Top Trends From the Top 25: Revenue Optimization

We asked HSMAI’s Top 25 Extraordinary Minds in Hospitality Sales, Marketing, and Revenue Optimization 2017— who will be honored at the 2017 Adrian Awards Gala and in a private reception co-hosted by Questex Hospitality + Travel in New York City on February 20 — to tell us where they see innovation happening in the future. Here’s what four of them had to say about revenue optimization:

LEON GOLDBERG, complex director of sales and marketing, New York Marriott Marquis and Sheraton New York Times Square:

“I think that the area that the hotel industry has tremendous upside opportunity is data analytics — we have the data but struggle to find the best use of this data to find that specific customer, whether it’s a business, leisure, or group traveler. In my opinion, we need to devote more resources to identify, interpret, and use that data to grow our business effectively. I think revenue-optimization strategies should encompass more customer segmentation and data analysis.”

KERRY MACK, executive vice president of revenue management and distribution, Highgate:

“I think the next few years will be focused on innovation in revenue optimization for RMS systems, forecasting systems, predictive analysis, and customer data analysis. There is an abundance of information to analyze, and we need advanced technology to help us sort through which data is most important. Understanding your customer’s purchasing behavior, social-media profile, demographics, etc. all through technology will help businesses make smarter and more timely pricing decision, and will help to determine which marketing spend will have the best ROI.”

TAMMY PETER, vice president of distribution and connectivity, Wyndham Hotel Group:

“We need to start thinking of revenue optimization differently — especially as it pertains to the expanding travel marketplace available to consumers today. A new generation, new technologies, and continued new entrants to the market have created an environment where the old tried-and-true methods won’t cut it moving forward. We need to understand and accommodate how Millennials want to shop (including social channels), discover and embrace technologies such as artificial intelligence (AI) and augmented reality (AR), and keep abreast of new business models to ensure we stay relevant and ahead of the competition.”

DAN WACKSMAN, senior vice president of marketing and distribution, Outrigger Hotels and Resorts:

“While I think sales is probably the most ripe for innovation and disruption, I believe we will continue to see significant innovation in marketing and revenue optimization. We now have the technology that allows us to acquire and analyze relevant data to make better decisions, whether it be related to pricing, segmentation, marketing, or loyalty and recognition. The challenge for the industry will be our ability to adapt to this new way of looking at the business.”

Categories: Revenue Management
Insight Type: Articles