Editorial Board   

Mr. Paton

Mike Paton

Senior Vice President, Signature Worldwide

As senior vice president of sales for Signature Worldwide, Mike Paton develops, manages and directs all company sales within the hospitality industry. Paton is responsible for coordinating sales efforts for 5,000 customers worldwide, including licensees in Brazil, Belize, Costa Rica, Cypress, El Salvador, Greece, Guatemala, Honduras, Mexico, Nicaragua, and Panama. Prior to joining Signature in 2003, Paton managed sales and marketing for Corporate One, a financial institution providing investment solutions and correspondent services to credit unions. As a member of the company's senior management team, Paton doubled its customer relationships, increased assets under management by more than 100 percent and expanded the company presence from six to 23 states. He also served as senior vice president of sales and marketing for PurchasingFirst.com, Inc., a professional and technical e-commerce consulting company. While there, Paton was responsible for designing and implementing sales strategies for the company's customized purchasing tools and national e-commerce marketplaces. Paton also has served in executive roles at the Huntington National Bank and Star Bank, where he built and maintained relationships with hundreds of business owners and entrepreneurs. Paton is a national champion public speaker and holds a bachelor's degree in English literature from The Ohio State University. Signature Worldwide is the leading solutions provider to service-based organizations, creating tailored programs that directly impact the bottom line. Established in 1986 and headquartered in Columbus, Ohio, Signature operates throughout North America and has licensees in South America and Europe. Signature is a private company, with revenues $12 million in 2004.

Mr. Paton can be contacted at 800-398-0518 or mikepaton@signatureworldwide.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.