Share
In today’s competitive environment, commercial strategy can give you an edge in efficiency, growth, and profitability. A cross-discipline working group of Rising Leader Council members set out to capture suggestions for those undertaking this journey. The insights, drawing on the wisdom of 67 industry experts, aim to help us understand the path to building a commercial strategy team.
4 Key Characteristics of Successful Commercial Strategy Teams:
- Strong Communication
- Broken Down Silos
- Effective Cross-Training Initiatives
- Lowered Barriers to Collaboration
The research highlights two dominant themes: the critical role of communication and the urgent need to dismantle organizational silos. These findings point to a widespread need for improvement in these areas, emphasizing that effective communication is not just a skill but a cornerstone for successful commercial strategy teams.
While some hotels have embarked on cross-training initiatives, the study suggests a deeper exploration into their implementation and impact. Understanding these programs’ effectiveness is key to enhancing operations and achieving a cohesive commercial strategy.
Collaborating with peers in Sales, Marketing, and Revenue presents its own set of challenges. These include misaligned goals, communication barriers, a lack of understanding and follow-through, and staffing issues. Overcoming these obstacles is essential for a unified and effective commercial approach.
The research outlines various tools to facilitate cross-training, such as online learning platforms, webinars, workshops, mentoring, and regular inter-departmental meetings. It also offers practical tips for working across departments, including over-subscribing at project inception, forming core teams with diverse representation, balancing communication, and maintaining a focus on revenue generation and outcomes.
Organizations that prioritize commercial strategy find significant benefits, such as enhanced collaborative communication, a deeper understanding across departments, a people-first attitude, and improved guest services.
For a more in-depth exploration of these insights, click here.