Showing Items with Revenue Management Category

Revenue Optimization in the “New Abnormal”

The issues haven’t changed dramatically since their last “scouting” exercise conducted in December 2019, but the context has shifted. It is sort of a “same story, different tune” situation.

HSMAI Customer Insight: Booking Patterns for the Rest of 2020 | ADARA

Carolyn Corda, CMO, ADARA, provides HSMAI insights on their latest traveler trend findings in this video, which features some of the early booking trends that are indicative of demand for the rest of the year as well as highlights some meaningful changes in purchase behavior.

Four Revenue Topics in the Forefront

HSMAI’s Revenue Optimization Advisory Board discuss the four revenue-focused topics that will be discussed in HSMAI Recovery Connections sessions.

Auditing Room Types to Maximize Profit

As trends change, so do the types of rooms that guests are interested in. Learn what to consider, how to start the process and the logistics of creating new room types when auditing rooms to maximize profits.

Preparing Your Pricing Strategy for Recovery

One common reaction in times of crisis is to dramatically reduce your hotel’s average daily rate (ADR) to boost near-term revenue. Instead, go back to the basics of your pricing strategy to adapt to this ever-changing landscape.

A Sales Approach to Optimizing Revenue

Cindy Novotny, managing partner at Master Connection Associates, shared sales tips that hospitality revenue professionals can also take advantage of.

Why Data Analytics Is Essential

Throughout the pandemic, data analytics has become an increasingly sought-after skill, as hoteliers become more dependent on data to navigate an uncertain world.

An Informal, Anecdotal Forecast for Full Recovery

HSMAI asked participants at its latest round of virtual Executive Roundtables — for chief sales, marketing, revenue, and digital officers — to share when they anticipate their business returning to pre-COVID levels.

Repositioning F&B to Succeed in the New Restaurant Reality

When restaurants closed as part of the coronavirus lockdown, they were forced to adapt in order to survive, rapidly bringing about the transition to a new restaurant reality. Insights from Sherri Kimes’ HSMAI ROC@Home presentation.

What Is Business Acumen and Why Is It So Important?

No matter your discipline, business acumen is essential to your career in the hospitality industry. Learning business acumen means getting acquainted with everything you should know about the business world — soft skills, finance, reporting, communications, investing, profitability.

Being a Successful Revenue Leader During This Time

What makes a good hospitality revenue professional during these uncertain times? Members of HSMAI’s Revenue Optimization Board say that it goes beyond being technically skilled — and that today’s environment brings soft skills into the limelight more than ever.

When Revenue Professionals Return to Work

Darline Dondl, associate director of reporting for Marriott Vacations Worldwide, offers tips for revenue optimization specialists and other hospitality professionals who will be returning to work after COVID-19.

Revenue Predictions About Reopening

HSMAI’s Revenue Optimization Advisory Board (ROAB) met on a call May 7 to discuss further implications of the coronavirus, in particular how hotels are thinking about reopening. Here are a few takeaways from the discussion.

Revenue Career Paths: IDeaS’ Nick Molitor, CRME

Now the director of account management at IDeaS, Molitor recently shared his professional story with HSMAI — including how he is coping with being stuck at home during the coronavirus crisis.

Pricing Best Practices

Insights from Damiano Zennaro, Director, Global Advisory Services, IDeaS Revenue Solutions and member of HSMAI Europe Revenue Optimisation Advisory Board.

Staying the Course as a Revenue Professional

As part of its Confronting Coronavirus: What’s Next? webinar series, HSMAI hosted a revenue-focused program on April 9 called “Staying the Course.” Timothy Wiersma, founder and principal at Revenue Generation LLC, moderated a panel of experts.

4 Points: Continuing the Discussion on Coronavirus Impacts

As the COVID-19 situation evolves daily, current events don’t stay current for long. HSMAI’s Revenue Optimization Advisory Board discussed the latest developments on a call on April 1, including how members’ positions have changed over the four weeks since the previous call.

Best Practices for Hotel Management Company CROs Responding to COVID-19

HSMAI hosted a Hotel Management Company (HMC) Chief Revenue Officer Virtual Roundtable on March 25 on the impact COVID-19 is having on hotel revenue optimization. HMC CRO participants shared their best practices, lessons learned, and ideas for preparing to accelerate as quickly as possible. Here are five of their suggestions.

Best Practices for Brand Revenue Professionals Responding to COVID-19

HSMAI hosted a Brand Chief Revenue Officer Virtual Roundtable on March 24 that focused on the impact that COVID-19 is having on hotel revenue optimization. Brand CRO participants shared their best practices, lessons learned, and ideas for preparing to accelerate as quickly as possible. Here are six of their suggestions, presented in their own words.

What Key Indicators Are Hotel Management Company CROs Tracking?

When it comes to determining the full scope of the coronavirus effect, hotel management companies are monitoring specific key indicators, as the three dozen participants in HSMAI’s HMC Chief Revenue Officer Virtual Roundtable — presented online on March 25 — shared. Four indicators topped their list.

Scouting for Key Indicators for Brand Revenue Professionals

HSMAI hosted a Brand Chief Revenue Officer Virtual Roundtable on March 24 that focused on the impact that COVID-19 is having on hotel revenue optimization. Here are six key indicators that participants said they are seeing domestically and abroad that can be used to determine how the hospitality industry is doing — and what might be ahead!

Pricing Psychology in Challenging Times

As the coronavirus continues to spread, many hoteliers are wondering how to adjust their revenue strategy. Carter Wilson of STR presented data from the 2009–2010 recession to illustrate the implications of dropping prices versus holding steady during low-demand periods as part of a program in HSMAI’s Confronting Coronavirus webinar series.

The First Rule of Coronavirus: Don’t Panic

The number-one thing to keep in mind, according to Timothy Wiersma, founder and principal of Revenue Generation LLC and chair of HSMAI’s Revenue Optimization Advisory Board: Don’t panic. Wiersma shared some additional advice for revenue professionals in a recent interview with HSMAI.

Revenue Career Paths: Sabre’s Scott Pusillo, CRME

Now the vice president of business development for North America for Sabre Hospitality Solutions, Pusillo recently shared his professional story with HSMAI — and a snapshot of what makes him tick outside of work.

A Revenue Leader’s Response & Best Practice in a Crisis

The rapid spread of the coronavirus from China and beyond has caused a rapid and sudden halt to tourism throughout Asia. Travel, as a luxury expenditure, is often one of the first things we choose to limit when a crisis hits. In times like this, the revenue leader’s response during this time could be crucial on a few different levels. The following are some simple tips and reflections.

Revenue Career Paths: SOK’s Nina Nieminen

Insights into the career path of Nina Nieminen, director of revenue management and distribution at SOK Travel and Hospitality Industry Chain Management in Finland, and winner of the first Fabian Specht Revenue Optimization Professional of the Year Award.

Total Revenue Management and Its Impact on Hotel Profitability

HSMAI Region Europe has been in conversation with Hospitality Industry Experts. This session features Frederic Toitot, Vice President, Global Learning & Development at Accor and Chair of the HSMAI Region Europe Revenue Optimization Advisory Board.

The Future of Pricing

This paper explores the current state of revenue management and the approaches used by revenue management systems (RMS) to support hotel revenue management; new trends in revenue management systems and analytics that are shaping the future today; and makes recommendations regarding RMS approaches and trends that hoteliers should consider, based on their specific market and strategy.

8 Strategies to Prep Team Members for Different Economic Conditions

How are you, as a revenue leader, coaching team members on how to deal with a potential downturn in the market, which many of them have not faced? HSMAI’s Revenue Optimization Advisory Board (ROAB) tackled that question at its annual retreat and identified 8 strategies that they are employing in their own businesses.

What’s on the Minds of Revenue Leaders?

HSMAI’s Revenue Optimization Advisory Board (ROAB) held its annual retreat last month to identify the most pressing issues facing hotels on the revenue front and outline plans to provide revenue professionals the insights, tools, and best practices they need to address them. Here are a few key discussions ROAB members had.

Tools For Teaching Today’s Revenue Strategies

HSMAI sat down with two hospitality instructors who are using a new educational HSMAI toolbox in different ways: Marie-Claire Louillet, DBA, CRME, professor at Institut de tourisme et d’hôtellerie du Québec, and Hugo Tang, associate professor at the Purdue University School of Hospitality and Tourism Management. They shared how it’s been helpful to their students.

Research in Action: Total Hotel Revenue Management

At HSMAI’s ROC 2019 event Dr. Gabor Forgac of Ryerson University’s Ted Rogers School of Hospitality & Tourism Management discussed his research “Total Hotel Revenue Management,” which focuses on current practices and future trends of total revenue optimization in hotels.

Research in Action: Morality in Decision Making

Dr. Jeffrey Beck, associate professor in Michigan State University’s School of Hospitality Business, discussed his research on “The Role of Individual, Organizational, and Moral Intensity Factors on Revenue Manager Decision Making,” at ROC 2019.

Prepping for an Economic Downturn

With a potential economic downturn looming in 2020, it is important for hospitality professionals to prepare — particularly those working in revenue optimization. On a recent call, HSMAI’s Revenue Optimization Advisory Board (ROAB) discussed what steps we should be taking. Here are three takeaways from our conversation,

Research in Action: Effects of Minimum Wage Increases

At HSMAI’s ROC 2019, six college and university faculty members from hotel schools presented research in areas related to revenue management in the hospitality industry. During one of the presentations, Dr. Toni Repetti of the William F. Harrah College of Hospitality at the University of Nevada, Las Vegas, discussed research on the effects of minimum-wage growth on restaurateurs.

Revenue Optimization in Your Restaurants

Revenue optimization in hotel restaurants is specialized enough that it deserves its own case study. Thankfully, there is one — produced by Dr. Sheryl E. Kimes, professor of operations management at Cornell University School of Hotel Administration, and Jeannette Ho, vice president of Raffles global brand strategy and strategic relationships for AccorHotels.

Research in Action: Hotel vs. Peer-to-Peer

Katerina Berezina of the University of Mississippi discusses her original research on “Comparing Customer Perceptions of Hotel and Peer-to-Peer Accommodation Advantages and Disadvantages,” which compares customer perceptions of traditional hotel accommodation advantages and disadvantages with peer-to-peer accommodations such as Airbnb.

Research in Action: Managing Customer Behavior With Post-Service Interactions

At HSMAI’s ROC 2019, faculty members from hotel schools presented research in areas related to revenue management in the hospitality industry, including Chris K. Anderson of Cornell, who discussed his original research on “Managing Customer Behavior With Post-Service Interactions,” which focuses on customers’ post-stay experiences.

Budgeting and Planning for 2020

It’s budget season for the hospitality industry, including members of HSMAI’s Revenue Optimization Advisory Board (ROAB), who on a recent call discussed their planning process for 2020. Members had varying ideas for what the upcoming year will look like and how best to confront potential issues.

Get Their Hands Out of Your Cookie Jar!

The Lightning Round is a signature program at HSMAI’s ROC event — giving six revenue optimization executives just six minutes and 40 seconds each to share a best practice, strategic…

Spend Less and Deliver More?

With many companies in the process of planning their budgets for 2020, HSMAI’s Marketing Advisory Board (MAB) recently discussed the possibility of an economic downturn and what that would mean for hotel marketers in the coming year. Here are three takeaways from the conversation.

The Ever-changing World of Fees

By Jennifer Hill, CRME, Vice-President, Client Solutions at Kalibri Labs and Brian Hicks, Vice President, Global Revenue Strategy at IHG, members of HSMAI’s Revenue Optimization Advisory Board On its monthly…

How to Own Your Owner

The Lightning Round is a signature program at HSMAI’s ROC event — giving six revenue optimization executives just six minutes and 40 seconds each to share a best practice, strategic…

20 Questions for Your External Analysis

Every hotel should undertake both an external and an internal analysis on an annual basis. Here’s what you need to know about performing an external analysis.  An external analysis provides…

Different Forecasts for Different Objectives

Forecasting a hotel’s future revenue — including occupancy and average rate — is an important and foundational factor in a hotel’s ability to design successful revenue optimization strategies. There are…

Avvio’s CCO on Hotel Direct Bookings Survey 2019

HSMAI long time member and partner Avvio recently collaborated with the Independent Hotel Show to carry out research into hoteliers’ relationships with online travel agencies (OTAs) and surveyed 150 hospitality professionals across Europe,…

Economic Risks and Opportunities Ahead

Shawn DuBravac is the New York Times bestselling author of Digital Destiny: How the New Age of Data Will Transform the Way We Work, Live, and Communicate. He is also the president and…

Planning, Earnings, and Diversification

By Timothy R. Wiersma, Vice President of Revenue Management, Red Roof Inns Inc., and a member of HSMAI’s Revenue Optimization Advisory Board As revenue optimization continues to evolve, it’s more…

The Power of Fear Itself

Judi Holler is a widely renowned keynote speaker who presents on the topic of using fear as a secret weapon. Her new book, Fear Is My Homeboy: How to Slay Doubt,…

Communicating Certain Metrics at Certain Times

Excerpted from HSMAI’s Best Practices Guide: Data Analytics — Hospitality Sales and Revenue Management. CHALLENGE: Reports are often generated for the sake of generating reports, rather than providing meaningful strategic review or…

Happy New Year From HSMAI, 2019

By Robert A. Gilbert, CHME, CHBA, President and CEO, Hospitality Sales & Marketing Association International (HSMAI) I hope you had a peaceful, healthy, and prosperous 2018 and a wonderful holiday…

The next frontier in revenue management

Savvy revenue managers should look for opportunities beyond just room revenue, such as in group meeting and banquet spaces. Here are some things to consider when refining the M&E strategy.

The Next Big Things in 2019

By Juli Jones, CAE, Vice President, Hospitality Sales & Marketing Association International (HSMAI) HSMAI’s three advisory boards have identified the disruptive factors that will most challenge hospitality sales, marketing, and…

HSMAI Best Practices Guide: Data Analytics

At HSMAI’s 2018 Curate events — an Executive Insights Forum offered exclusively for HSMAI Organizational Members — senior-level hospitality sales, marketing, and revenue-optimization professionals identified three primary challenges facing the…

Revenue Management: What to Expect in the Next 24 Months

EHL senior lecturer Scott Dahl, who had some 15 years’ experience in revenue management leadership roles, says four major themes were discernable at two recent Hospitality Sales and Marketing Association International…

Getting Ready for 2019

By Timothy R. Wiersma, Vice President of Revenue Management, Red Roof Inns, and a member of HSMAI’s Revenue Management Advisory Board Q42018 means it’s time to think about Q1 2019…

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