May 20, 2013

The five components of an effective hotel revenue meeeting


This article suggests, that a viable weekly revenue meeting should involve four structured components, should not last longer than an hour and should include an ample dose of accountability. Once a month a fifth component should be added.

Imagine these components like concentric circles on a target—the meeting starts with the outermost circle and involves relevant general information, then proceeds to move progressively to more detailed and specific property information until the meeting reaches the center of the target where strategies and tactics are finalized. The five key components include:

- marketplace dynamics and general economic climate;
- competitive information;
- property performance trends;
- sell strategy development; and
- a month-end postmortem plus a 365-day outlook (once a month).

Responsibility for these components should be assigned to different members of the revenue team, with marketplace information handled by the director of sales and marketing or, in a smaller hotel, the GM. This part of the meeting is all about the general economic climate, marketplace activities (conferences, sporting events or community events), city or resort seasonal promotions, public relations efforts, new or renovated properties, etc. The key is to highlight circumstances that have an impact on demand, and these may be demand generators or detractors. This discussion sets the stage for the next component.

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