Hotel owners and asset managers are frustrated.
They no longer want to hear about "branding initiatives" or fuzzy math from their management teams… they expect their sales and marketing leaders to contribute to revenue in a measurable way, communicate in number-speak and be accountable for tangible results.
So it's important to have complete fluency in the KPIs that affect the bottom line.
The important word is WANT, not NEED.Remember this at all times and watch the difference this makes to your business.
For each of the last several years, I have felt honored to work with the award winning Short Course of the Texas Hotel & Lodging Association. TH&LA for the past six decades has annually offered a week-long course at a very attractive rate for rising hospitality professionals.
Last year, one of the topic areas I addressed was marketing. Today's rising professionals are very savvy on social media and a number of related areas. Below are a sampling of questions for your review. Mark True or False and take a moment to think why you answered the way you did.
While the title indicates that there are 50, there are actually lots more once you visit the additional content contained in the links.
Revenue Managers and Marketing Directors understandably are keenly focused on the top-line impacts of revenue decisions - including pricing. Owners and most General Managers are more attentive to figures further down the P&L statement including Gross Operating Profit (GOP) and Net Operating Income (NOI), since performance at this level is most often directly tied to the value of their hospitality asset.
Fortunately, a simple pricing formula has been created that will help clarify the risks associated with a given pricing decision on GOP - before that pricing decision is implemented. While tolerance for risk varies from one individual to the next and from one corporate culture to the next, at least all parties involved may now have a common starting point from which smart pricing decisions can be made.