This report and accompanying Commercial Effectiveness Organizational Effectiveness Assessment was created by the HSMAI Commercial Strategy Workgroup. HSMAI’s Commercial Effectiveness Organizational Assessment allows a hotel organization (individual hotel, management company, ownership group, or brand) to assess and score their implementation of the 11 key drivers of commercial excellence.
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.
COVID significantly impacted travel demand shifting it closer to a “need” than a “want.” This change reflects a deeper societal shift where experiences and exploration have become integral to personal fulfillment and well-being. Is this shift a temporary reaction or a long-term trend? How will it shape the future of travel and tourism? Insights from the HSMAI Global Distribution Advisory Board.
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.
Industry leaders at Amazon Ads, Google, and Meta, shared their latest insights and data on travelers’ behavioral shifts that are reshaping the industry with attendees at HSMAI ROC Americas during Commercial Strategy Week 2023.
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.
For close to a century, HSMAI has stood as a guiding light for innovation, support, and community growth within the hotel sales, marketing, and revenue optimization fields. Now, as we begin the countdown to our momentous 100-year anniversary in 2027, we’re excited to unveil the Century Campaign for the HSMAI Foundation.
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.
Sabrina Jackson, Senior Director of Product Management, Duetto Profitability tells the true story of a hotel’s financial health, impacting whether a company can secure financing from a bank, attract investors…
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.
HSMAI Americas ROC 2023 speaker Aran Ryan shared Tourism Economics’ latest views on the economic issues impacting travel, the mindset of travelers, and expectations for how the industry will perform in the coming months and into 2024.
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.
The hotel distribution landscape is facing potential transformation, driven in part by the entry of fintech and big banks. As the industry looks ahead, several other key factors such as Artificial Intelligence (AI), data privacy, regulatory changes, and evolving distribution channels could shape the strategies of global hotel distribution.
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.
Sabrina Jackson, Senior Director of Product Management, Duetto Profitability tells the true story of a hotel’s financial health, impacting whether a company can secure financing from a bank, attract investors…
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 Global Distribution Advisory Board recently met to offer their insights into what every Sales leader needs to know about Distribution. The board spoke about the complexity of distribution and the different groups that work to distribute rooms to third party partners.
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.
Flexible work means many different things, including flexible location, hours, time off, earning potential, job sharing options, and more. “We have an SOP, which gives us a guideline, but we’re flexible on an individual basis, and more so in some departments than others. Building fairness and equity into the policies is crucial,” one senior executive said.
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.
Personalization in the hotel industry poses as a large and largely untapped opportunity especially in the area of improving customer experience and increasing profits.
The HSMAI’s Global Distribution Advisory Board met recently to brainstorm ideas on how to build distribution bench strength. Here are some ideas to take back to your organization.
The lines continue to blur between commercial disciplines in hospitality, but most organizations struggle with how to adapt to this new environment. For hotel companies looking to create organizational structures centered on an overarching commercial strategy, identifying those measures of success — beyond profitability — can be a place to start.
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.
Why, in her extremely limited “spare time,” has Kerry Mack spent more than 20 years as an adjunct professor of Revenue Management at New York University’s Preston Robert Tisch Center for Hospitality, Tourism, and Sports Management? For one reason: Talent.
The HSMAI Global Distribution Advisory Board held its first meeting of 2023 recently and discussed key focus areas for 2023.
What is the best way to handle these fees? Should they be included in the rate? Or should they be displayed separately? There is no easy answer. But there are three things to consider when making this decision.
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.
Payments are often overlooked in strategy conversations and not much research exists on payment best practices within the hospitality industry. The HSMAI Global Distribution Advisory Board recently discussed the trends in payments across the globe.
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.
Across the world, long term relationships with loyal franchise partners are being put to the test. This is especially true for mid-size operating companies working in a multi-brand franchise environment. The HSMAI Global Distribution Advisory Board met to discuss the challenge and share best practices.
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.
In the first ever HSMAI global distribution executive roundtable, leaders in the field gathered to share best practices and challenges. It was clear from the start that the group had a lot to talk about around content and rate parity and leakage – the biggest challenges everyone faced. Here are best practices that came out of the discussion.
When we think of distribution, we typically think about corporate distribution and leisure distribution, but we rarely really think about group distribution. Why is that? Why is there still no widespread group distribution? Insights from the HSMAI Global Distribution Advisory Board.
A plethora of economic indicators are pointing towards recession in 2023. While this news is disheartening, hotel management companies that act now in anticipation of the likely downturn will win the market share game for next year.
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.
Insights from Karen McWilliams, CRME, Vice President of Revenue Strategy, Concord Hospitality, during a Lightning Round session at ROC Americas, part of HSMAI Commercial Strategy Week 2022.
Industry leaders featured during HSMAI Commercial Strategy Week 2022 share their perspectives on current events in the hotel and travel landscape, what the future holds for commercial strategy in hotels, and other important issues affecting the industry today.
Stephen Hambleton, CRME, Product Management and Product Success, IDeaS Revenue Solutions, provides insights into leveraging automation and targeting segmentation for a new approach to pricing during a Lightning Round session at ROC Americas, part of HSMAI Commercial Strategy Week 2022.
Sharon Paine, VP, Revenue Management, IHG Hotels & Resorts, shares lessons she learned through her career in revenue optimization – and how they changed her life, during this Lightning Round session at ROC Americas 2022, part of HSMAI Commercial Strategy Week.
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.
HSMAI Revenue Optimization Advisory Board members weigh in on the question of “is budgeting a waste of time when it is rarely accurate anyways?”
HSMAI ROC Americas Lightning Round presentation by Erica Lipscomb, SVP, Revenue Strategy, Crescent Hotels & Resorts, part of HSMAI Commercial Strategy Week 2022.
As Resort Fees (or Urban Fees) become more common for hotels as a new revenue stream, what are the guests feeling about it? What are the values provided by bundled services, and should we give guests more options? The Revenue Rising Leader Council recently discussed these issues.
The HSMAI Revenue Advisory Board recently met to discuss the psychology of pricing in today’s environment. Here’s a snapshot of key concepts in behavioral economics and how it affects pricing strategies.
HSMAI ROC Americas Lightning Round presentation by Tess McGoldrick, VP, Travel & Hospitality, Revenue Analytics, part of HSMAI Commercial Strategy Week 2022.
HSMAI ROC Americas Lightning Round presentation by Chinmai Sharma, President – Americas, RateGain, part of HSMAI Commercial Strategy Week 2022.
HSMAI ROC Americas presentation by Adam Sacks of Tourism Economics, part of HSMAI Commercial Strategy Week 2022.
Over the last few years, debate has ensued about whether the word “commercial” would appear, or stick, in the titles for roles that traditionally were hospitality sales, marketing, revenue, distribution, or loyalty. At HSMAI Americas’ recent Commercial Strategy Week, many of the 750 hospitality leaders in attendance debated, defined, redefined, and defended the label repeatedly.
Reyes, director of revenue management at Foxwoods Resort Casino in Connecticut, will receive the 2022 Single/Multi-Unit Revenue Optimization Professional of the Year Award during HSMAI ROC Americas, taking place June 29.
During this year’s ROC Americas, Sacks will present his general session “Economics Beyond the Forecast” on June 29. The session will share Tourism Economics’ latest views on the economy, the mindset of travelers, and expectations for how and when travel will fully recover.
During the recent Hospitality School Revenue Management Faculty Forum, hosted by the HSMAI Foundation, participants from hospitality schools discussed various topics related to student perceptions of the industry, specifically within revenue management.
Christian Boerger, CRME, CHBA, CHDM, vice president of revenue strategy at Oxford Collection, will receive the 2022 Corporate Revenue Optimization Professional of the Year Award during HSMAI ROC Americas, taking place June 29.
Orkin will be honored with the HSMAI Vanguard Award for Achievement in Revenue Optimization at HSMAI ROC Americas 2022. Here, he talks more about his pioneering work.
HSMAI’s Top 25 Extraordinary Minds in Hospitality Sales, Marketing, and Revenue Optimization program recognizes leaders in sales, marketing, and revenue optimization from hospitality, travel, and tourism organizations for their accomplishments in the preceding year. This special report profiles each individual in this distinguished list of hospitality superstars, selected by a panel of senior industry executives based on their recent work.
During HSMAI ROC Americas, held June 29, Dave Roberts, professor at Cornell University, will present his session, “The Post-Pandemic Evolution to Revenue Strategy,” discussing the requirements for shifting your organization in the short- and long-term to stay ahead of the revenue optimization evolution.
Now more than ever before, consumers are driving the content they want — and don’t want — to see. How do we as hoteliers control the content chaos? The HSMAI Global Distribution Advisory Board recently discussed how they are managing content at their companies.
Fifty-five Wyndham team members received their Certified Revenue Management Executive designations and were honored with a virtual graduation ceremony. Here’s the ROI they received as a result of this unique team-building program.
The hospitality labor shortage is real, and there are few easy answers. Talent was lost in 2020 to furloughs and layoffs, but also to individuals who chose to retire, transition to other industries, or downsize their household income to accommodate diverse needs. How can we market the career potential and the core purpose of the industry to a new base?
As the pandemic recovery goes on, we’ll continue to make strides to rebuild and reinvigorate our teams. HSMAI and the Foundation will provide the resources necessary to help members make this progress.
This list, compiled by members of the HSMAI Rising Revenue Optimization Leader Council, offers ideas on how to maximize and prioritize your time, increase productivity, and refocus on what’s important.
As technology evolves and many people shift to making more purchases online, especially since the start of the pandemic, many questions arise around the future of electronic distribution. These questions and more were discussed during a recent HSMAI Global Distribution Advisory Board meeting.
Within the hospitality industry, the pandemic has changed the way we recruit and attract new talent as well as what we’re looking for when hiring. The new job description for commercial teams is evolving quickly. What do we need to look for with new revenue, sales, and marketing talent?
During the recent HSMAI Hotel Management Company Chief Revenue Officer Virtual Executive Roundtable, leaders in revenue management identified the top three challenges facing commercial talent today.
Price adaptations have rapidly moved from being a profit optimization lever to an essential tool for commercial survival in times of massive cost turbulences. Yet, price increases are often implemented quickly and in an indistinguishable manner. What do we do about it?
HSMAI recently hosted its Hotel Management Company Chief Revenue Officer Virtual Executive Roundtable, where revenue optimization leaders discussed a wide range of topics, including forecasting data points, compensation programs, evolving KPIs, food and beverage pricing, and more.
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