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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.
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.
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. I brought this topic to the HSMAI Revenue Optimization Advisory Board to discuss purpose-driven leadership in revenue optimization.
We have all been there. You are scrolling through rates for a hotel room, find one that looks great, and then you see the dreaded words “additional fees may apply.” Suddenly, that great rate doesn’t seem so great anymore. As a consumer, it can be frustrating to see those additional fees. Often, we don’t even know what they are for. What is a kitchen fee? What does the service fee cover? How much are they going to be?
Last month the HSMAI Revenue Optimization Advisory Board met for a discussion of the budget process. A timely topic, as many companies are in the midst of developing budgets and preparing for 2023. I posed the question, is budgeting a waste of time when it is rarely accurate anyways? Especially in the current environment of pandemic recovery, inflation and recession rumors, there are so many unknowns that make budgeting akin to throwing a dart at the wall. What is the point of taking hours, weeks and even months away from doing real strategy and optimization to put numbers together for a budge...