Host: HSMAI Americas

McLean, VA

Agenda | Registration |

10-part Revenue Management Series

Agenda

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1:  Mobile:  Taming the Wild West of Revenue Management

March 26, 2013 ♦ 2:00-3:30 pm EST

As a fairly new booking medium, mobile is really the Wild West when it comes to revenue management, raising many questions that need to be answered in order to tame, and optimize, mobile.

Is mobile really a distribution channel? Or is it just another mode by which the consumer shops and books travel? With the emergence of mobile-based last minute booking options (many deeply discounted), how are consumers’ buying attitudes changing? How can revenue managers overcome this tendency to discount for mobile devices? How should revenue managers strategize and optimize the mobile mode of booking?

We will explore mobile booking patterns, looking at lead time, rates, average spend once on property, and the number of consumers booking on mobile year over year. We’ll also suggest strategies to not only market and price for mobile, but to select the technology necessary to ensure properties make it as easy as possible for the consumer to book their hotel while on a mobile device.

Session Speakers

2:  Social Media and Reviews are Changing the Landscape of Revenue Management

April 30, 2013 ♦ 2:00-3:30 pm EST

Is social media the next frontier for revenue management? Or simply noise and distraction? What strategies or tactics can hotels employ to capture incremental revenue without diluting other channels or profitable customer segments?

Recent studies have shown there is a strong correlation between high scores on review sites and OTAs and higher RevPAR. Similarly, effective marketers are learning how to cultivate their audiences on Facebook, Twitter etc. to create profitable campaigns.

We will discuss the merits of social media, how it is already impacting revenue management at both the property and corporate levels, and give relevant examples of how to use social media as part of your revenue management strategy.

Session Speakers

3:  How Effective Is Your Revenue Meeting?

May 21, 2013 ♦ 2:00-3:30 pm EST

Same time, same place, same players…weekly revenue management meetings are pretty much a mainstay today for most hotels. In fact, if your hotel does not conduct some manner of weekly meeting, revenue opportunities are being missed. But for those hotels that routinely convene, is the meeting effective? Or is it stale, repetitive, and largely tactical? It may be time to revisit your weekly RM meeting and turn it into the strategic session that it is suppose to be. The way to make this transformation happen is through proven structure, collaborative responsibilities, and discipline.

Session Speakers

4:  The Pricing Puzzle:  Putting the Pieces Together

June 4, 2013 ♦ 2:00-3:30 pm EST

How we price is critical to a hotel’s success. It is also a subject that can generate some passionate discussions. The question becomes, how are we making these important decisions and what factors do we take into account? Whether you utilize a sophisticated price optimization system or determine your rates manually, it is necessary to make a critical assessment of the information you are using to make and validate your pricing decisions. We will explore the factors that should go into your pricing choices.  We’ll also look at the internal and external pressures that become pieces of the pricing puzzle so your team can make the best decisions for your hotel.

 Session Speakers

5:  Testing v. shooting in the dark

July 30, 2013 ♦ 2:00-3:30 pm EST

If your strategy adjustment doesn’t have a predefined way to measure the results, then it’s not really a test. So often we hear revenue managers say that they’re testing a new strategy, but upon probing to understand the details of their “test,” we often realize that they’re not really testing anything. They’re merely doing something different, which may or may not produce better results…and we’ll never know for sure if it did.

Without a clearly defined plan to measure the results, doing something different with your rate or inventory strategy is not really a test. To be a test, the change in strategy has to have specific steps, parameters, timelines, and methods of measurement in order to determine if the action produced the desired results. Simply put, the test has to have a measurement to really be called a test.

6:  Outlet and Function Space Revenue Management is Here

August 27, 2013 ♦ 2:00-3:30 pm EST

Hotel companies have been talking about extending revenue management beyond the traditional rooms environment into function space and restaurants for years now…without much to show for it. While there remains little consensus on just what the best “route” is to success in these areas, we can learn from those who are leading the way.  A case study from Fairmont Raffles Hotels International, which has been applying revenue management techniques to these outlets, will provide insight on early indicators and learnings.

7:  Take it Further…Total Revenue Management

September 24, 2013 ♦ 2:00-3:30 pm EST

More and more, the revenue management discipline is concerning itself with “total hotel” revenue management. It is a lofty ambition, and one that is far from straightforward to accomplish.

At a superficial level of analysis, the issue of marginalization seems uncomplicated to deal with. After all, hotels employ astute controllers and support staff thoroughly capable of calculating the marginal value of sleeping room profitability vs. restaurant profitability vs. lounge profitability. But “total hotel” revenue management ultimately must develop a more precise understanding of how profitability metrics apply to different types of guests. It is one thing to know that restaurant profitability is, on average, x%, but quite another to connect that understanding to behaviors characteristic of identifiable categories of guests.

Total hotel revenue management is a most worthy objective, one that surely will be achieved in stages, but one that also will require a more disciplined, connected set of operational and analytical practices.

8:  Help! The Cost of Turnover in Revenue Management is Killing My Business

October 29, 2013 ♦ 2:00-3:30 pm EST

Turnover is a costly and unavoidable fact of life in any business. But turnover in the revenue management department is especially painful and detrimental to the success of a hotel operation.

To better manage it, and reduce it, hotel leaders must understand the true cost of turnover in revenue management alongside the value of retention, as well as the drivers of resignation among revenue managers.  By applying industry best practices your hotel will better retain and develop your current talent.

9:  Revenue Management:  The Road to CEO

November 19, 2012 ♦ 2:00-3:30 pm EST

Since Robert Cross first wrote his classic Revenue Management in 1997, the role of the revenue manager has evolved into one of hospitality’s most crucial ones, and the journey has only just begun. This is not to say that the theories and principals behind revenue management have changed, but rather, that they are now being realized and maximized. As the practice of revenue management becomes “total” in application, its natural function will soon extend beyond a single department.  This will put more of a demand for “number crunchers” to expand their knowledge base and leadership skills.

Revenue leaders will need to be functional in all departments.  For instance, a solid understanding of both sales and marketing will be paramount in order to truly lead the total top line. Strong communication skills will be a requirement – from the ability to write and speak clearly to the ability to communicate in a way that arouses enthusiasm. The ability to create buy-in will be principal as a total revenue strategy will requires the cohesive participation of all departments.

In other words, buckle up revenue managers – soon your role will be synonymous with leadership as much as it is with analytics.

10:  Compensation for the Revenue Professional: A look compensation’s impact on hiring and retention

December 17, 2013 ♦ 2:00-3:30 pm EST

The hospitality industry has long struggled with appropriate compensation for the revenue professional. Historically, many companies carve out very little funds for the position that is in charge of maximizing revenue for the hotel. This has many asking the question – why are we paying so little for such an important and impactful position? On the opposite end of the spectrum we have owners that are now realizing the importance of this position and are willing to pay more than ever before for the right talent. So the question is, how much is the right pay for a revenue professional? We’ll explore the spectrum of ranges, type of talent you will get and what you should pay for good talent and to retain good talent.

Registration

• HSMAI Members: $99 each, or $950 for the series
• IACC and ATME Members: $99 each, or $950 for the series
• CHTA Members: $119 each, or $1140 for the series
• Regular: $159 each, or $1530 for the series

• Best Western Registrants: Click Here

Remember, you can register and watch one free recording any time that’s convenient for you.