HOTEL BUSINESS REVIEW October FOCUS: Revenue Management
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.
This month's feature articles...
The global economy collapsed and the meetings industry along with it. Neither economists nor event professionals could have predicted the devastation to our industry. Nonetheless, there is growing optimism for 2021 and beyond. Through hybrid events and restoring confidence in the in-person meeting, event professionals reinvent the industry so we can return to human interaction, connected by a shared purpose. READ MORE
Meetings Professionals are still adapting and evolving in these uncharted waters presented by the global pandemic and the MICE industry requires comprehensive health & safety planning, strategies and execution. This article discusses the crucial elements of a COVID-19 Resource Center, with the goal of ensuring safe & successful events for group planners of all types in the midst of such unique and unprecedented challenges. READ MORE
In this piece about recovery from pandemic setbacks, Chris McAndrews, Vice President of Marketing – Hospitality Cloud, discusses the importance of digital. He notes that it is easy to see the case for technology in the immediate term with the predominance of virtual events, but that the case is equally strong as the meetings, events and hospitality industries return to in-person events. READ MORE
Maritz Global Events' President David Peckinpaugh shares foundational elements for executing successful events today and in a post-COVID world. Leveraging behavioral science, data and each organization's specific goals, learn how we can design experiences that help clients and their guest feel safe and comfortable in their return to events. This article highlights rethinking of traditional strategies along with new ideas to execute safe and secure events. READ MORE
We are taking time to optimistically and critically rethink our meetings, including challenging their essential components, what may be dispensable, and what we've been missing. A meeting planner and small business owner shares her experience on COVID's effects on the planning community, why government needs to pay attention to letting meetings take place, how to get people back to in-person events, and why the pandemic is good for the planning industry. READ MORE
As the meetings and events industry responds to the pandemic, hotels have implemented industry leading best practices to gain event planner confidence. A key component of the events industry, hotels have to quickly pivot and adjust all phases of the buying process, execution, and operational guidelines to meet safely. Keeping the events industry moving forward and delivering on the value proposition of meetings, in smaller and groups, RLH Hotels are delivering. READ MORE
The meeting and event industry faces one of the toughest times in its history. Meeting Professionals International's quarterly Meetings Outlook survey predicted the lowest meeting and event growth on record, with only 36% predicting favorable business conditions over the next year. For organizers that are planning live events during this pandemic, we have a powerful opportunity to demonstrate how events can happen safely. READ MORE
Hospitality expert and podcast host Amy Draheim offers three key tips for hotel sales teams. From zoning in on your audience, to the latest ideas in tech, to learning how to communicate, Amy outlines how to approach communications both during and after the pandemic, to keep your property top of mind. READ MORE
Travel is an unstoppable force, but especially in the early days of COVID-19, the industry was pacing at its slowest speeds in history. Despite the bleak numbers, throughout 2020, Hilton has remained hyper-focused on the company's purpose and over-delivering on customer needs. Frank Passanante, senior vice president, Hilton Worldwide Sales – Americas, takes readers through this unique period, reiterating the importance of leadership through listening and innovation. READ MORE
No facet of the hospitality and travel industry has been hit harder than the meetings and events sector by COVID-19 restrictions and safeguards worldwide. Limitations on group sizes and widespread cancelations of conferences have effectively put venue businesses into an unforeseen hibernation. In this article, Kate Keisling will explore how M&E providers are faced with the reality that their business will bounce back at a slower rate. READ MORE
In a world struggling with how to balance COVID-19 threats with the havoc it is wreaking on the overall economy, health and safety are the first imperatives. But right behind is an urgent need to communicate why business events can and should be utilized as key tools for supporting broad-based economic recovery and renewal. READ MORE
Virtual meetings and events have been a trend in recent years. Yet, this niche area has grown in an exponential manner in 2020 by necessity. Industry-wide, the trend is not expected to be short-lived. From the perspective of meeting and event planners, moving events online now while planning for more long-term shifts in the marketplace has proven to be a difficult endeavor. READ MORE
