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Hsmai lv convergence final

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Part of the 'Make It Work' Series -- by Loren Gray this was its presentation in Las Vegas to the HSMAI Chapter's 'Breakfast Series'

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Hsmai lv convergence final

  1. 1. CONVERGENCE “MAKING IT WORK” THE DAILY BLEND OF REVENUE MANAGEMENT, MARKETING, SALES, AND YEAH, EVERYBODY ELSE --LOREN GRAY
  2. 2. THANK YOU TO OUR SPONSORS AND HOST
  3. 3. WORKBOOK FOR TODAYS SESSION Bit.ly/convergencewb1
  4. 4. WHO IS IN THE ROOM
  5. 5. HOW THE MORNING IS GOING TO GO… Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  6. 6. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  7. 7. WHY ARE WE HERE In an American Express survey commissioned last year, consumers illustrated their demand for more enriched lives and personal fulfilment through experience and learning. Over 72 per cent of respondents said they would rather spend money on experiences than things. Further, 88 per cent said travel is the number one dream on their life’s bucket list, ranking higher than family or wealth.
  8. 8. THE TEAM Revenue Management Marketing Sales Operations Accounting Human Resources TOP LINE REVENUE BOTTOM LINE REVENUE
  9. 9. THE REVENUE TRINITY Revenue Management – Sets the Horizon Marketing – Facilitates the Strategy Sales – Creates the relationships and stabilizes volatility
  10. 10. WHAT IS IMPORTANT & WHY  Direct Channel (website)  Channel distribution  Group Contribution  Loyalty  Consumer sentiment  Communication  GDPR  ADA Compliance  MetaSearch  Influencers  Social  Paid  Organic Presence  Database  Rate Parity
  11. 11. REVENUE MANAGEMENT FOCUS Total Revenue ADR Occupancy Channel Distribution & Cost
  12. 12. MARKETING FOCUS  ROAS  Direct Channel Contribution  Paid –vs- Organic  GDPR  ADA Compliance  Database Use  Social Engagement Revenue  Channel Conversion & Cost  Loyalty Engagement  Consumer Sentiment  Influencers  MetaSearch  Re-Targeting
  13. 13. SALES FOCUS  Having a good time at cocktail parties, mixers, and tradeshows  Group Contribution  Database -- Contacts  Displacement Costs  Relationship Building
  14. 14. HOW ALL OF US SEE THE TIMELINE Acquisition – (Discovery & Booking) Pre-stay Engagement – (stay) Post Stay
  15. 15. HOW ALL OF US SEE THE TIMELINE -- KINDA Stay Date Timeline Prime Booking WindowResearch Period January February March Departure Date LOS
  16. 16. REVENUE MANAGEMENTS VIEW OF WHO
  17. 17. REVENUE MANAGEMENT PROCESS
  18. 18. MARKETING PROCESS
  19. 19. SALES PROCESS  What’s Returning  What’s Coming  Who Knows them  How do I Reach Them First
  20. 20. LOREN’S FISHING ANALOGY
  21. 21. FEEDBACK
  22. 22. FEEDBACK
  23. 23. FEEDBACK
  24. 24. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  25. 25. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  26. 26. WHO USES WHAT  Discovery Data from Websites  GA / google webmaster / trends / my business / GTM  Adobe  Social platform Data  Facebook  Twitter  Linkedin  Revenue Management Data  Revenue management tools (RMS)  Rainmaker  Ideas  Duetto  OTA insights / Triptease  Tableau / Google data studio  CRM data  Travelclick (old Z-direct)  Guestfolio  Mailchimp  Workflow (image of multi-stage use and repeat sends)  Dynamic fields entry  Tech stack  PMS (Property Management System)  POS (Point Of Sales System)  CRM (Customer Relationship Management)  IBE (Internet Booking Engine)  CRS  Rewards program (Loyalty Platform)  Relationship Management  Salesforce  Sabre  Delphi
  27. 27. THE MARTEC “5000”
  28. 28. FRAMEWORK FOR SUCCESSFUL CONVERGENCE Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement
  29. 29. COLLABORATION MUTUAL ACCOUNTABILITY Working together as one unified team across all departments involved with profit optimization Establishing a committee to govern the next steps of the framework Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement
  30. 30. COMMON VERNACULAR Common Language Is every dialog using terms that are understood by all team members? Common KPI’s Is everyone clear on what the defined goal and it’s measurement? Common Goals With mutual responsibility means no separate ‘sandboxes’ all swim or all sink based on the success or failure of reaching the agreed common goal and how it is measured. Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement
  31. 31. INTEGRITY OF THE DATA Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement Identify what data we have from each respective area that we can combine into our data model Make sure the data is accurate, consistent & correctly represents the common vernacular established Do not practice ‘statistical bending’
  32. 32. TRANSPARENCY Be open to all consumers of the information about what the data “is” and what it “isn’t” Build visual context around what the consumers are looking at Understand what the team has now and what the team is trying to build for the future What is the forecasted revenue expectations for any particular channel Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement
  33. 33. TRUST Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement Buy-in, no exception Trusting that the process works mutually towards profit optimization Rely on team members as peers Acknowledge all successes and share all failures Own what is yours, commit to the team, (no parachutes, no life preservers)
  34. 34. EMPOWER BUSINESS DECISIONS Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement See the big picture and your roll in it, both internal & 3rd party Contribute and accept the decision / support the decision Measure everything and everyone by the same mutual goal TRUST
  35. 35. CONTINUOUS IMPROVEMENT Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement What did we learn? How can we improve next time around? Fail fast Team share failures and debrief them, not hide them Define performance threshold metrics with concrete decision models Keep a log
  36. 36. ‘TECH STACK’ – WHAT DO WE MEAN  IBE – Internet Booking Engine  PMS – Property Management System  CRS – Central Reservation System  RMS – Revenue Management System  CRM – Customer Relationship Management  3rd Party Data – OTA’s, Google, Adobe, API’s Integration Use PMS CRS RMS CRM 3rd Party Data Services IBE
  37. 37. ‘TECH STACK’ USE IBE PMS RMS CRS CMS POS 3rd Party R M S R M S A O R M* R M* S* M O A O R M S A
  38. 38. FEEDBACK
  39. 39. FEEDBACK
  40. 40. FEEDBACK
  41. 41. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  42. 42. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  43. 43. MARKETING RESOURCES Demand Demographics Interest Path of Discovery Source of Business Communication Intent Competition Activities of the ‘Market’
  44. 44. MARKETING RESOURCE TOOLS  Google Analytics  Google Data Studio  Google Ads  Google My Business  Google Search Console  Google Trends  Google Training  Bing Analytics  Bing Ads  Bing Training  Linkedin  Insights  Organic  Paid Ads  Navigator  Training  Facebook  Business Manager  DAT  Blueprint Training  Twitter  Paid  Organic  Pinterest  Paid  Organic  Instagram  Paid  Organic  Travel Ads  Retargeting  Proximity Marketing  3rd Party Services  Primarily API’s  Software Services
  45. 45. REVENUE MANAGEMENT RESOURCES  Demand  By Channel  By Segment  Business Cycle  Event Driven  Compression  Source  Inventory  By Type  By Date  By Availability  Rate  By Date  By Type  By Restriction  By Segment  By Channel  Historical  Demand  Rate  Length of Stay  Segmentation  Channel  Source  Pace  Demand  Rate Resistance  Non Property DMA demand  Rate  Available Inventory  Compression  Contribution  Demand  Competition
  46. 46. REVENUE MANAGEMENT RESOURCE TOOLS Revenue Management Systems Property Management Systems Central Reservation Systems Third Party Systems Internet Booking Engines
  47. 47. SALES RESOURCES Market Demand Segment Rate Inventory Demand Type Non room needs Event Data Citywides Competitive Set Market Changes Competing Markets Feeder Markets
  48. 48. SALES RESOURCE TOOLS 3rd Party software Delphi Salesforce Cvent Website Internet Booking Engine Central Reservations Property Management System In-house Inventory
  49. 49. THE IMPACT OF COLLABORATION Leads = 10 Conversion Rate = 10% Sale = $7,500 Frequency – 1 GP = $7500 Leads = 20 Conversion Rate = 10% Sale = $7,500 Frequency – 1 GP = $15,000 Leads = 20 Conversion Rate = 20% Sale = $15,000 Frequency – 2 GP = $120,000 (which is 16x $7500) Double One, Double Growth. Double All – 16X Growth
  50. 50. SCENARIO #1 RENOVATION  It’s this time this year  A 250 room Independent hotel is renovating starting mid year for a grand reopen at the new year, (by floor not stack).  It is third tier price rate, wanting to turn top tier, (four star).  It’s located in a large Metro Central DMA.  Only the inventory under renovation will be out of service for 4 week blocks, common areas in cycle based on current commitments.  Staff ratio is currently 1:5  Four years of guest DB  No CRS  F&B is owned and there are three outlets full spectrum  Current mix is;  40% OTA  30% Group  10% Corp  20% Direct
  51. 51. SCENARIO #1 RENO OBVIOUS QUESTIONS ANSWERED Name will not change Website will be redone F&B will change and is not leased Market Mix is being challenged Tech Stack is in review Branding is not an option
  52. 52. SCENARIO #1 RENO WHAT QUESTIONS NEED TO STILL BE ASKED? What is the budget we can work with before, during, and after? What is the revenue expectations for all three time periods? What is the ‘persona’ of the guest we are trying to focus on? How much outside resource can we draw in? How will our Comp-set shift with the changes?
  53. 53. FEEDBACK
  54. 54. FEEDBACK
  55. 55. FEEDBACK
  56. 56. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  57. 57. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  58. 58. TOOLS TO USE FOR STRATEGY  Albacrose - tracking companies who visite your site by filters  SocialInsider - Social research of comps  Adobe Spark - free visual graphics  Powtoons - animations and presentations  SocialStudioFX - templated social sized image creation  Doodly - sketch drawings  Vidyoze- custom cinema graphics  Videoremix - custom inserted email videos  Owox - AI forecasting  Snip.ly - make shared links you gather data and ad a link  Bit.ly- make custom short links  WhatAGraph - make great image-based reports  Stepshot (Xerox learning fix)  Clipman-- may AI video Ad’s  Kingsumo - make contests  Fleeq  Promorepublic - social content generator  Awario -- influencer finder and all things online monitor  Visme.co - awesome grpahics creator  Trendsmap -- live review of whats being used in your location  Plannable -approval based social posting on one site  Designbold - great rich media creator  Salesflare - great lead tracker and contact follower  Rocketium -- make videos  Quriobot - custom bot and logic creator for your website  Newoldstamp - custom signature creator  Bookafy - custom appointment scheduler  24 sessions -- custom video meetings planner with a recorder  Dubb - for video email inserts  Woven Calendar for multi- person time picks  Brandzooka - actual video commercials on sites and tv stations  Engageform -- for contest and surveys and quizzes and live engagement  Banjo - social media hunting by location  WebTextTool – amazing page content writer  iSpionage – Compset tool  Spyfu – Online comp-set tool  A360 – ADA compliance service  ADA compliance tool https://wave.webaim.org/  GDPR toolkit –  Findthatlead – monthly draw of leads  Appsumo – refereal link https://appsumo.com/r/kvcxayt /  Product hunt – site for new tools
  59. 59. TOOLS TO USE FOR STRATEGY  Albacrose - tracking companies who visite your site by filters  SocialInsider - Social research of comps  Adobe Spark - free visual graphics  Powtoons - animations and presentations  SocialStudioFX - templated social sized image creation  Doodly - sketch drawings  Vidyoze- custom cinema graphics  Videoremix - custom inserted email videos  Owox - AI forecasting  Snip.ly - make shared links you gather data and ad a link  Bit.ly- make custom short links  WhatAGraph - make great image-based reports  Stepshot (Xerox learning fix)  Clipman-- may AI video Ad’s  Kingsumo - make contests  Fleeq– Training and presentations  Promorepublic - social content generator  Awario -- influencer finder and all things online monitor  Visme.co - awesome graphics creator  Trendsmap -- live Twitter of what’s being used in your location  Plannable -approval based social posting on one site  Designbold - great rich media creator  Salesflare - great lead tracker and contact follower  Rocketium -- make videos  Quriobot - custom bot and logic creator for your website  Newoldstamp - custom signature creator  Bookafy - custom appointment scheduler  24 sessions -- custom video meetings planner with a recorder  Dubb - for video email inserts  Woven Calendar for multi- person time picks  Brandzooka - actual video commercials on sites and tv stations  Engageform -- for contest and surveys and quizzes and live engagement  Banjo - social media hunting by location  WebTextTool – amazing page content writer  iSpionage – Compset tool  Spyfu – Online comp-set tool  A360 – ADA compliance service  ADA compliance tool https://wave.webaim.org/  GDPR toolkit –  Findthatlead – monthly draw of leads  Appsumo – refereal link https://appsumo.com/r/kvcxayt /  Product hunt – site for new tools SOCIAL CREATIVE RESEARCH PRODUCTIVITY SALES MARKETING
  60. 60. RESOURCES  Fuel Travel Podcast  This Week In Hospitality Digital Marketing Live Show  Tim Peter Podcast  Social Media Marketing Podcast  Search Talk Live  Koddi’s Blog  Flip.to’s Blog  HSMAI’s Blog and Newsletter
  61. 61. FEEDBACK
  62. 62. FEEDBACK
  63. 63. WHERE WE ARE NOW Section 1 Segment 1 – What is Important & Why 5 Minute Break Segment 2 – Who Uses What 10 Minute Break Section 2 Segment 1 – How to Use Each Resource 5 Minute Break Segment 2 – Tools to Use For Strategy Final Q/A @LORENGRAY @HSMAI_LV #MakeItWork #MakeItWorkLV
  64. 64. LOOSE ENDS  GDPR  ADA Compliance  MetaSearch  Influencers  Consumer Sentiment Engagement / Advocacy  CRM WorkFlow / Dynamic Data / A/B Testing / alt Pre- arrivals
  65. 65. GDPR – GENERAL DATA PROTECTION REGULATION
  66. 66. ADA COMPLIANCE What does “accessible” mean? The DOJ and many well-known advocacy organizations take the position that to be accessible a website must comply with the Web Content Accessibility Guidelines (WCAG 2.0). Formal regulations from the DOJ are expected in 2018. (see Advanced Notice of Proposed Rulemaking), however the absence of formal regulations has not stopped the DOJ or plaintiff law firms from initiating litigation, and multiple courts have found that the ADA applies to websites even without formal regulations.
  67. 67. METASEARCH
  68. 68. FACEBOOK DAT’S Urgency Messaging “x rooms left” option Real Time Prices Based on dates of travel Promotion Messaging Property Multi-property option available Brand Logo Stars Destination Messaging Membership Link Facebook Brings DAT Mainstream
  69. 69. INFLUENCERS
  70. 70. ADVOCACY AND CONSUMER SENTIMENT Pre-Stay Advocacy Stay Advocacy Post Stay Advocacy Photo Advocacy Example;  Facebook say up to 1,500 can appear in your newsfeed at any one time  84% is dedicated to family and friends interaction  13% to ‘viral content’ that is in wide distribution  Leaving 3% for organic content generated from pages indicated by the user of interest. Shared content by your guests as ‘advocates’ get placed within the 84% content!
  71. 71. CRM WORKFLOW
  72. 72. CRM WORKFLOW
  73. 73. THANK YOU AGAIN TO OUR SPONSORS AND HOST
  74. 74. THANK YOU “For The Privilege of your time” @LORENGRAY Bit.ly/makeitworklv

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