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HSMAI ROCET Houston Presentation

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Loren Gray of Hospitality Digital Marketing doing his Digital Marketing Presentation

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HSMAI ROCET Houston Presentation

  1. 1. Thank You To Our Series Partner
  2. 2. Bringing the Tactical and Strategic: The Convergence of Revenue Management and Digital Marketing Loren Gray CHDM Founder / CEO Hospitality Digital Marketing
  3. 3. CHRM The M is For Marketing Sales  Revenue  Marketing 6 @LorenGray
  4. 4. Looking forward by looking where we have been
  5. 5. Let’s Start From The Beginning…. Sales  Revenue  Marketing What are we trying to do
  6. 6. Today 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.
  7. 7. Lets Get Warmed Up Open your iPhone’s “Settings” menu, select “Privacy”, then “Location Services”, then scroll all the way down to “System Services”. In System Services scroll all the way down to the bottom, press “Frequent Locations” and look at the “History” section. Click on one of the area names to see where you’ve been. Sales  Revenue  Marketing
  8. 8. Android Users 11
  9. 9. Sales  Revenue  Marketing This is how we define our guests
  10. 10. This is how most see the ‘cycle’ of our guests Aquisition Pre-stay Engagement – (Stay) Sales  Revenue  Marketing Post stay
  11. 11. How can Revenue Management and Digital Marketing create a symbiotic relationship? | Analysis | Optimization | Forecast | Price | Market | Customer | Distribution | Challenges | Consumers are getting smarter | The codependent relationship with OTAs | New market disruptors surfacing everyday | Customer | Analysis | Advertising | Market | Price | Promotion | Distribution
  12. 12. Sales  Revenue  Marketing Digital Strategy – Guest Acquisition – The Really Short Version Stay Date Research Date(s) Timeline Prime Booking WindowResearch Period LOS January February March Departure Date
  13. 13. Facebook Examples Sales  Revenue  Marketing Custom Audiences and Look-Alike Audiences
  14. 14. Sales  Revenue  Marketing Group dropped 14 days out for entire weekend (62% of Occ) • Took arrivals list and made a custom audience • Took last years in-house list same time made a custom audience • Made a custom audience based on a radius of 150 miles (drive market) • Put all three together for an ad featuring those specific dates, (making the arrivals list a negative) Group Short Term Replacement
  15. 15. Sales  Revenue  Marketing Stealing Market Share and Driving Local Business Gender: Female Age: 24 - 34 Relationship Status: Single Interest: Live Music Located: Within a 5-mile radius Scheduled to Post: Friday @ 5 pm & 9 pm Meeting Initiative F&B Initiative
  16. 16. Daily & Long Term Strategies Sales  Revenue  Marketing It’s not just about campaigning…
  17. 17. Be careful of sharing Exit intent by mouse movement to close the browser Exit intent by hitting the command key to close the browser Exit intent by being idle for 60+ seconds
  18. 18. WHAT ASSUMPTIONS DO Person 1 • Born in 1948 • Grew up in England • Married twice • 2 children • Successful in Business • Wealthy • Spends winter holidays in the Alps • Loves dogs Person 2 • Born in 1948 • Grew up in England • Married twice • 2 children • Successful in Business • Wealthy • Spends winter holidays in the Alps • Loves dogs Profiling: What Assumptions Do
  19. 19. Now for some REALLY cool stuff… Sales  Revenue  Marketing To combine Sales, Revenue & Marketing into one mind
  20. 20. Sales  Revenue  Marketing New ways to look at Digital Marketing Data and Revenue Management Strategies
  21. 21. Sales  Revenue  Marketing Sourcing Data to Define Strategies with GTM
  22. 22. Digital Marketing Budget ‘Ground Level’
  23. 23. Example of How a Digital Marketing Budget Should Look Like
  24. 24. Understanding the Revenue & Marketing Team’s Ecosystem Known Customer Unknown Customer Media Web/Mobile Loyalty Program Direct Marketing Analytics Revenue Optimization Acquisition Direct & Loyalty CRM
  25. 25. Reporting is “the process of organizing data into informational summaries in order to monitor how different areas of a business are performing.” ...Analytics is “the process of exploring data and reports in order to extract meaningful insights, which can be used to better understand and improve business performance.” The Differentiation Between Reporting & Analytics What data should be a part of both? KPI’s
  26. 26. Framework For Successful Analytics: Unlocking Capability Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement
  27. 27. Collaboration • Working together as one unified team across all departments involved with profit optimization • Establishing a committee to govern the next steps of the framework
  28. 28. Common Vernacular • Common Language • Does customer segmentation really mean the same thing as marketing segmentation? • Common KPI’s • Are stakeholders using the right KPI’s that generate holistic views of performance at the highest level? • Common Goals • Lowering the media budget to optimize profit might not be what marketing wants to hear for next year’s budget, but do our KPI’s show that this is the best way forward?
  29. 29. Integrity In Data • 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’
  30. 30. 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
  31. 31. Build Trust • Buy-in from stakeholders • Trusting that the process works holistically towards profit optimization • Rely on team members not simply oversee • Acknowledge successes and share failures • Own what is yours
  32. 32. Enable Business Decisions • See the big picture across all data sets being sourced; both internal & 3rd party • Holistic approach to enhanced enterprise / property decision making • Grow your business profitably
  33. 33. 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 an activity log
  34. 34. Don’t Re-Invent The Wheel
  35. 35. Four Statements Websites will be a thing of the past The Search Box will go away “A.I.” will control your marketing Sales  Revenue  Marketing Video will become your only voice
  36. 36. Bots & API’s Bots, bots and bots… what’s a ‘BOT’ Google & Apple --- UNLOCKED!! Amazon Echo – From 16 to 128,000 Sales  Revenue  Marketing Microsoft – first to be in FOUR MILLION Cars
  37. 37. Sales  Revenue  Marketing Where’s Brand.com? The locations That Count
  38. 38. Sales  Revenue  Marketing Google Launched Cross Device Tracking
  39. 39. Sales  Revenue  Marketing 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 Dynamic Creative Template for a Real Time Bidding Display Ad Membership Link Facebook Brings DAT Mainstream
  40. 40. 2011
  41. 41. 2017
  42. 42. Video, LIVE & ‘Stuff’ Sales  Revenue  Marketing
  43. 43. Four Current Stages of Visual Engagement VR – Virtual Reality AR – Augmented Reality 360 – Flat Screen View Sales  Revenue  Marketing LIVE – ummm Yeah
  44. 44. The LIVE World Today Sales  Revenue  Marketing
  45. 45. Links We Discussed • Please view how Facebook is changing the internet.. • https://youtu.be/cR_XVGemAnw • This is the whatsapp video from New York Times • https://youtu.be/VAesMQ6VtK8
  46. 46. Video, presentation, links, resources and Webinar are at… Sales  Revenue  Marketing https://www.HospitalityDigitalMarketing.com/rocet OR Bit.ly/hdmrocet
  47. 47. Where to Start • Assessing what you have – resources and accesses • What does all of those things do for you • Who is handling each and how are they responsible for it • How is it being measured • What are the various contributions • What needs to get changed
  48. 48. THANK YOU 52 @LorenGray “For the Privilege of your time”

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