Editorial Board   Guest Author

Mr. Song

Will Song

Co-Founder & Vice President of Revenue, Lights On Digital

As co-founder and vice president of revenue at Lights On Digital, Will Song works closely with clients on a variety of revenue-management solutions. Mr. Song is a pricing expert with a passion for technology, bringing entrepreneurial insight in his ability to think outside the box on strategies to revive properties and tackle challenging situations. He has more than a decade of experience in revenue management, achieving record-breaking growth for clients in key hospitality metrics. Mr. Song previously served as the senior revenue manager at Aqua Hospitality, Hawaii's fastest-growing hospitality chain, where he managed revenue strategy for 15 properties. His background also includes pricing strategy, marketing and product line management at several national and Hawaii-based technology companies. Mr. Song holds a bachelor's degree in economics from The University of Chicago, where he studied optimal pricing algorithms. He routinely works with a variety of technology solutions, including Opera, roomMaster, RMS, SkyTouch, TravelClick, and Sabre SynXis. Lights On Digital is a Honolulu-based digital marketing agency founded in 2014 with roots in the hospitality and visitor industry. The company pairs an in-depth understanding of hotels and resorts with the know-how and cutting-edge tools of a leading tech company. Lights On works with more than 1,400 hotel rooms across nearly two dozen properties in Hawaii, the Northeastern and Western U.S., and the Caribbean. The company recently earned two Adrian Awards from the Hospitality Sales and Marketing Association International (HSMAI); and in 2017, it was honored with a Pele Award from the Hawaii Chapter of the American Advertising Federation.

Please visit http://www.lightsondigital.com for more information.

Mr. Song can be contacted at 808-213-3010 or will@lightsondigital.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.