Revenue Management | HSMAI Global

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.

Pandemic Experiences: Best Western’s Monte Gardiner

Gardiner, managing director of revenue management at Best Western, shares his experience of working through the pandemic, including advice for hospitality professionals who are returning from furlough.

Pandemic Experiences: Hilton’s Mark McBride

McBride talked to HSMAI about that experience, including advice for hospitality professionals who are returning from furlough.

Upon Reopening, Adaptability Is Key to Staying Competitive

Once your doors are open, consider implementing more of the following best practices from thriving hoteliers.

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.

Why Revenue Optimization Is Essential Today

Throughout the pandemic, hoteliers have found themselves relying on revenue optimization more than ever — and in new and innovative ways.

HSMAI Customer Insight: Occupancy Changes, Segment Shifts, Rate Adjustments | Amadeus

In this article for HSMAI, Katie Moro, Vice President, Data Partnerships, Hospitality, Amadeus provides insight into three key metrics and important areas for consideration in your business during this time.

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.

HSMAI Customer Insight: Booking Levels Down for First Time Since March | SiteMinder

In this video, SiteMinder Founder Mike Ford, provides HSMAI insight into the impact of a resurgence in coronavirus cases in several locations.

Integrating Technology in a Post-COVID Marketplace

Conducting rigorous benchmarking, preparing accurate projections, and developing a responsive new business mix all are dependent on technology systems that are being used to their full potential.

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.

What’s Changing for Hotel Revenue Professionals

Takeaways from the recent HSMAI Chief Revenue Officer Executive Roundtable on 2021 budgeting, pricing, forecasting, and more.

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.

The State of the World Travel Economy 2020: Impact and Recovery Outlook

Highlights from presentations by economists during the HSMAI ROC@Home program on how they see COVID-19 affecting their regions as well as their outlook for the future.

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.

HSMAI Special Report: Hospitality Post Pandemic Plans

HSMAI report on the results of its “Hospitality Post Pandemic Plans” survey conducted in conjunction with the Global HSMAI ROC@Home day 2020.

HSMAI PERSPECTIVE: ROC@Home — From Revenue Strategy to Recovery

When HSMAI regions around the world present ROC@Home on June 17, it will represent the hospitality industry’s latest — and biggest — step along the path to revenue strategy and recovery.

Planning for Hospitality Revenue Recovery

Let data guide your recovery plan. These questions should stay top of mind for you as your revenue strategy evolves.

ROC@Home Presenter Mohamed Abu Basha on the Middle East Economy

Mohamed Abu Basha, director and head of economics and research at EFG Hermes Holding, provides an overview of the Middle East economic outlook and his upcoming presentation.

ROC@Home Presenter Tony Webber on the Asia Pacific Economy

The CEO of Airline Intelligence and Research in Sydney, Australia, and former chief economist at Qantas airline, provides an overview of conditions in the region and previews his presentation.

Notes on Coming Back to Work From a Revenue Manager

Insights from Lori Morris, CRME, CHIA, corporate revenue manager for Enchantment Group, headquartered in Scottsdale, Arizona, which recently reopened properties for business.

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.

Recovery from the COVID-19 Pandemic – What Should the Industry Expect?

Our industry is a resilient one, so undoubtedly, just as we have done following previous demand shocks, we will emerge stronger, more focused and even better prepared to serve our guests in meaningful ways.

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.

CURATE PRESENTS: How to Be a Hospitality Revenue Leader During COVID-19

Robert Cross, who received the Vanguard Award for Lifetime Achievement in Revenue Optimization, main advice for hospitality revenue optimization professionals right now: This is your time.

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!

Industry Thoughts at the Beginning of the Crisis

HSMAI’s Revenue Optimization Advisory Board (ROAB) met on a call to discuss the implications of the coronavirus on the industry from a revenue perspective.

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.

Revenue Career Paths: Kalibri Labs’ Jennifer Hill, CRME

The vice president of client solutions for Kalibri Labs, Hill recently shared her professional story with HSMAI, including why she became a CRME.

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.

The Once and Future History of Distribution in 5 Parts

Flo Lugli, founder and principal of Navesink Advisory Group, provides an overview of distribution, from its history, to its evolution across platforms, to its convergence with revenue optimization and marketing.

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.

What’s Different About Revenue Management in Franchised Hotels?

At ROC 2019, Sharon Paine, vice president of revenue management for IHG, used her Lightning Round to ask and answer the question “What’s Different About Revenue Management in Franchised Hotels?”

Curate Book Club: Bubble or Revolution?

A primer on blockchain and cryptocurrency from Neel Mehta, Adi Agashe, and Parth Detroja — product managers at Google, Microsoft, and Facebook.

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.

The Biggest Threat to Digital Marketing and Distribution This Year

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

Revenue Management — The Good, the Bad, and the Ugly

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…

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.