Podcast | Benchmarking - The significance of evaluating your Revenue Strategy's effectiveness
The Basic Principles of Revenue Management - Benchmarking Podcast Episode with Monica Xuereb (Loews Hotels), Vikram Singh, and Chris Baniewicz (Expedia Group) Benchmarking will wrap up the Revenue Performance Principles series, co-created with Expedia Group, by demonstrating how hotels may use benchmarking to compare their revenue performance with the local market and specific competitors. In this third and last part of this series Monica Xuereb, Chief Revenue Officer at Loews Hotels & Co, Vikram Singh, Digital Marketing & Revenue Optimization Specialist, and Chris Baniewicz, Senior Manager, Revenue Performance Solutions at Expedia Group, join André Baljeu to discuss their expertise on this topic. What role does historical data play in benchmarking? Why is measuring the effectiveness of your revenue strategy important for hotels? What are important KPIs that smaller hotels should focus on? What are the different types of hotel benchmarking? What signs should hotels look out for to determine when to adjust and adapt? How to analyze data to convert useful insights. Monica Xuereb, Chief Revenue Officer at Loews Hotels & Co In her role as Chief Revenue Officer at Loews Hotels, Monica Xuereb is responsible for guiding and supporting all sales and revenue processes; including leading the strategy for generating more efficient, predictable, and profitable revenue to support company growth and value. Ms. Xuereb joined Loews Hotels in 2013 as Vice President of Revenue Management after successfully running her own consultancy for more than three years. Her company assisted with revenue management, pricing, and distribution strategies to independent hoteliers and small hotel groups such as Dorchester Collection, Small Luxury Hotels of the World, Rosewood Hotels & Resorts, Morgans Hotel Group, and Viceroy Hotels and Resorts. She spent 17 years in total with The Ritz-Carlton Hotel Company and Marriott International, holding several senior Revenue Management positions at the Regional, Area, and Property levels, including Vice President of Revenue Management, International, where she oversaw the yield strategies of 34 Ritz-Carlton and Bvlgari Hotels in Europe, the Middle East and Asia. Connect with Monica on LinkedIn. About Loews Hotels Headquartered in New York City, Loews Hotels owns and/or operates 27 hotels and resorts across the U.S. and Canada. Located in major city centers and resort destinations from coast to coast, the Loews portfolio features one-of-a-kind properties that go beyond Four Diamond standards to delight guests with exciting, approachable, and local travel experiences. Vikram Singh, Digital Marketing & Revenue Optimization Specialist Vikram is a global thought leader in hospitality and travel, known for speaking his mind on topics that affect hotel operators worldwide. His extensive experience and deep understanding of hotel operations, technology, online marketing, and revenue management have allowed him to optimize revenue for a wide portfolio of hotel clients for over 20 years. During his career, Vikram has delivered portfolio-wide audits, asset turnaround strategies, and other high-level consulting services to real estate investment funds and property management groups across the globe. His strategies have helped power some of the biggest and most successful hotel equity turnaround deals in the last decade. Vikram is also a big supporter of small businesses and is passionate about giving small hoteliers access to world-class strategies to help them thrive. Vikram authors the popular hospitality and travel marketing strategy blog at “Words of Vikram.com.” He has been quoted in publications such as the New York Times and Travel Weekly. Vikram is a frequently requested speaker at industry conferences. Former hosts include the US Department of Commerce, American Express Travel, American Hotel & Lodging Association, Arabian Travel Market, and Airbnb. He is a perennial favorite of audience members and clients everywhere because he communicates clearly, loves to answer questions, and emphasizes action-oriented strategies. Connect with Vikram on Linkedin. Chris Baniewicz, Senior Manager, Revenue Performance Solutions at Expedia Group Chris Baniewicz is a Sr. Manager for the Revenue Performance Solutions team at Expedia Group. This team is driven by the mission to power revenue performance insights for everyone, everywhere. By leveraging Expedia Group data, technology, global reach, and machine learning capabilities, they aim to level the playing field for all lodging & vacation rental partners. They are focused on accelerating commercial outcomes for Expedia Group’s supply partners using immersive & intuitive products, APIs, and innovative data & technology partnerships. Chris is passionate about helping lodging partners be successful by adopting revenue performance technology and practices. Before joining Expedia Group, Chris was a Director of Revenue with Accor Hotels. Chris completed his bachelor’s degree in Hotel, Restaurant, and Institutional Management from The Pennsylvania State University. In addition, he holds a Certificate in Hotel Revenue Management from The School of Hotel Administration, Cornell University. Connect with Chris on Linkedin. About Expedia Group Expedia Group, Inc. companies power travel for everyone, everywhere, through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success while facilitating memorable experiences for travelers. The Expedia Group family of brands includes Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, Expedia Local Expert®, CarRentals.com™, and Expedia Cruises™. Expedia Group is a Founding Member at techtalk.travel Also make sure to find these supporting content elements of the editorial Adopting Revenue Management Principles - Hotel Benchmarking: ARTICLE l Measuring the Efficiency of Your Revenue Management Strategy by Vikram Singh, and Chris Baniewicz (Expedia Group) INFOGRAPHIC l Adopting Revenue Management Principles - Benchmarking VIDEO l Benchmarking to Measure the Efficiency of Your Revenue Management Strategy And also find the first and second editorial of this series discussing Revenue Performance Principles: The first Editorial discussing Revenue Performance Principles for Independent Hotels The second Editorial discussing Monitoring Demand for Effective Forecasting To all techtalk.travel editorials
