.

You hereby authorize HotelExecutive's Internet Payment Service Provider to charge your credit card to pay for your membership to HotelExecutive. You further authorize HotelExecutive's Internet Payment Service Provider to charge your credit card for any and all purchases of products, services in association with HotelExecutive. You agree to be personally liable for all charges incurred by you in association with your access or other use of any content provided by HotelExecutive or any third party in association with HotelExecutive. You acknowledge and agree that your liability for all such charges shall continue after termination of your access or any type of membership arrangement with HotelExecutive.

In the event that you have chosen to have your membership automatically rebilled, unless and until you notify HotelExecutive that you wish to cancel or terminate your membership to HotelExecutive, you hereby agree and authorize HotelExecutive's Internet Payment Service Provider to automatically renew your membership to HotelExecutive on a continuing basis and to charge your credit card (or other payment means you have selected) to pay for the ongoing cost of your membership. You hereby further authorize HotelExecutive's Internet Payment Service Provider to charge your credit card (or other approved payment means you have selected) for any and all purchases of products, services and entertainment provided to in, at, through or in association with HotelExecutive.

13. PRIVACY POLICY

The following is the Privacy Policy for HotelExecutive

We can be reached via telephone, email, or online at our contact page. When you visit our site we do not log any information regarding your domain or email address. Information Sharing: We do not share user information with any third parties other than via press release distribution as described below.

Hotel Newswire is a newswire service that distributes press releases on behalf of our users. If you decide to submit a press release for distribution through our system we will transmit your entire press release including any personal information therein contained to our media contacts and online distribution points including search engines. This is the only redistribution of your information that we engage in. Your submission of press releases through our system indicates consent with this policy. The information we collect during your registration process is used to notify users about updates to our service and inform users of any special events hosted by Hotel Newswire. This information is not shared with other organizations for commercial or non-commercial purposes.

Cookies: Our system requires the use of cookies to enable the user to log back into our website to access information from the newswire, without having to log in each time using the required username and password.

If you do not want to receive email from us in the future, please let us know by following instructions included in our communication with you. Users who supply us with telephone numbers online may receive telephone contact from us regarding their account, or informing them of new products and services available on the HotelExecutive website. If you do not wish to receive such telephone calls, please edit your account and remove your phone number from your account profile. This can be done from your user account menu.

Ad Servers: We do not partner with or have any relationship with any ad server companies. From time to time, we may use customer information for new uses not previously disclosed in our privacy notice. If our information practices change at any time, we will post the policy changes to our website to notify you of these changes and provide you with the ability to opt out of these new uses. If you are concerned about how your information is used, you should check back at our website periodically.

Upon request we provide site visitors with access to all information (including proprietary information) that we maintain about them. Users can access this information by logging in to their account.

Security: We always use industry-standard encryption technologies while transferring and receiving user data exchanged with our site. We have appropriate security measures in place in our physical facilities to protect against the loss, misuse, or alteration of information that we have collected from you on our site. We do not store credit card information in our systems.

If you feel that this site is not following its stated information policy, you may contact us.

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HOTEL BUSINESS REVIEW
AUGUST FOCUS: Food & Beverage