Editorial Board   Guest Author

Mr. Jacobs

Craig Jacobs

Senior VP Group Sales, Preferred Hotel Group

With more than 30 years experience in hospitality sales and marketing, Senior Vice President of Group Sales Craig Jacobs leads Preferred Hotel Group's worldwide group sales efforts, overseeing a team of more than 20 sales executives. Since joining Preferred in 2004, Mr. Jacobs has achieved dramatic growth of group sales production for member hotels across the company's five brands, which includes an all-time record in future contracted room revenues for hotels in February 2013, and played a critical role in the creation and implementation of PHGMeetings.com, a comprehensive online RFP management system.

Mr. Jacobs can be contacted at 949-719-3340 or cjacobs@preferredhotelgroup.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.