LOS ANGELES—With more on hoteliers’ plates at the property level, time is of the essence. However, it’s important to not cut critical meetings short to save time as getting all employees prepped and on the same page is imperative, sources said.
Revenue meetings can be led effectively to ensure GMs, revenue leaders and department heads are all prepared for upcoming demand.
Here are a few tips for effective revenue meetings from a panel of revenue and sales managers at the Hospitality Sales and Marketing Association International’s Revenue Optimization Conference in Los Angeles:
What to cover
First, Tina Szylowski, national director of revenue management for Atlific Hotels & Resorts, said it’s important to send data that will be discussed at
a revenue meeting to attendees prior to the meeting. If attendees have read over the data prior, leaders won’t be forced to rehash the information word for word. In addition, the information presenter will be more prepared.
Identify need dates and place that discussion at the top of the agenda.
Talk about what you’re going to do; don’t just go over old information. “At some point you have to get your strategy part,” said Bonnie Buckhiester, president and CEO of Buckhiester Management Limited. “So often that can take a backseat to what’s currently being talked about.”
In addition to going over what’s on the books for the day, week and month, revenue strategists can broaden their view by looking at what’s happening in the marketplace and what supply and demand trends are occurring at competing hotels. Look at key performance indicators and then evaluate the strategy that is in place, Buckhiester said. Tweak the strategy if necessary.
A good way to keep tabs on competitors is to sign up for Google Alerts about that property and also to sign up for the brands’ loyalty programs. Google Alerts can be helpful because they can provide news about the property, such as an upcoming renovation that would cause inventory to drop.
Make sure to include pace, and when looking at key performance indicators, take a deeper dive, suggested Christina Richardson, leisure sales manager for Turtle Bay Resort in Hawaii.
Buckhiester said revenue meetings can be cycled, meaning you don’t have to touch on everything every week. If leaders meet once a week, for example, the first meeting can focus on short horizons; the second can look 90 to 120 days out; the third can focus on six months out, with a look back and lessons learned; and the fourth meeting can have a much longer horizon, such as rolling 12 months.
Who should talk
GMs can often hijack revenue meetings and tend to get off on a tangent. Don’t let that happen, Buckhiester suggested, adding that if the GM tends to take over the meeting, talk to that person offline to ensure he or she cuts to the chase. Revenue strategists should drive the discussion.
However, asking for help is essential. When marketing and other department heads bring data to the table and lead part of the meeting, it helps keep the hotel leadership cohesive and ensures everyone is involved and on the same page.
Richardson said the sales team should address the bigger picture as a lot of what’s happening in the local marketplace is out of the hotels’ control.
Eddy Braucht, director of revenue for Turtle Bay, said revenue management leaders need to rein in meetings. “Keep it strategic and not tactical,” he said. “Be firm and keep the attention off the individuals.”
Braucht said the way revenue strategists tell their story is important, suggesting they take themselves temporarily out of the revenue management shoes and provide information in a “concise, meaningful way that will resonate with the audience.”