Two Roads Hospitality Revenue & Reservations Conference Presentation #2
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Located at the Joie de Vivre in Washington DC this was the session on Friday, March 2nd at 9 am
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Two Roads Hospitality Revenue & Reservations Conference Presentation #2
- 2. Bringing the Tactical and Strategic: The Convergence of Revenue Management and Digital Marketing Loren Gray CHDM Founder / CEO Hospitality Digital Marketing
- 3. Sales Revenue Marketing 3 @LorenGray Bridging the Tactical to the Strategic: Down the Rabbit Hole We Go Now that we have an overview of what’s going on and what is being used from yesterdays session. Now comes the answers to "what do we (I) do about it?" This is when we define the terms, 'vernacular communication', 'cross-divisional KPI's', and 'convergent data sources'. Exciting right? Case studies, open Q&A, Practical, actionable methodologies, all the things that can be used when you get back home. Also, bring your gnarliest revenue challenge that's staring you down in the future, we will pick one, and collectively solve it.
- 4. How can Revenue Management and Digital Marketing create a symbiotic relationship? | Analysis | Optimization | Forecast | Price | Market | Customer | Distribution | Challenges | Consumers are getting smarter | The codependent relationship with OTAs | New market disruptors surfacing everyday | Customer | Analysis | Advertising | Market | Price | Promotion | Distribution
- 5. Sales Revenue Marketing Digital Strategy – Guest Acquisition – The Really Short Version Stay Date Research Date(s) Timeline Prime Booking WindowResearch Period LOS January February March Departure Date
- 6. Four Statements Websites will be a thing of the past The Search Box will go away “A.I.” will control your marketing Sales Revenue Marketing Video will become your only voice
- 7. Dynamic Websites Sales Revenue Marketing Websites will be a thing of the past
- 8. Text goes here Sales Revenue Marketing
- 9. Bots & API’s Bots, bots and bots… what’s a ‘BOT’ Google & Apple --- UNLOCKED!! Amazon Echo – From 16 to 280,000 Sales Revenue Marketing Microsoft – first to be in Seven MILLION Cars
- 11. The Search Box will go away Sales Revenue Marketing
- 12. Sales Revenue Marketing
- 13. This is what we have right now Sales Revenue Marketing
- 14. Sales Revenue Marketing
- 15. Sales Revenue Marketing https://youtu.be/FPfQMVf4vwQ
- 16. This is what we’ll have next… Sales Revenue Marketing
- 17. Sales Revenue Marketing
- 18. MetaSearch Sales Revenue Marketing “A.I.” will control your marketing
- 19. Sales Revenue Marketing Where’s Brand.com? The locations That Count
- 20. Google Trips App
- 21. Sales Revenue Marketing Google Launched Cross Device Tracking
- 22. • Who you know • What they did • What they shared • Is anyone around that you know • What was there feedback there reviews
- 23. Sales Revenue Marketing Urgency Messaging “x rooms left” option Real Time Prices Based on dates of travel Promotion Messaging Property Multi-property option available Brand Logo Stars Destination Messaging Dynamic Creative Template for a Real Time Bidding Display Ad Membership Link Facebook Brings DAT Mainstream
- 24. We now have this… Sales Revenue Marketing
- 25. Sales Revenue Marketing
- 26. Video, LIVE & ‘Stuff’ Sales Revenue Marketing
- 27. Four Current Stages of Visual Engagement VR – Virtual Reality AR – Augmented Reality 360 – Flat Screen View Sales Revenue Marketing LIVE – ummm Yeah
- 28. The AR Introduced to the World Sales Revenue Marketing
- 29. The VR World Today Sales Revenue Marketing
- 30. The 3600 World Today Sales Revenue Marketing
- 31. The LIVE World Today Sales Revenue Marketing
- 32. Where Did We Come From?
- 33. Revenue Management Digital Marketing Where Did We Come From?
- 34. • Revenue Management • Pricing used as the main lever for optimizing hotel demand to meet room revenue forecasts • Reports were the main foundation for analysis; analytics not yet a major focus • Demand data not readily accessible or reliable • Room forecasts based solely on pace and % growth • Pricing not based on elasticity of demand but rather the comp set • Customer segmentation buckets too wide to differentiate customer value • Optimal mix based solely on top-line room revenue potential • Hotel distribution landscape fragmented • RMS technology in it’s early stages • Driven primarily by PMS source system data • Providing top-line RM analytics that could be easily developed outside of the RMS • No integration with Marketing to align on strategies or tactics Revenue Management Silo circa 2000-2010
- 35. • General statistics – Visitors / Page Views / Duration / Bounce Rates • Mainly SEO driven efforts – ‘Silver Bullet’ tactics • Impact driven strategies – no real ‘source’ metrics, lots of ‘implied’ conversion data based on promo-code tracking • ‘Challenging’ ability to track ad service accuracy • Fad or trend - for a channel representing 3-5% total revenue • OTA’s are the ‘enemy’ – we’ll never give them the same inventory we did in ‘01 …errr ‘08 Digital Marketing Silo circa 2000-2010
- 36. 2011
- 37. 2017
- 39. Reporting is “the process of organizing data into informational summaries in order to monitor how different areas of a business are performing.” ...Analytics is “the process of exploring data and reports in order to extract meaningful insights, which can be used to better understand and improve business performance.” The Differentiation Between Reporting & Analytics
- 40. Framework For Successful Analytics: Unlocking Capability Collaboration Common Vernacular Integrity in Data TransparencyBuild Trust Enabling Business Decisions Continuous Improvement
- 41. Collaboration • Working together as one unified team across all departments involved with profit optimization • Establishing a committee to govern the next steps of the framework
- 42. Common Vernacular • Common Language • Does customer segmentation really mean the same thing as marketing segmentation? • Common KPI’s • Are stakeholders using the right KPI’s that generate holistic views of performance at the highest level? • Common Goals • Lowering the media budget to optimize profit might not be what marketing wants to hear for next year’s budget, but do our holistic KPI’s show that we’ve reached the point of diminishing returns?
- 43. Integrity In Data • Identify what data we have from each respective area that we can combine into our data model • Make sure the data is accurate, consistent & correctly represents the common vernacular established • Do not practice ‘statistical bending’
- 44. Transparency • Be open to all team members about what the data “is” and what it “isn’t” • Build visual context around what the team are looking at • Understand what the team has now and what the team is trying to build for the future
- 45. Build Trust • Buy-in from stakeholders • Trusting that the process works towards hotel or enterprise profit optimization and not your department as a silo • Acknowledge successes and share failures • Own what is yours
- 46. Enable Business Decisions • See the big picture across all data sets being sourced; both internal & 3rd party • Holistic approach to enhanced enterprise / property decision making • Grow your business profitably, not necessarily your department
- 47. Continuous Improvement • What did we learn? • How can we improve next time around? • Fail fast • Team share failures and debrief them, not hide them • Define performance threshold metrics with concrete decision models • Keep an activity log
- 48. The Result: A New Visual Way To Monitor Your Holistic KPI’s
- 49. Now What? Optimizing Mix Based on Channel Economics Through which channels can a guest X book a room? Given variation in guest economics by channel and property, which channels should we incentivize guest X to book through? PER ROOM NIGHT How much does it cost to acquire guest X for that channel? $XX $XX $XX $XX How much does it cost to process guest X’s room reservation? $XX $XX $XX $XX How much does guest X spend on a room?* $XX $XX $XX $XX Once guest X arrives, how much is spent on-property? $XX $XX $XX $XX Tracked Contribution Margins $XX $XX $XX $XX Brand.com
- 50. Person 1 • Born in 1948 • Grew up in England • Married twice • 2 children • Successful in Business • Wealthy • Spends winter holidays in the Alps • Loves dogs Person 2 • Born in 1948 • Grew up in England • Married twice • 2 children • Successful in Business • Wealthy • Spends winter holidays in the Alps • Loves dogs Profiling: What Assumptions Do
- 51. Why Technology & Automation Are Essential to Conversion Optimization Booking Engine PMS CRS RMS CRM 3rd Party Data Services Campaign Management Conversion Optimization & True Customer Personalization • PMS delivers historical data on known guest behaviors (spending history, room preferences, etc.) • CRS delivers availability for dates of interest • RMS delivers demand forecast & rate recommendations by room type • CRM delivers customer worth & detailed customer data for known customers • 3rd party data services deliver detailed information about the known or unknown guest based on cookies which include flight information, searches, preferences & more • Booking engine will be personalized at the customer level to take advantage of all source systems & data with an offer tailored to that particular guest for that particular trip in real-time
- 52. ARRIVE RELAX ATTEND DEPART SEARCH Spa Upgrade Dine Shop Yoga Ann Roberts, 45 VP, Marketing Frequent Flyer & Loyalty Program Member Offer Hotel App Theatre The Future of the Customer Journey
- 53. Understanding the Revenue & Marketing Team’s Ecosystem Known Customer Unknown Customer Media Web/Mobile Loyalty Program Direct Marketing Analytics Revenue Optimization Acquisition Direct & Loyalty CRM
- 54. • Please view how Facebook is changing the internet.. • https://youtu.be/cR_XVGemAnw • This is the whatsapp video from New York Times • https://youtu.be/VAesMQ6VtK8
- 55. •Assessing what you have – resources and accesses •What does all of those things do for you •Who is handling each and how are they responsible for it •How is it being measured •What are the various contributions •What needs to get changed
- 57. Video, presentation, links, resources and Webinar are at… Sales Revenue Marketing https://www.HospitalityDigitalMarketing.com/two-roads OR Bit.ly/hdm2roads
Notas del editor
- Magneto and the bridge being built right in front of him
- The opening of ‘Bots’ — Google / Apple / Amazon / Microsoft — why is this important? it allows developers to now use the voice commands of Google now / Siri / Alexa / Cortana — googles new assistant / SIRI coming to your computer / Echo / and the internet of things coming to you home and cars…. Philly has the first Uber automous cars why is there a person behind the wheel? Whay are all the auto makers racing to build fleets of automous cars”? Henry ford said if he asked his future customers what they wanted they would have said faster horses
- Voice and inanimate objects
- For now we have…
- For now we have…
- Next we’ll have VIV ----- start at 2:10
- MetaSearch Cindy Estes just published an article on the growth and hidden value of MetaSearch http://hotelmarketing.com/index.php/content/article/the_rise_of_metasearch_and_its_effect_on_hotel_distribution
- https://get.google.com/trips/
- http://marketingland.com/google-cross-device-remarketing-launches-192819 REMEMBER TO HIT THE “PLAY” ON THE PLAY BAR AT THE BOTTOM LEFT OF THE SCREEN (USE MOUSE)
- Facebooks Dynamic Ad’s for Travel
- Remember watson? Meet Lucy Be careful of automation you become to reliant on it and forget how to do the work yourself How many still know how to perform a displacement analysis? Think of the price gouging report in florida, that was automated rev tools modifying price….. Got a lot of people in a lot of trouble
- 100 million hours of video are being loaded onto Facebook everyday, 600 million for YouTube 3/4 of all video views are mobile over a billion active users a day on Facebook Cisco says 75% of all mobile traffic will be video by 2020 20 minutes a day on Facebook
- Facebook.com/map its almost its own TV station example Hurricane Mathew 100 million hours of video are being loaded onto Facebook everyday, 600 million for YouTube 3/4 of all video views are mobile over a billion active users a day on Facebook Cisco says 75% of all mobile traffic will be video by 2020 20 minutes a day on Facebook facebook.com/livemap screen shot
- Sony’s new VR game just out Give example of AUS and the 360 campaign
- Show the real fly 360 Give example of AUS and the 360 campaign
- Facebook.com/map its almost its own TV station example Hurricane Mathew 100 million hours of video are being loaded onto Facebook everyday, 600 million for YouTube 3/4 of all video views are mobile over a billion active users a day on Facebook Cisco says 75% of all mobile traffic will be video by 2020 20 minutes a day on Facebook facebook.com/livemap screen shot
- Basic traffic monitoring No real building block strategies, but rather a pursuit of ‘what is the next trick to fool Google’ conversion based on ‘implied metrics All data interpretations are based on engagement metrics with the website of ad traffic, no real origin tracking in place, or validation of exposure of ad’s, and no real metrics with conversion data that is accurate. Lots of ghost reporting on ad service platforms
- Reporting – Informational summaries, monitoring Analytics – Visual data exploration, meaningful insights _______________________________________ What data should be a part of both? KPI’s
- In order to bring analytics to the forefront of data-driven decision-making, we need to build a framework for success. Let’s go over each of these steps in detail.
- Collaboration is the first step in unlocking capabilities for your analytics. Working together by establishing a committee to oversee the next steps is crucial. The Profit Optimization Team in it’s current state is a great starting point. Stakeholders from either IT & Information Management might be a good add as well.
- Common Vernacular is the single most important step to unlocking capability. Why? Metrics that span across divisions not specific to one. Example ROAS Ex- 5:1 ROAS is not making EBITA / 10:1 on a special offer rate below forecasted ADR is not yielding to successful revenue levels
- 4 out of 5 dentists agree – 20% disapproval rating
- Before any strategic development, a success goal must be defined, not a moving target on the end of a ‘stick’, or only ‘better than what we have now’
- Extra slide potential if we have to much content to share
- Searching & Booking Ann is looking for a weekend getaway at a hotel with a spa. She begins her search using metasearch, online travel agencies & review sites. After compiling her shortlist, she decides on a property. One of her decision points was based on having stayed with this brand before on previous occasions in other cities; she’s already a known guest. Before choosing where to book, she heads to brand.com to see if their rates are in parity with other offers around the web. The booking engine begins an API call to gather information to personalize the booking engine. From previous stays on her profile, the room sort is optimized to show Deluxe rooms first. A spa package is displayed first on main availability given her search criteria from 3rd party cookie data. She ultimately decides to book the “Members Only” rate on brand.com in the Deluxe room type, giving her the best possible offer that she was able to find. The reservation add-ons highlight spa treatments, but she needs to do more research on options before committing to a treatment at this time. Mobile App In the lead up to the weekend she is booked for her getaway, Ann visits the hotel’s mobile App and searches through spa treatments. She spends time looking at a few options and reads through them vigorously. They all sound so good! After spa, she heads over to view photos of her Deluxe room type, but also checks out some photos of a few Suite options. This mobile activity information is appended to her profile in real-time. Trigger Based Marketing 7 days prior to arrival, campaign management deploys a trigger based marketing alert on her app with customized offerings based on her mobile activity. The spa treatments she had looked at were all there, as well as a suite upgrade offer. She decides to book her spa appointment through the app, which displayed real-time spa availability over her stay dates and was showing only a small number of appointments available. The success of the TBM campaign in converting a spa booking, but not a suite upgrade is recorded to her profile in real-time. Arrival During lineup, the Front Desk Manager goes over the upsell strategies for the day based on personalized increment suggestions from the RMS as well as previous offers made for this stay through TBM. Once Ann arrives at the hotel; she is offered an upgrade to the suite she was interested in at $10 less than what she was offered 7 days ago, which she accepts. We have successfully driven conversion on the Deluxe room type via brand.com and now an upsell into a Suite via the Front Desk. Play Ann relaxes in the spa on Saturday. As she exits the spa, Ann drops by the concierge to talk about dinner plans. The concierge, with access to real-time profile information, sees little information on Ann with respect to dining preferences and uses this as a great opportunity to build on her profile for future stays. Their conversation about her food preferences for the evening and in general are cordial, and she decides to dine at the award-winning Italian restaurant at the resort. After the conversation and booking, the concierge adds her general food preferences to her profile. Attend On the way to dinner, Ann tweets “Feeling so relaxed after a great spa treatment at “X” hotel”. The social marketing team likes her tweet and direct messages back to Ann to invite her to a morning yoga class. This team uses predictive analytics provided by the Profit Optimization committee to match cross-sell opportunities based on activities. Ann joins the class and has a fantastic start to her last day in the resort. She is also really impressed with the personal touch there. Depart Ann checks out after a great experience at the hotel & spa and immediately writes a positive review upon returning home. All of the touch points from her stay, folio & human interaction, are appended to her profile in real-time. A few months later she receives an offer for a week-long getaway, which she is planning to redeem.
- What platforms are you using, what tools are available who has access to all of them