Hotel Business Review: Week of Oct 24, 2016

Ravneet Bhandari
  • Revenue Management
  • Big Data Demand Signals
  • Big data, more than a buzzword, has by now become a conundrum that we, consumers and providers of information, try to crack and make sense of it. Essentially, we know that data is becoming larger with wider access to complex algorithms and connections. The onion metaphor – the peeling back of many layers - can be used to reflect the multifaceted aspects of machine learning technology. These swaths of data or rather layered strings of data sets turn these complex entities into a more accurate view of customer demand for the hotelier. Read on...

Tema Frank
  • Guest Service / Customer Experience Mgmt
  • What Your Net Promoter Score Isn't Telling You
  • It’s easy to obsess about your Net Promoter Score (NPS). It’s simple to get and it’s a number your executives can grasp. But focusing too much on your NPS risks sending you off in the wrong directions. It can be misleading, and it doesn’t answer the all-important question of why people have given the score they have. Read on to find out the hidden downsides of the NPS, what it doesn’t tell you that you really need to know, how it can mislead you, and why sometimes it shouldn’t be your top customer experience improvement priority. Read on...

Lorraine Abelow
  • Public Relations
  • Set Up a PR Campaign Using Harvard's Approach
  • The Harvard Business School coined the term Unique Selling Propositions (USPs) as a marketing concept in the early 1940s. Abelow PR, a boutique public relations agency that specializes in the hospitality field, follows this strategy as the basis for its campaigns. Identifying these points about your brand is a fundamental step. From there, you should develop an elevator pitch that summarizes what makes you different from everyone else. During the dot-com boom of the 1980s and 1990s, the elevator pitch was created to give the target market the gist of a company and overall raison d'être. Here we’ll discuss the steps involved in creating a successful PR campaign. Read on...

Judith Jackson
  • Guest Service / Customer Experience Mgmt
  • Hospitality to the Rescue
  • After the first stay, does your guest remember your property as “The Hotel Rescue”? Is your guest more refreshed when leaving than upon arrival? When you planned your guest facilities and services, were they designed to be genuinely unisex? Does everything in the room work – like thermostat, wall plugs and light bulbs? Is the clock set to the correct time? Is the television remote easily located? If the answer is yes, have you checked all of them lately? Read on...

OCTOBER: Revenue Management: Measuring All Hotel Revenue Streams

Natasa Christodoulidou

Revenue Management, also known as yield management, may be defined as the process of analyzing, anticipating, and impacting consumer behavior to maximize the profits from a fixed perishable resource, primarily hotel guest rooms and airline passenger seats (Christodoulidou, Berezina, Cobanoglu, 2012). Revenue management, including overbooking and dynamic pricing, has been an enormously important innovation in the service industry (Netessine & Shumsky, 2002). For example, a number of airlines overbook their reservations for a particular flight by 14% since on average they expect a 10% to 20% no shows on flights. The Marriott hotel chain credits its revenue management system for generating additional revenue of about $100 million per fiscal year. Read on...

Kristie Dickinson

Revenue management continues to be one of the most important aspects of profitably operating a hotel, though it also remains one of the most difficult to grasp fully. Last year, I wrote an article on the Top 5 Questions Hotel Owners Should Be Asking About Revenue Management, which focused on conversations that owners should be having with their operators about setting goals, analyzing data and how best to measure results, all good primer leading up to budget season. To further the discussion, I will highlight some specific issues below that bear relevance in today’s market Read on...

Steve  Van

We have all heard the old cliché that “less is more”, and, while there is a grain of truth in the notion that simplicity and clarity are sometimes preferable to complexity, the reality is that, regardless of the circumstances, more information is almost always a better bet. Today we are seeing the tension between these two ideas play out in the hotel industry, where revenue management has exploded with new approaches in recent years–almost all of it facilitated by an avalanche of previously ignored or unavailable data. Consider just how sophisticated revenue management has become in the hotel industry. Read on...

EJ Schanfarber

The revenue manager of an individual hotel or hospitality entity has become the “quarterback” of modern hospitality strategy and, in many ways, operations. He or she reviews past game data, surveys the competitive environment, consults with coaching staff (ownership and brand standards) and listens to teammates (especially the general manager and director of sales) before hitting the field on any given day and making a complex play call. As we know, with revenue management, a lot of things are in motion at once before we can determine and allocate “which rooms, when, at what rates.” Read on...

Coming Up In The November Online Hotel Business Review

Feature Focus
Architecture & Design: Original, Authentic and Localized
Corporate hotel developers once believed that their customers appreciated a homogenous design experience; that regardless of their physical location, they would be reassured and comforted by a similar look, feel and design in all their brand properties. Inevitably this led to a sense of impersonality, predictability and boredom in their guests who ultimately rejected this notion. Today's hotel customer is expecting an experience that is far more original and authentic - an experience that features a design aesthetic that is more location-oriented, inspired by local cultures, attractions, food and art. Architects and designers are investing more time to engage the local culture, and to integrate the unique qualities of each location into their hotel design. Expression of this design principle can take many shapes and forms. One trend is the adaptive reuse of existing facilities - from factories to office buildings - as a strategic way to preserve and affirm local culture. Many of these projects are not necessarily conversions of historic properties into grand, five-star landmark hotels, but rather a complete transformation of historic structures into mixed-use, residential, and hotel projects that take full advantage of their existing location. Another trend is the addition of local art into a hotel's design scheme. From small sculptures and photography to large-scale installations, integrating local art is an effective means to elevate and enhance a guest's perception and experience of the hotel. These are just a few of the current trends in the fields of hotel architecture and design that will be examined in the November issue of the Hotel Business Review.