Similar to Brown & McFly, hotel revenue managers & marketers join forces to pack a profitable punch
- As industry data proliferates, so do the costs associated with acquiring guests
- Futurecasting not only maximizes profitability, but also secures guest loyalty
- Technology takes hotels from predicting a future to prescribing how to achieve it
“Roads? Where we’re going, we don’t need roads!”
Those famous words were spoken by a confident Doc Brown as his time-travelling DeLorean careened into the future. Doc and Marty McFly were quite the dynamic duo and, thanks to some seriously cool inventions and a great deal of intuition, these two always achieved their desired outcome in the end.
There are some interesting parallels between the adventures of Doc and Marty, and that of hotels optimizing profits through their marketing and revenue management strategies.
While hotels can’t go back in time (or forward) to arrive at their optimal strategy, there are things hotels are doing in the present to make for the most positive impacts on their future.
Our previous blog gave a quick introduction on the strategic practice of “futurecasting” that gives hotels the power to integrate predictive demand intelligence data from thousands of online travel sites into their marketing and revenue strategy.
Hotels taking advantage of this industry-first technology are quickly seeing how this new layer of insight—when aligned to marketing efforts and revenue strategy—can greatly impact a hotel’s bottom line.
I can’t help but compare Doc’s analytical, intellectual character with today’s revenue manager, and Marty McFly’s rash, instinctive persona with the marketers of the world. Both, when working in isolation, appear to trip over themselves; however, when working together (with cutting-edge technology, mind you) they pack quite a punch.
The same can be said for revenue management and marketing teams leveraging the power of futurecasting to shape their hotel’s future. As data continues to proliferate, so do the costs associated with acquiring guests .
Futurecasting, akin to the lightning bolt or “one point twenty-one gigawatts,” propels a hotel’s channel performance strategy into the future. It ensures you’re not only maximizing profitability, but also providing your guests with the unique experiences they expect in order to secure their loyalty.
Predictive demand intelligence provides the foundation hotels need to drive an ideal marketing and revenue strategy. Aligning both marketing and revenue management goals creates a culture that meets and exceeds business objectives.
And leveraging that data in concert with an aligned strategy—all within an automated revenue management solution (RMS)—takes hotels from predicting a future to prescribing exactly what they need to achieve their ideal future.
You don’t need to invent the “flux capacitor” to control your destiny. All you need is an automated RMS that doesn’t rely on the constraints of manual rules to create, deploy and maintain an ideal channel performance strategy with your hotel’s optimal profitability in mind.
Let’s add a slight amendment to the eccentric Doc Brown’s quote from earlier: “Rules? Where we’re going we don’t need rules!”
That’s because a sophisticated RMS with the ability to futurecast is our industry’s ride to the profit performance of the future.
Blake Madril joined IDeaS in 2014 with over 10 years of experience in hospitality operations, marketing, sales, technology and revenue management. In his most recent role with IDeaS Blake is responsible for global initiatives that support the market strategy and messaging for IDeaS’ extensive suite of revenue management solutions and services ultimately aimed at helping hotel executives maximize profitability for their hotels. He is a strong advocate for the discipline of revenue management and the convergence of hotel data solutions and job functions to bring the best experience possible for both hotels and their guests.
Prior to IDeaS Blake held positions at properties and hotel management companies that ranged from front office operations to sales and catering and multi-property revenue management. He has worked with global hotel brands and affiliations such as Hilton Worldwide, Intercontinental Hotels Group, Wyndham Hotels & Resorts, Preferred Hotels & Resorts and Global Hotel Alliance, as well as luxury independent properties and limited service inns.
Blake holds a diploma in Business Administration from California State University, Fullerton and is currently based out of the IDeaS headquarters in Minneapolis, MN where he is a frequent blogger and evangelist for the optimization of total profitability for hotels and resorts.
An avid enthusiast of all things '90s and sitcoms, Blake recently took home 2nd place in a Saved by the Bell trivia contest. Words spoken right after accepting his trophy: "I'm so excited."