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.
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.
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.
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.
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.
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.
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,
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 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.
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?”
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