Recap: August 19th HSMAI-South Florida Meeting on Revenue Management

“Table of Eight” – Our occasional column with comments about our events.

We were so very pleased with the turn out and the response to our August meeting held Wednesday at the Hyatt Coral Gables. We wish to thank: Our Revenue Managers Committee under the leadership of Board Member, Christopher Crenshaw, for putting this together; Mike Hampton (Dean, College of Hospitality Management, Lynn University) for moderating; and our Panel Members for their insights, contributions, and keen observations – Bonnie Amato (VP, Revenue Strategy, Eastern Region, Marriott Hotels), Dave Atkins (Principal, Digital DNA Infusion),Terri Burke (SVP Relationship Marketing, Cruise Planners – America Express) and Doug Hesley (Director Revenue Management, Norwegian Cruise Lines).

Special thank yous to: Haydee Casanova from our Programs Committee for arranging and overseeing the venue, the able staff of the Hyatt, and to Susan Spencer with ChannelRUSH for the sponsorship of our meeting.

As always, with a panel program there will be different things that people will remember that may apply to their specific hotel/company. I asked the panelists to give me one or two items that they think the attendees should take away from our meeting.

Terri Burke said: (the importance of) “Pricing transparency” and the “Paradigm shift on how to sell/market via social media.” (Another area that didn’t come up, but could be a whole other panel topic per Terri is “price protection”).

Dave Atkins agreed with Terri and but also added that: “The customer/consumer (not always the same) is in control and we must behave accordingly if we want their business. Start with the basics as always and deliver outstanding service and value to your customer/consumer in ways that matter to them. View your operations from a consumer/customer perspective and behave accordingly.

There is a need for strategic alignment of Revenue Management, Marketing, Sales, Distribution, eCommerce, Digital and Operations, which requires having concrete strategies not just reacting to the marketplace. Without strategic alignment of all your internal stakeholders you are at a competitive disadvantage. The pace of market change compounded by difficult economic environment requires empowerment of your teams in new and meaningful ways which requires a strategic alignment so they can work within appropriate frameworks.

Discounting in the abstract even if "just to fill rooms" can have long term (6+ years) impact to your business, make sure your stakeholders understand the impact that short term discounting can have to your long term revpar and overall business economics.
Clarifying Terri's Social Media comment- it is a true game changer and not just a shift. This is a whole new method, means, type and channel at the same time however it is not one where traditional sales, marketing or revenue management tactics may be appropriate.”

Hope to see you next month at our Meeting Planners Panel at the Broward Convention Center on September 16th. Registration is now open at www.hsmaisouthflorida.org
Best, Julie Wernick, HSMAInsider, and Managing Director, HSMAI-South Florida