If you are like me, the last few months have come and gone in a blink. A sprint to the finish, boomerang into 2019 and off we go! For someone that enjoys stops, starts and resets- this go-round has felt abnormally quicker than the past. With this, I am happy I was tasked with writing this blog in January- forcing a pause and reflection before the year gets away from us all.
I come back to a continuous message shared at our 2018 HSMAI Greater New York Revenue Management events- Think Differently! A panel last spring pinned 3 leaders together from Sales, Revenue Management, and Commercial to think differently in the future. A future with greater sales and revenue management alignment, strategic leadership under the umbrella of a head commercial role, and a challenge to look into incentive plans and how we can all trigger motivation across all to meet the business goal. Think Different.
In the fall we came together again in a very different manner. An evening event at a different (and oh-so-cool) location. We changed our normal “listen to our speakers” format and asked all attendees to come prepared to engage with each other as collaboration was done in a speed brainstorm manner. And of course, the bar stayed open throughout keeping the ideas flowing well into the later hours of the evening! Read more about that event here.
We discussed thinking outside of the box with performance metrics such as COPE(Contribution to Operation, Profit & Expense) and an understanding of our channel costs and Net RevPAR-Metrics more aligned the views from ownership. We challenged each other to elevate our revenue management bench through creative learning and rewarding innovation, and critical skill set of communication in the discipline. We discussed revenue management of our meeting space and why we need to start measuring Revenue Per Square Foot. And finally, we tackled that fun debate of Man/Woman vs. Machine in this growing automated environment. Dare say- we thought differently!
So as we embark – or shall I say sprint into 2019, with business plans & budgets approved (hopefully), let’s remember some of the plans we set forth in the past year for the future. Let’s use the brief reset button to be mindful of those best laid plans on what we wanted to do differently in 2019. How can we incorporate some of our key takeaways from last years events into our business today? How else can we think different to meet tomorrow’s business objectives?
For me- it’s starting the year off with this blog- forcing the reset button as strategy and subsequent tactics kick into gear. It’s about a promise I make to all within our HSMAI community to ensure the Revenue Management focused events will continue to be different, challenging us all to step out of our norms and collaborate with the future always in mind. Much more to come in this area as we look towards our April Revenue Management event.
So here’s to revenue managing different in 2019!
Blog Post written by:
IDeaS Revenue Solutions
Area Manager, Americas