Editorial Board   Guest Author

Mr. MacKenzie

Josiah MacKenzie

Vice President , ReviewPro

Josiah MacKenzie is the founding owner and marketing brain of the Gradigio Group, a San Francisco-based collection of media properties catering to discerning tastemakers in the hospitality industry around the globe. He also holds various roles in other ventures, with business interests in North America, Europe, Southeast Asia and Australia. Mr. Mackenzie has published over 100 articles in industry publications, and has appeared in the Washington Post, MSNBC.com, and Entrepreneur magazine. His Hotel Marketing Strategies blog currently has over 15,000 monthly readers. Mr. Mackenzie's formal education took place at Cedarville University and the Dublin Business School, but his real education has come from working closely with thousands of clients and partners around the world for the past 12 years. "I love taking theory and putting it into real-world environments to see how it holds up."

Mr. MacKenzie can be contacted at 415-671-9629 or josiah@reviewpro.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.