Showing items in the "Revenue Management" category

Revenue Optimization is poised for significant transformation in 2025, as insights from HSMAI’s Revenue Optimization Advisory Board highlight emerging trends and pressing challenges.

Last month, HSMAI hosted its first Commercial Futures Forum, Understanding the Changing Dynamics of Business Travel, in San Antonio TX. Industry experts shared insights on the evolving business travel landscape and outlined opportunities to capture a greater share of the business travel market.

We’ve all struggled with budgeting and forecasting. From misaligned industry predictions to unrealistic owner expectations, this resource-intensive process poses many challenges.

At Commercial Strategy Conference, HSMAI hosted a roundtable for Chief Revenue Officers where industry experts pinpointed five main challenges and discussed ways to tackle them.

In a recent HSMAI Sales Advisory Board meeting, we explored how compensation structures influence employee performance. Below are five insights from our discussion.  

It may be September already, but you can still enjoy some great summer reading. When we asked our Advisory Board Members what they were reading and listening to over the past several months, they had a wealth of recommendations.

When we asked our Advisory Board Members what new and emerging issues they were thinking about and tracking, they focused in on the following key issues:

HSMAI honored the 2023 Top 25 Extraordinary Minds in Hospitality Sales, Marketing, Revenue Optimization and Distribution — recognizing leaders from hospitality, travel, and tourism organizations for their accomplishments. Vanessa Williams, General Manager, The Vinoy Resort & Golf Club, Marriott Autograph Collection, is one of these honorees.   

By understanding consumer behavior in a broader context, hospitality professionals can anticipate customer needs, stay ahead of consumer trends, and spark innovation.

HSMAI honored the 2023 Top 25 Extraordinary Minds in Hospitality Sales, Marketing, Revenue Optimization and Distribution — recognizing leaders from hospitality, travel, and tourism organizations for their accomplishments. Michael Sherwood, CRME, Vice President, Revenue Management Services PTG Consulting, is one of these honorees.   

Last week, economist Aran Ryan joined the HSMAI Revenue and Ownership Executive Roundtable discussions to offer insights on the state of the economy, travel, and current risks.  

In a recent series of interviews organized by the HSMAI Foundation and led by Lori Kiel, HSMAI Foundation Chair, HSMAI leaders and academic professionals discussed the hospitality student pipeline.

Anja has an extensive hospitality career spanning over two decades, managing and supporting properties ranging from 75 to 1048 rooms, Anja Fiedler has been a driving force in Revenue Management (RM).

HSMAI staff recently spoke with Taylor Baca, Corporate Director of Revenue Management at Balboa Bay Resort & Club. Baca will receive the single/multi-unit Revenue Optimization Professional of the Year during HSMAI’s Commercial Strategy Conference in Charlotte on June 26th.   

Tess is the Vice President for the Travel & Hospitality vertical at Revenue Analytics. In this role, she leads cross-functional teams to develop high-impact products that provide revenue growth for her customers.

I think of ancillary as forever the next frontier. It’s always something that matters, but never something that gets the focus in the short term.  

HSMAI staff recently sat down with Denise Thomas, the President of The Effective Communication Coach, who will be a keynote speaker at the HSMAI Commercial Strategy Conference (CSC), June 25-26, in Charlotte, NC, to get her insights on effective communication today.

Throughout numerous HSMAI meetings, including board meetings, commercial week, and leadership conferences, a consistent and powerful theme has emerged regarding the role of leadership in the post-pandemic era.

The HSMAI Foundation Special Report: The State of Hotel Sales, Marketing, and Revenue Optimization Talent 2023-2024, explores the idea: “Hands-on learning is the only way to build a pipeline of talent ready for unknown roles.

In a time of technological advancement, keeping up with the latest tools and systems can pose a considerable challenge both organizationally and personally. However, the adoption of technology can provide us with enhanced data analytics, the ability to provide personalized guest experiences and expand revenue opportunities.

We know that reputation management is important, but how involved should revenue managers be in that process? I brought this topic to the leaders of the HSMAI Revenue Optimization Advisory Board to discuss our role in reputation management. Below are our top five takeaways.  

Every year each of the HSMAI Sales, Marketing, Revenue Optimization, and Global Distribution Advisory Boards scout important issues for the coming year. This article looks at four themes that cut across the commercial disciplines.  

The first meeting of 2024 for the HSMAI Global Distribution Advisory Board took place and we talked about what we’d like to discuss in 2024, including: 

It goes without saying that we’ve had a lot of change over the last several years – some as a direct result of the pandemic and post-pandemic era, and some changes have been unrelated, like the surge of AI tools over the last year and the marked generational shift. 

If you had the opportunity to peruse our latest article on The Value of a Contact Center, you might now be wondering how you go about fostering a mutually beneficial relationship with your contact center – lets dive in!  

Personalization is not just about personalized pricing; it’s a revenue driver and powerful conversion tool for all commercial strategy disciplines that is capable of increasing revenues by up to 40%. I brought this topic to HSMAI’s Revenue Optimization Advisory Board for discussion. In this article, I outline our group’s key ideas for effective personalization.

As another budget season in the books, it’s a good time to pause and reflect on the lessons learned from this critical period. I talked with the HSMAI Rising Revenue Optimization Leader Council about the challenges faced and strategies employed during this time. Here are our key takeaways for future planning and continuous improvement.  

Extended stay hotels are experiencing a dynamic shift, reflecting changes in travel trends, sustainability demands, and technological advancements. The HSMAI Revenue Optimization Advisory Board recently delved into the challenges and opportunities this sector faces.  

From wildfires and hurricanes to system hacks and geopolitical conflict, we face crises in the hospitality industry on a regular basis. Crises are not just challenges but opportunities for developing leadership and strengthening our organizations. The HSMAI Global Distribution Advisory Board tackled this topic recently and came up with key insights on how to prepare for crisis situations. 

In early November in Long Beach, CA, over 70 industry leaders gathered for Curate 2023 on Demystifying AI, a topic increasingly central to our industry’s future. One thing was clear from the event, you can’t hide from AI, it is here to stay.

As the year winds down, it is crucial to assess the current state of a revenue strategy mindset within your hotel organization. Revenue leaders are tasked with the mission of getting buy-in from all stakeholders and departments within the hotel by breaking down the data and explaining the why behind the strategy. 

At this time of year, as we’re working on budgets, we look to the past and to the future. So, I brought questions of the past, present, and future to the HSMAI Revenue Optimization Advisory Board. During the discussion board members shared these valuable insights and pieces of advice.  

In an ever-evolving economic and technological landscape global distribution teams must keep pace with taxation changes and AI governance locally and on a global scale. The HSMAI Global Distribution Advisory Board recently met to discuss these pressing topics and share best practices.  

With growing operational costs hotels need to get creative about ways to drive more Revenue. Ancillary and other revenue streams are becoming more and more important as the days go on and are moving to be included, if not already, under the revenue optimization umbrella. Aiming to improve topline revenue, combat rising operational costs, and increase guest conversion, ancillary and other revenue streams will become as important as rooms revenue in the blink of an eye. 

HSMAI hosted a Distribution Executive Roundtable in Toronto.  From technological advances to sustainability demands, industry leaders grapple with a changing landscape of distribution. Here’s a look at the most pressing concerns and strategies to address them. 

It is no secret that we are still facing a labor shortage. However, the hospitality industry isn’t just grappling with a talent shortage, we are dealing with a retention problem. The answer may lie in the way we approach leadership. This topic was brought to the HSMAI Revenue Optimization Advisory Board to discuss purpose-driven leadership in revenue optimization.  

Distribution teams’ missions have always been focused on selling rooms across a multitude of platforms. But as the industry evolves, so should our strategies. It’s time to cast our net wider and delve into structured approaches for food & beverage (F&B) and other ancillary areas.

As our industry and technology become more complex, clean data is critical. Managing a pricing strategy to drive REVPAR is only one layer to the equation. The HSMAI Revenue Optimization Rising Leaders Council recently discussed this topic and brainstormed our top keys to good data.  

As rising leaders, we often encounter age-related biases such as assumptions of inexperience, lack of credibility, or limited knowledge. We may also face barriers in accessing growth opportunities, receiving mentorship, and being entrusted with higher-level responsibilities. These challenges can hinder our professional development, career advancement, and overall job satisfaction. Addressing age discrimination and fostering inclusivity is not only crucial for promoting an equitable work environment but also for unlocking the potential of young leaders in revenue optimization.

As part of HSMAI’s Commercial Strategy Week in Toronto, HSMAI hosted a roundtable for ownership executives. Through insightful discussions, industry leaders identified five key challenges and shared strategies to navigate through them. 

Like a first-class seat on an airplane, dynamically optimizing upgraded room classes can unlock significant revenue potential. As an industry what best practices could be applied to maximize the RevPAR growth opportunity this presents? Insights from the HSMAI Revenue Optimization Rising Leader Council.

HSMAI honored the 2022 Top 25 Extraordinary Minds in Hospitality Sales, Marketing, and Revenue Optimization — recognizing leaders from hospitality, travel, and tourism organizations for their accomplishments. Dax Cross, CEO, Revenue Analytics is one of these honorees. 

Throughout our recent Commercial Strategy Week, attendees told me how happy they were to meet face-to-face. They made the most of every networking, discussion, and education opportunity. There’s an energy that comes from being in the room with your peers, and I received so much positive feedback about the power of connections.

As we continue to highlight the insightful discussion from the recent HSMAI meetings held last month in Toronto, we turn our attention to the Hotel Management Company Chief Revenue Officers (CRO) roundtable.  This unique peer group from 28 different management companies identified five key themes that were challenging them and their organizations.

Don Hood, Director of Commercial Services, Hyatt Centric Key West Resort & Spa will receive the Revenue Professional of the Year Award for single/multi-unit during HSMAI Commercial Strategy Week, taking place June 28. 

Dave Roberts, Professor at Cornell, will receive the Revenue Educator of the Year Award during HSMAI Commercial Strategy Week, taking place June 28.

Monika Morrobel, CRME, CHDM, Senior Corporate Director of Commercial Strategy at Kessler Collection will receive the Revenue Professional of the Year Award for corporate during HSMAI Commercial Strategy Week.

Andrew Rubinacci, EVP, Commercial & Revenue Strategy at Aimbridge, will receive the Vanguard Award during HSMAI ROC Americas, June 28, part of HSMAI Commercial Strategy Week in Toronto.

In the climate of rapid technological innovations, change management is critical for hospitality companies. Successfully implementing change requires a strategic approach, an innovative mindset, and the ability to bring stakeholders on board.

Leading communication expert and confidence cultivator, Karen Laos, sat down with HSMAI staff to offer a preview of her closing keynote at HSMAI ROC in Toronto in June.

The HSMAI Revenue Optimization Rising Leader Council recently gathered and we discussed the question: As all aspects of properties are being considered when defining “success”, how can we best optimize revenue and experience? 

The hospitality industry has been struggling with making progress on ancillary revenue optimization. However, there are opportunities for improvement and creativity in this area to drive more revenue. Insights from the HSMAI Revenue Optimization Advisory Board.

The recent Junk Fee Prevention Act proposed by the Biden-Harris Administration has sparked discussions across the hotel industry. The HSMAI Rising Revenue Optimization Council recently got together to discuss how they were handling the recent news.  

Rapid digitalization has forced many businesses to update their practices and procedures, but hotels have been notoriously slow to change. Recently the HSMAI Revenue Optimization Advisory Board discussed why hospitality technology is failing to drive brand loyalty.

HSMAI Revenue Optimization Rising Leader Council insights: what we are seeing as trends in the RFP negotiations and how we are preserving relationships while not backing down from higher rates.  

The answer, of course, is that it depends. Every hotel is different, and there is no one-size-fits-all answer to this question. However, here are some great ideas from a recent discuss among members of the HSMAI Revenue Optimization Rising Leader Council.

The HSMAI Rising Leader Council recently discussed moving beyond traditional customer segmentations.

The hospitality industry has long been grappling with the issue of rate parity standards. The HSMAI Rising Revenue Optimization Leaders Council got together to discuss the topic. Here are three key takeaways.

The vacation rental market offers a unique opportunity for hoteliers to capitalize on the growing trend of short-term rentals. Here are five key lessons learned from the vacation rental market.

How do we know that we’re doing well compared to competitor hotels in our area? The HSMAI Rising Revenue Optimization Leader Council grappled with measuring performance with limited competitor data and unreliable year over year data. Here are ways that we are measuring success.

Insights from the HSMAI Revenue Optimization Advisory Board on how short-term rentals (STR) fit into the market and how the role of STRs has changed post pandemic.

Looking at the total revenue or profit we can achieve per room, the biggest challenges are capturing relevant data around both ancillary spend and costs, as well as implementing said data into our revenue management strategy.  The HSMAI Revenue Optimization Rising Leaders Council recently discussed related successes, opportunities, and challenges in our current environments.

HSMAI’s Global Distribution Advisory Board recently got together to discuss all things retailing. Read on for the innovations, obstacles, and future of retailing.  

During the HSMAI Curate 2022 current state session, we heard from four industry leaders that have experimented with commercial in their organizations from creating new commercial roles, to deployment, data mining, and leadership. Read on for highlights or visit the slides for further information.

Mike Moorman, principal at ZS, kicked off HSMAI’s 2022 Curate Executive Insights Forum with a session focused on achieving commercial excellence leveraging his expertise across industries. His goal when working with organizations is to evolve their commercial functions to become increasingly impactful in their markets.  

HSMAI continues to honor the 2021 Top 25 Extraordinary Minds in Hospitality Sales, Marketing, and Revenue Optimization — recognizing leaders from hospitality, travel, and tourism organizations for their accomplishments in the preceding 18 months. Alex Cisneros, senior vice president, Revenue Generation, Red Roof is one of these honorees.