Library Archives

 
Andy Dolce

As service providers, those of us in the hospitality industry are limited to how much of a meeting's content we can successfully and reasonably affect. But after 28 years in the meetings and conference industry, we have observed and applied some valuable insights on how to guide our clients as they decide the content, tone and agendas of their meetings and conferences. What we have learned is that it doesn't have to require big budgets, world-renowned speakers or even a purpose-built meetings and conference facility to pull off a meeting that will leave the attendees inspired and motivated to meet their business and organizational challenges with gusto. What it actually takes is proper planning and a conference service staff that is intelligent, savvy, intuitive and driven to exceed its client's expectations. The following are some best practice tips to help your clients meet their team building and motivational goals. Read on...

Greg Pesik

We know why hoteliers look to bring groups to their venue. That answer is simple: Revenue. As I have said in past articles, group events represent a $30 billion+ market opportunity for hotels, and over 30% of a hotel's total revenue on average. Many hotels rely on group events for over 50% of their revenues. In order to tap into this opportunity hotels are scrambling to line up their calendar of events for the year ahead. One question I get from many customers, colleagues and friends in the business is the following: "Once we have booked a healthy amount of group events, are there any additional ways to identify and generate more revenue from each event so we can take our group revenue up to the next level?" These folks are always glad when I answer that question with a firm "Yes." The question is how, and read on to find out more! Read on...

Andy Dolce

Working in the meetings and conferences industry has given us insight into the essential role that technology plays in nearly every group event held today. Whether the company you are catering to is a Silicon Valley Fortune 500 or a smaller, independent business, properties that think big in terms of their technological ambitions while remaining detail-oriented in execution will maintain the upper-hand in booking and planning successful, smooth meetings that have the ability to literally bring attendees 'out of the box'. The following are some tips for ensuring and maximizing meeting success through the use of what I see as the most important technologies and technological services available today. Investing in a varying scope of technological upgrades is a prime way to simultaneously ensure happy clients and to add valuable amenity draws to your property. Read on...

Lynn McCullough

You know the routine. You've got a meeting to plan, along with a specified timeframe and budget to make everything come together. You're always on time and on budget, but...could you save even more time and money? Of course you can. Just as consumers are urged by financial-savvy experts to forego that morning cup of coffee at the convenience store to save a few hundred dollars by year's end, experts involved with corporate meeting planning believe there are a variety of cost-savings efforts that can not only keep you on budget, but below budget. Here's a closer look at what you can do to help save on your next corporate meeting. Read on...

Lynn McCullough

It is important for meeting planners to be aware of the many ways they can plan for and conduct highly effective, memorable meetings, while simultaneously taking their organization's budgetary parameters into consideration. Now is the ideal time-especially as we embark on a new year-to start a clean slate comprised of cost-savings strategies and planning decisions that ensure both financial benefits for your client's organization while also generating a successful meeting for their audience. So, if you or your client need to plan big with a budget that's small, let the following tips from ACOM-the Association for Convention Operations Management-serve as a helpful guide to achieve both objectives. Read on...

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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.