Revenue Management and Marketing - Lessons from the Hotel Industry

Kathleen Reidenbach Vice President Revenue Management & Distribution Kimpton Hotels & Restaurants Group, LLC

KIMPTON HOTELS & RESTAURANTS

KIMPTON HOTELS OUTSCORE INDUSTRY GIANTS
Kimpton Hotels Ranked #1 in CUSTOMER SATISFACTION posting higher scores than ALL OTHER HOTELS IN THE INDUSTRY !!!
35,000 people from all over America are surveyed each quarter to determine the results.
Kimpton not only scored the highest customer satisfaction in our category (upper upscale) but ours were the highest scores in all categories including the luxury segment which includes Four Seasons, Ritz-Carlton, Rosewood and Mandarin!

Mission: Red Ribbon non-profit organizations provide support to people living with HIV and education to prevent the spread of the disease. Mission: Dress for Success (DFS) is an international non-profit organization that provides business attire and career development to support low-income women transitioning into the workforce. Kimpton is the exclusive hospitality sponsor of DFS Mission: The Trust for Public Land (TPL) is a national, nonprofit, land conservation organization that conserves land for people to enjoy as parks, community gardens, historic sites, rural lands, and other natural places, ensuring livable communities for generations to come.

Kathleen Reidenbach Vice President Revenue Management & Distribution Kimpton Hotels & Restaurants Group, LLC 6 WAYS TO MAXIMIZE REVENUE IN 2008

Revenue Management Pricing Strategy Infrastructure Call Center Services & Support Online Marketing Social Media Agenda

Agenda Revenue Management Pricing Strategy Infrastructure Call Center Services & Support Online Marketing Social Media

What is Revenue Management?
Revenue Management is the culmination of the following practices and disciplines designed to optimize revenue materialization for an asset, group, or organization:
Demand Forecasting
Market/Competitive Intelligence
Economic Conditions
Consumer Behavior
Pricing Strategies
Distribution Channel Management
Content Management

Key Performance Measures Occupancy %: Number of occupied rooms as a percentage of available rooms Average Daily Rate (ADR): Total room revenue divided by number of occupied rooms Revenue per Available Room (RevPAR): Total room revenue divided by total available rooms OR occupancy % x ADR

Agenda Revenue Management Pricing & Promotion Strategy Infrastructure Call Center Services & Support Online Marketing Social Media

Pricing & Promotion Strategy -Forecast Demand -Customer Segmentation -Length of Stay Pricing -Packaging & Promotion

Guest selects desired Upgrade(s) Explanation of Upgrade Request Process eStandby Upgrade Promotion powered by Nor1

Human Resources and Management Team
Consolidated, Multi-Property City and Regional Teams
Dynamic, cutting edge team structure of discipline experts
Kimpton University and Employee Development
Be recognized by our employees as a “Best Place to Work”

Integrated, Automated Technology
Integrated, Web-Based Reservations System
Automated, Low Cost Connectivity to Distribution Partners
Hotel Website Online Reservations Booking Engine
Automated, Dynamic Revenue Management System through IDeaS
Evaluates historical and recent trend information
Integrates competitor pricing strategy
Forecasts demand by room type and segment
Provides a multi-property group/meeting evaluation and pricing tool
Delivers automated pricing decisions 3x per day

Call Center Services & Online Response Team
Following up on a lead within 24 hours increases your chances of closing the sale by 80%
24 x 7 Dedicated Call Center Support
Dedicated Service Desk/Email Response Team

Comprehensive Online Presence and Proactive eStrategy

-Content Management -Images & Virtual Tours -SEO/PPC -eMarketing Partnerships & Distribution Online Marketing

Social Media Facebook/MySpace Blogs and ‘Flogs’ Virtual Worlds Guestbook

HotelChatter.com
Travel 2.0 / User-Driven Content
Can offer very positive comments
Can also hurt a property if content is negative – the hotel cannot control the content

ApartmentReviews.net

ApartmentRatings.com

Dynamic, fast paced world of Revenue Management & Distribution Consumer trends and expectations are high - Answer the phone…Call me back NOW - Photos and Image Galleries make a BIG difference - Unofficial Content WINS every time Leverage resources to impact opportunities within major market segments with the biggest ROI Keep it simple Summary

Thank You!

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Revenue Management and Marketing - Lessons from the Hotel Industry

by Joshua Tree Internet Media, LLC on May 07, 2008

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Revenue Management and Marketing - Lessons from the Hotel Industry — Presentation Transcript