46 episodes

We aim to discuss topics relevant to professionals within the Hotel, Travel & Leisure sectors.

Whether you are in a Revenue Management function, Reservations, Front Office Operations, Digital Marketing or Sales, we hope the topics discussed will be of interest and either answer some questions or prompt some more.

Revenue Hub Revenue Hub

    • Business

We aim to discuss topics relevant to professionals within the Hotel, Travel & Leisure sectors.

Whether you are in a Revenue Management function, Reservations, Front Office Operations, Digital Marketing or Sales, we hope the topics discussed will be of interest and either answer some questions or prompt some more.

    How Will The RMS Evolve to Move Revenue Management Forward

    How Will The RMS Evolve to Move Revenue Management Forward

    Today we are joined by 3 Guests

    Michael McCartan - founder of mccartan tech consulting

    Neville Isaac - Chief Customer Officer at BeOnPrice
    https://beonprice.com/en_US/

    Marko Lukicic - Co-Founder and Director at Acquaint
    https://acquaint.hr/ 

    This discussion continues our series looking at the evolving role of the revenue manager

    Today we explore how the RMS is evolving and what additional data sets are being integrated to enhance the pricing element - looking at optimal pricing and fair pricing.

    We then talk about potential, non traditional, indicative data sets and consider some constraints around this in terms of cost and privacy legislation

    If you would like to watch the interview you can see it on our YouTube channel by clicking this link: https://youtu.be/9ijlPw-tg7Y

    Here is the timelinechapter breakdown of topics discussed:

    0:00        General welcome
    1:00        Welcome guests
    2:00        Guest introductions
    7:15        Current RMS solutions - Is it providing sufficiently accurate predictions
    9:17        Does the current RMS only really automate what we did manually
    11:13      From a data science perspective reliance on historical data Is very limiting
    14:50     RMS 2.0: How is the RMS evolving
    16:20     Market Intelligence and the influence on a hotel - marrying internal and external data to improve price recommendation
    20:50     Fair pricing
    23:15     Revenue professionals restricted to location because of market knowledge
    25:05     Willingness to pay and how individual property features could play a greater part
    33:02     How are those without an RMS doing revenue management. Do they really understand the concept
    36:04     Is most revenue pricing forecast still just adding a multiplier to last years rate
    40:15     Where do we go next above and beyond historical in-hotel data
    41:14     How the Finance sector moved beyond traditional historical data
    45:50     RMS 3.0: What untraditional data sets could we be exploring to enrich forecasting
    49:35     Macro data and micro data
    52:50     How trust can be an issue as more data sets get added
    58:00     Can the current one size fits all RMS become more bespoke
    1:01:41  Wrap up summary

    • 1 hr 4 min
    Google Hotel Products Evolve! Who Will be Winners and Losers?

    Google Hotel Products Evolve! Who Will be Winners and Losers?

    Today we are joined by Pablo Delgado, CEO of mirai
    https://www.mirai.com/home/

    In our last conversation with Pablo we discussed how the hotel distribution landscape could change going forward.

    Today we talk specifically about Google and the role it plays.

    We look at how Google has evolved a number of its products and how they can be of real value to hotels in a risk free way

    We explore the possible winners and losers because of Google’s ever increasing dominance

    And finally we consider how the likes of Amazon, Facebook, Apple and Microsoft may drive consolidation of metasearch and OTAs in the travel space.

    Here are some topics we discuss:

    Insights into Google products, name changes and value to hotels

    Changes to Google commission program (originally called GHACP)

    Evolution of Google Promoted Hotels into Property Promotion Ads (PPA)

    Advantages of PPA over traditional CPC approach – now a risk free model.

    Upper funnel has higher volume but lower conversion so be realistic with commission

    How have Google become dominant in travel so quickly

    Google’s pivot from Google Hotel Finder

    Who are the winners and losers of Google’s dominant position

    If Google wins, the user wins, the hotel wins, the OTAs lose

    Will the market consolidate through mergers or acquisitions

    If you would like to watch the interview you can see it on our YouTube channel by clicking this link:   https://youtu.be/lOY3lYI6kYs

    Here is the previous interview with Pablo on how Hotel Distribution might change going forward:   https://youtu.be/mRM6gvRx6UE

    • 48 min
    Want Your Revenue Manager to be Strategic .... Do You Have an RMS?

    Want Your Revenue Manager to be Strategic .... Do You Have an RMS?

    This podcast is the audio taken from a recent video interview with Michael McCartan, founder of mccartan.tech and Michael Sandeen, Senior Revenue Manager at Pace https://www.paceup.com/

    Here is the link to the video:
    https://youtu.be/m_vcVchwFZs

    In this interview we continue our discussion about the evolution of the revenue manager role, looking at how an RMS can liberate the revenue professional, how a lack of technology can hold them back and where the RMS needs to develop further to enable the revenue professional to realise their full potential

    Topics covered include:

    How many hotels are utilising an RMS

    How does the RMS liberate the revenue professional

    Time saving is a very limited reason to invest in an RMS

    What more can an RMS offer the revenue professional

    RMS like a GPS and not yet an autonomous driving vehicle

    How does the RMS need to develop to help the revenue professional evolve

    Focus of revenue professional if they were more strategic

    How can you avoid following rouge hotels when they drop prices

    Why is focus still room pricing when TRM and profit are hot topics

    Segmentation and value of guests needs to be far more detailed

    In this podcast we reference Adrienne Hanna of Right Revenue
    https://rightrevenue.co.uk/

    And here is a recent video interview we did with her around the evolving role of the revenue professional:
    https://youtu.be/Rdn98k2pkeM

    • 51 min
    Don't Drop Your Rates! ..... Is It Really That Simple?

    Don't Drop Your Rates! ..... Is It Really That Simple?

    In today’s video we are joined by Thibault Catala of Catala Consulting
    https://catalaconsulting.co.uk/
    Our discussion is around the current topic on most revenue managers mind:
    Don’t drop your rates
    We discuss why this seems fine in principle, explore how the message could be misunderstood and explain it is more nuanced than just a simple do or don’t binary choice.
    0.00     Intro
    1.25     Thibault Catala Intro
    2.52     Why is the normal reaction to drop your rates
    5.04      Is it really a binary choice to drop or not drop
    6.58     What research supports the message not to drop rates
    (Sherry Kimes - Cornell HOTEL sCHOOL   https://sha.cornell.edu/faculty-research/faculty/sek6/ )
    9.18     Pressure from Owners/GMs and why knowing break even figure is key
    11.25   Traveller types - Revenge Traveller (Okay article) and Anxiety
    (Article on Revenge Travel https://revenue-hub.com/revenge-travel-covid19-what-look-like/)
    13.49   If not providing full experience does price reflect that
    15.54   How restricted occupancy could be used to help hotel hold rates
    18.38   RMS not making much sense so focus is strategy planning for different recovery scenarios
    20.44   Corporate rates, meeting & events
    27.18   Don’t forget to develop packages and offers to obscure any rate shift

    • 33 min
    Part 2 of Simple Steps to Improve Direct Bookings

    Part 2 of Simple Steps to Improve Direct Bookings

    In this episode we are joined again by Veit and Till from berner+becker
    https://www.bernerbecker.com/
      This is part 2 of a 2 part series where we look at what happens when a traveller visits your website, what are the biggest mistakes hotels make and what are some tips to improve the chance of securing the direct booking?
      We look at simple ideas, back to basics and easily actionable changes which are often forgotten or overlooked in the 'data' climate world we exist in today.
      Topics we cover are as follows:
      What is the experience when a booker arrives at your site
    ·         Look and feel
    ·         Content
    ·         What do potential guests really want to know about your hotels
     Price Parity and Offer Promotions
     
    ·         Different offers on OTA and own website
    ·         Seasonal offers that aren’t relevant
    ·         Not offer terms & conditions
     
    Slow Booking Engine
     
    Converting previous OTA bookers to direct
     
    ·         Why did they come to your hotel first time
    ·         Are they a possible repeat booker / loyal future guest
     
    How do we learn from our Guests when they are with us to help shape our future offering?

    • 29 min
    Simple Ideas and Steps to Improve your Direct Booking (Part 1)

    Simple Ideas and Steps to Improve your Direct Booking (Part 1)

    In this episode we are joined again by Veit and Till from berner+becker
    https://www.bernerbecker.com/
    This is part 1 of a 2 part series where we explore is it a challenge to drive and convert more direct business, what are some basic errors made and ultimately, is it worth it?
    We look at some simple ideas, back to basics and easily actionable changes which are often forgotten or overlooked in the 'data' climate world we exist in today.
    Topics we cover are as follows:
    How do we drive more viewers to our hotel website
    Understand your hotel USPs
    Understand your feeder market
    Understand how guests currently book with you
    Social Media – pre-targeting and retargeting
    Search marketing Different search platforms
    Metasearch marketing
    Other channels of interest for target group
    Golf property – golf websites
    Spa/Wedding facilities – magazines/sites
    Mountain Biking
    We look at importance of understanding how much will it cost and do you, as a hotel, have the right resources. What costs should you consider as part of your Direct Booking evaluation:
    Website costs, paid marketing, direct offerings, time
    Is it more expensive when compared to your OTA costs?
    If it costs more (and possibly) the same, and you have limited resources then should accept direct is maybe not way to go and think more in terms of future rebooking?
    Doesn’t have to be a binary choice OTA or Direct - you could try a Direct Booking campaign around one of your unique features – keep it small to test, and make mistakes that way learn and then build on it.

    • 35 min

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