Editorial Board   Guest Author

Mr. Egan

Nathan Egan

Founder & CEO, Freesource

Nathan Egan is the Founder + CEO of Freesource, the global leader in B2B social media information services. Prior to starting Freesource, Mr. Egan and his fellow partners were early day employees at LinkedIn. In his sales role at LinkedIn he quickly understood the need for a business dedicated to B2B social media strategy development and training. The rest is history. Freesource boasts clients such as Mandarin Oriental Hotel Group, Gemstone Hotels & Resorts, NYC & Company, Starwood Capital Group, Mammoth Mountain Ski Area, Baccarat, Key Air, KPMG, AARP, NYC Bar Association, Experian, and Forbes as well as many others. Mr. Egan serves as the Adjunct Professor of “Social Media for Business” for the Executive MBA program at Villanova University. He earned his MBA in Business Technology Optimization from Villanova University and his Bachelor of Science from the School of Hotel Administration at Cornell University. For more information on Mr. Egan please visit his LinkedIn profile or visit the Freesource company website. For business inquiries please email: info@freesourceagency.com

Mr. Egan can be contacted at 267-773-7285 or negan@freesourceagency.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.