Editorial Board   Guest Author

Mr. Cohen

Steve Cohen

Chief Executive Officer, LMS, Inc.

Steve Cohen is the founder of LMS, Inc., acting as CEO and President since 1994. Over the last 4 years, he has led the company through a time of exponential growth, resulting in LMS being recognized as one of the fastest-growing companies in the United States, as mentioned on the Inc. 5000 list of America's Fastest-Growing Private Companies.

Mr. Cohen most recently founded a subsidiary brand to LMS, Guest Experience Maximization (GEM), a brand that supports the travel, tourism and hospitality industry. His success stems from his passion to embrace new opportunities and his penchant for innovating personalization technologies that have significantly improved customer engagement and experiential transactions.

Mr. Cohen has over 30 years of experience in consumer and hospitality industries, including 10 years at The Walt Disney Company. This experience prepared him to lead a data-driven consulting firm focused on enhancing the customer journey.

Together with his team of innovators, Mr. Cohen forms game-changing strategies and assist brands in gaining market share, improving brand equity and brand loyalty. They work together to advance new proprietary tools to benefit their nationally-recognized partners in the travel, tourism, hospitality, health, gaming, and service-driven industries.

Mr. Cohen is an avid industry authority who has had the opportunity to work with game-changers in the experience industry and continues to contribute to the landscape of experience innovation by offering first-hand expertise to his industry-leading partners. He most recently spoke at the Florida Restaurant and Lodging Show about delivering and establishing the optimal customer experience.

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

Mr. Cohen can be contacted at +1 407-352-2007 or scohen@lmsonline.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.