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Will the Room List Ever Become a Relic?
By Greg Pesik, Chief Executive Officer, PROVision Partners
The management of groups, especially small groups and meetings, is at an inflection point in the industry. The industry has long relied on antiquated methods, such as room lists, as a core component of that management process. However, room lists are just symptomatic of a non-guest, non-planner centric approach to the process. The industry is not only poised for change, but must change to meet the demands of the digital age.
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| TRENDING THIS WEEK |
A New Way To Build - And Spend - Social Capital in Hotels
By Mostafa Sayyadi, Management Consultant, The Change Leader Consulting Inc
This article points out the vital importance of hotel leadership in effectively aggregating human capital into social capital to achieve higher degrees of competitiveness. This article draws upon the role of hotel executives as social architects that provide elaborative insight for followers by illuminating how hotel executives can effectively build and spend social capital within hotels. This article suggests that it is critical that hotel executives understand that hotel leadership supports social capital to effectively implement knowledge management projects and therefore, remain competitive.
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DAILY HEADLINES - Thursday Sep 19, 2019 |
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More from our online Library Archives... |
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How to Prioritize the Right eRFPs for Your Property
By Tim Hart, Chief Executive Officer, Knowland
The advent of eRFPs has transformed the group business model for hotels, making it easier for meeting planners to raise their hands and to consider multiple properties in their hunt for the "one." However, because eRFPs are so widely distributed, they have also introduced complexities and inefficiencies into the selection and selling process. Properties have a tough time knowing which leads are a good fit for their hotel (and sometimes who has serious interest), while buyers are barraged by a high volume of emails and phone calls from well-meaning sales teams at numerous properties -- regardless of whether they are a good match. But that doesn't have to be the case. Creative sales strategies can enable you to analyze incoming eRFPs, to prioritize the ones that are most likely to result in the best conversations, to maximize your impact with every customer interaction, and to ultimately win more deals.
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Staying Relevant in the Constantly Changing World of Meetings
By Deirdre Martin Yack, Director of Sales & Marketing, Hotel 50 Bowery
Meeting planning in today’s world is more complex than ever. Whether you’re a planner or a supplier, our jobs are now 24/7. We are dealing with shorter lead times than ever, tighter budgets (on both sides), and expectations based on the perfection projected by social media and reality TV. Our job is no longer simply about dates, space, rate – we now need to compete at a world-class level on a daily basis. As a supplier, it takes extreme creativity at the venue level. Starting with the initial design, event space must be as flexible, innovative and as Instagram-worthy as possible.
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The Meeting Industry Today - It's Exciting, Disruptive and Complicated
By Michael Dominguez, Chief Sales Officer, MGM Resorts International
As the meetings market has fully recovered from the 2008 recession, this industry expansion has given all the players in the meetings market some unique circumstances that have not been collectively experienced before at any one given time. If this was a social media relationship, we would have to list it as “it’s complicated”! First the good! We are experiencing record demand in North America that has set records now for 3 consecutive years. What is most encouraging is that there is not a particular scale of hotel that is leading this growth, but rather all segments are showing record strength.
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October 2019: |
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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.
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Hotel Group Meetings: Uncommon Destinations
