It's no secret that effective revenue management strategies are deeply reliant on increasingly powerful tools and technologies that yield big-data-driven insights. But even the most sophisticated technology only goes so far. The "secret sauce" of revenue optimization remains that human element. Understanding how and why people power is needed to get the most out of software and systems and take the critical next step to implementation includes appreciating the importance of things like data filtering, shifting schedules, unaccounted-for variables, market insights, group dynamics, relationships and other nuances-as well as the ability to recognize, hire and retain talented revenue optimizers. READ MORE

How do you define value? Can it be measured in a meaningful way? What are your hotel's products and services actually worth to customers? As customers increasingly turn to 3rd party channels as a way to save money and pressure hotels to lower prices. Understanding what customers value, and would value, gives marketers and revenue managers an opportunity to break the market pressure to continually sell only on price by demonstrating that a property's products and services have something different to offer – superior value. READ MORE

As the commercial distribution landscape evolves, third parties continue to win the hearts of consumers by simplifying the booking process. In this article, we look at what it takes for hoteliers to get back in the customer acquisition game. We will explore the need for both organizational and skillset changes within our commercial teams. Additionally, we will learn that the key to innovation exists in how we see our own data. Through the use of data visualizers, hoteliers must cast aside the segmentation models of prior years in order to leverage the exponential potential of the lenses of commercial segmentation. READ MORE

Business interruption is a significant and ongoing concern for hoteliers. Restricted access to a property, physical threats or an unexpected closure can have a devastating impact on their revenues, reputation or even their viability. Hotels face a wide variety of risks-from natural disasters, to cyber threats to terrorism attacks to health-related threats like waterborne bacteria. Understanding the various exposures and insurance options available to address them is not only the first step to protecting guests, employees and assets, it can also minimize losses and reputational damage, and ensure a quicker recovery. READ MORE

According to one report, millennials account for a third of all hotel guests world-wide; a number that is projected to increase to 50% by 2020. To attract this market, hotels need to focus on providing a unique experience, mixed with good design and aesthetics. Studies indicated that Millennials value unique, authentic, value-rich, community-based hotel properties. To meet this demand, boutique hotels as well as national chains are developing new properties specifically targeting this niche. At the same time, there are many hotel properties that embraced Millennial values as part of their business philosophy. One particular Pacific Northwest firm, McMenamins, was “millennial” before they were born. READ MORE