As part of their ongoing visioning activities, members of our advisory boards recently told us the big issues on their radar for 2019. Below are the top five responses from our Revenue Management Advisory Board, with a representative quote for each one. Read the issues that our Sales Advisory Board spotlighted here, and that our Marketing Advisory Board shared here.
1. Cross-disciplinary collaboration: “Gaining support from corporate/above-property teams to engage [the] full revenue strategy team (DOS, marketing, digital) to work together.”
2. Growing ADR/revenue: “Finding ways to grow average rate more than inflation considering the increasing labor costs hotels are seeing.”
3. Distribution: “Booking channels are spending more and more money on advertising in order to get their piece of the buy and are ‘training’ travelers to think that they will find better deals on OTAs.”
4. Talent: “A clear growth plan or development plan — how do we recognize talent and how do we grow it?”
5. Profitability: “How to mitigate expense creep in times of diminishing top line revenue performances.”
The Revenue Management Advisory Board will explore these and other issues in 2019. Look for some of their insights as part of HSMAI events, content, and other programs throughout the year.
-- Juli Jones, CAE, Vice President, Hospitality Sales & Marketing Association International (HSMAI)