Editorial Board   

Mr. Hanks

Richard D. Hanks

Chairman and President, Mindshare Technologies

Richard D. Hanks is Chairman and President of Mindshare Technologies, the leading provider of real-time customer and employee feedback solutions. Mindshare's proprietary survey technology captures the voice of the customer in real-time and immediately transforms it into actionable intelligence through powerful and incisive enterprise reporting. Mr. Hanks has been a senior executive of several Fortune 500 companies as well as several start-up ventures. He was a corporate officer at Marriott, an executive with PepsiCo and Price Waterhouse, and CEO of Blue Step, a software start-up. Rich was named "The Leading Sales Innovator in the Lodging Industry," and Marriott's sales team was rated one of the top 25 among all companies in the U.S. for four years under his leadership. Rich also led Marriott onto the Internet, prompting Bill Gates to refer to him as an "Important Internet champion" in his book Business @ the Speed of Thought. Earlier in his career, Rich was called the "Leader of Hotel Revenue Management and Strategy" for his leadership in hotel pricing and yield management. He is also a CPA. Rich was nominated as Utah Entrepreneur of the Year in 2001, 2007, and 2008. Mr. Hanks is the author of "Delivering and Measuring Customer Service", is a frequent teacher/speaker at trade, academic and professional gatherings, and is widely quoted in top business journals and trade publications. An active participant on various boards of corporations, universities, and foundations. Mr. Hanks was a lecturer and adjunct professor at Cornell University for 10 years and on the Board of the Cornell Center for Hospitality Research. He obtained his bachelor's degree from Brigham Young University and his MBA from Northwestern University.

Mr. Hanks can be contacted at 801-263-2333 or rhanks@mshare.net

Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.