The disciplines of revenue management, marketing, sales, and digital have become more interconnected in hotel operations since the start of the COVID-19 pandemic. In a roundtable discussion at HSMAI’s 2023 Revenue Optimization Conference Americas, it was suggested that all decisions and strategies at each individual hotel should involve these four disciplines. Commercial strategy is a holistic approach, and while some properties may lean more heavily toward one discipline than another, the process will be a joint effort between the commercial team. The collaboration should extend to other areas such as food and beverage to maximize hotel performance. The vision and strategy should be shared across each team at a property, creating a commercial culture instead of just a commercial team. The hotel industry needs to do a better job of attracting young talent and developing it. Internships are an opportunity to spark an interest in the industry in a low-stress role that can eventually lead to a career.
Source Article Name: Collaboration Grows Among Hotel Commercial Strategy Teams Article Link: Here
What was the main focus of the roundtable discussion at HSMAI’s 2023 Revenue Optimization Conference Americas?
A) The impact of COVID-19 on the hotel industry
B) The importance of collaboration among revenue management, marketing, sales, and digital in hotel operations
C) The role of food and beverage in hotel operations
D) The need for attracting young talent in the hotel industry
What is the suggested approach for commercial strategy in hotel operations?
A) Focusing on one discipline more than others
B) A joint effort between the commercial team involving all disciplines
C) Limiting collaboration to revenue management, marketing, sales, and digital
D) Excluding food and beverage from the commercial process
What is the proposed solution to labor concerns in the commercial strategy field?
A) Outsourcing jobs to other countries
B) Automating processes with technology
C) Attracting and developing young talent through internships
D) Increasing wages and benefits
The Bottom Line for Marketers:
Marketers should be aware of the increasing importance of collaboration among different disciplines in hotel operations. They should be ready to work closely with teams from revenue management, sales, and digital, and also extend this collaboration to other areas like food and beverage. This holistic approach to commercial strategy can maximize hotel performance.
Answers to the Multiple Choice Questions:
B) The importance of collaboration among revenue management, marketing, sales, and digital in hotel operations
B) A joint effort between the commercial team involving all disciplines
C) Attracting and developing young talent through internships