revenue management and marketing - lessons from the hotel industry
TRANSCRIPT
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Kathleen ReidenbachVice PresidentRevenue Management & DistributionKimpton Hotels & Restaurants Group, LLC
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KIMPTON HOTELS & RESTAURANTSKIMPTON HOTELS & RESTAURANTS
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KIMPTON HOTELS OUTSCORE INDUSTRY GIANTSKIMPTON 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!
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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.
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Kathleen ReidenbachVice PresidentRevenue Management & DistributionKimpton Hotels & Restaurants Group, LLC
6 WAYS TO MAXIMIZE REVENUE IN 2008
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Revenue Management
Pricing Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
Agenda
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AgendaRevenue Management
Pricing Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
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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 ForecastingMarket/Competitive IntelligenceEconomic ConditionsConsumer BehaviorPricing StrategiesDistribution Channel ManagementContent Management
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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
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AgendaRevenue Management
Pricing & Promotion Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
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Pricing & Promotion Strategy
-Forecast Demand
-Customer Segmentation
-Length of Stay Pricing
-Packaging & Promotion
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Guest selects desired
Upgrade(s)
Explanation of Upgrade Request
Process
eStandby Upgrade Promotionpowered by Nor1
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AgendaRevenue Management
Pricing & Promotion Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
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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”
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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
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AgendaRevenue Management
Pricing & Promotion Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
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Call Center Services & Online Response TeamFollowing 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
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AgendaRevenue Management
Pricing Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
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Comprehensive Online Presence and Proactive eStrategy
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-Content Management
-Images & Virtual Tours
-SEO/PPC
-eMarketing Partnerships & Distribution
Online Marketing
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AgendaRevenue Management
Pricing Strategy
Infrastructure
Call Center Services & Support
Online Marketing
Social Media
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Social Media
Facebook/MySpace
Blogs and ‘Flogs’
Virtual Worlds
Guestbook
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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
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ApartmentReviews.net
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ApartmentRatings.com
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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
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Thank You!