By Denis Sheehan MIH, Publisher, H&C News: Extending human experience alongside the future evolution of dynamic pricing
Being a hotel GM is like most other business leadership roles, it involves gaining and maintaining a holistic overview of the business and ensuring the business is delivering on its promise to customers. For hotels that equates to people enjoying a wonderful experience throughout their stay.
Of course that proposition starts with gaining customers, and in order to deliver a wonderful experience the hotel’s coffers need to be as close to full as possible. There are countless other aspects of managing a hotel effectively, and efficiently, but in order to do so revenue management is the enabler.
The advent of revenue management software empowered hoteliers to apply enormous volumes of data to their room pricing equations, through dynamic pricing. Adding to the hotelier’s experience factors such as, demand and availability, daily events, weather, and competitor pricing, led to more compelling customer propositions. Selling the right product, to the right customer, for the right price, through the right channel, at the right time.
Each hotel has a unique product offer, customer profile, room rate, channel mix and time of sale. Data captured from monitoring these processes, entered into revenue management software, provides the user with the ability to capitalise on it. But human expertise cannot, and should not be overlooked.
Recently HotelPartner partnered with H&C News to facilitate a roundtable event to discuss how extending human experience alongside the future evolution of dynamic pricing can be best optimised.
Publishing the news prompted a phone call from an ex GM, Robert Richardson FIH, CEO of the Institute of Hospitality.
In the call Richardson reflected on how the combination of shared human expertise and dynamic pricing would have helped him in his previous GM roles, and as such wanted to extend the opportunity to the membership of the IoH. So, we agreed to reserve six of the twelve seats at the table for members of the IoH. If you would like to apply for one, please contact Robert Richardson by email email@example.com
Full details of the roundtable taking place at Dorchester Collection’s Coworth Park can be seen here.
There are still four seats available to hoteliers that are not members of the IoH, applications for one can be made here.
If you require any further details, please contact H&C News Publisher, Denis Sheehan by email firstname.lastname@example.org