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Panel Discussion
Date: 2/16/10 Topic: Revenue Management Location: Four Points LA Westside Awards Gala Date: 3/18/10 Topic: 2nd Annual General Manager of the Year Awards Location: JW Marriott Hotel at L.A. LIVE 
Tuesday, February 16, 2010 Revenue Management Panel Discussion 11:30 AM - 1:30 PM 
The nascent discipline of "Yield Management", AKA "Revenue Management", "Inventory Management". just a few terms among many that seem to be evolving. Whatever its name it is all about yielding revenue, perhaps its real dynamic function is ?Yield Marketing?. HSMAI is at it again in an effort to bring to you tools, methods, and best practices in this relatively new discipline that result in financial success...
Devin Lewis
Hilton Hotels Washington DC Nicole Newman Marriott Riverside Cristina Romero-Peri Vila Vita Park Resort - Portugal Alexis Kagan Palomar Westwood Rachelle Kumar Red Rock Resort Las Vegas Sheila Finley Tudor Hotel New York Eli Sligar Hyatt Century Plaza Wesley Anderson Hilton Costa Mesa Danny Benaderet Standard Downtown Terri Reid Balboa Bay Club & Resort Sara Cameron Millennium Biltmore John Jahanbani Madame Tussauds Museum Daniel Ben-Efraim A&R Worldwide Dean Yamashita Atrium Hotel Irvine Stephanie Moix-Harlow Kurtz-Ahlers Associates Mark Schwabenbauer Omni LA  Joshua Grieve,
Account Manager How did you hear about HSMAI? Why did you join HSMAI? Job duties: Other organization I'm involved in: Hobbies and/or Special Interests Tell us about your immediate family: 
THE YEAR IN REVIEW
 Are you ready for 2009 to be over? What's the new normal? As we come to the close of the year I suspect that many of us are anxious to put 2009 behind us. It's been a tough year on many accounts for the hospitality and travel industry. And the ripple effects of our global economic shifts has negatively impacted businesses around the world. Sales and marketing professionals are on the front line of these shifts. You've faced unprecedented changes in consumer behavior, seen entire market segments evaporate, witnessed the phenomenon of new terminology such as "optics" and "AIG effect" and "tweeting", and probably re-negotiated and written more contracts than you'd prefer. Sales and marketing results have been under more scrutiny that we can remember and the pressure from many hotel and business owners has been significant. You are expected to do more with less and justify the ROI on everything. Are you wondering when things will return to normal? Well, that depends on your perspective. One of my favorite sayings from this past year came from one of our chapter presidents: "Life is not about waiting for the storm to pass, it's about learning to dance in the rain." Life and success will never be normal. You can't wait for normal to return. This is the new normal. "Dancing" has to be a constant. Those that embrace change, creativity, and innovation will be the best" dancers" and will find success. And the best "dancers" will lead their business through the recovery faster than your competitors. Know that in 2010 HSMAI will be there to support you and your team with trends, ideas, case studies, best practices, and strategies - all for you to use as your "dancing". We will be there to help you fuel your sales, inspire your marketing, and optimize your revenues. From the entire board of directors and headquarters staff, we wish you and your family all the best for a wonderful holiday season and look forward to supporting you in 2010. Bob Gilbert HSMAI President and CEO bgilbert@hsmai.org MOST READ ECONNECT INDUSTRY TRENDS UPDATE ARTICLES OF 2009 Social Media For Hotels - What Helps, What Doesn't | By Neil Salerno The unique quality of Web 2.0 social media is that it consists of user-generated content. Social media users post comments directly on the Internet and all they need is access to a computer. At the same time, users have the ability to read and absorb comments made by other users?sounds like a marketer's dream. But, how well does social media serve individual hotels? Internet Marketing & Social Media   Hotel Marketing CoachWednesday, December 9Managing Revenue by Market Segment - The Recovery Challenge for Sales and Revenue Managers | Carol Verret A lot of mixed signals are being sent to revenue managers and sales departments. Lower rates -- don?t lower rates but increase revenue - offer moderate but not deep discounts but how much and when -- discount but protect group blocks- the list goes on and on! Revenue Management Carol Verret Consulting and TrainingThursday, September 3
Survey Finds Technology Can?t Replace Value Of Face-to-face Meetings Advances in meetings technology can assist planners in executing affordable, yet impressive meetings and events. However, according to an HSMAI Affordable Meetings® National and Event Technology Expo? pre-conference survey, conducted by J. Spargo & Associates, Inc. and independently analyzed by 20|20 Assessment a service of HVS, many planners feel that certain elements of face-to-face conferences cannot be duplicated with today's technology. Hotel Sales & Marketing Hospitality Sales & Marketing Association International (HSMAI)Monday, August 31
Mobile Marketing & Distribution Strategy in Hospitality: the Future is Already Here | By Max Starkov Back in September 2001, HeBS presented an article titled "Wireless in Travel and Hospitality: Hype or Necessity"? Today, just as in 2001, the media hype on anything mobile has not eased up. Hoteliers are rightfully confused about the real impact of the mobile Internet and about the importance of the mobile distribution channel in hospitality. Eight years later, we revisit the analysis and recommendations we made back in 2001, offer an update on... Internet Marketing & Social Media Hospitality eBusiness Strategies, Inc. (HeBS)Thursday, August 20
Revenue Management: Things to Know to REALLY Maximize Revenues | By Brenda Fields The concept of revenue management has been around for quite awhile, with the airline industry first formalizing it with its computerized Yield Management system. The hotel industry, although late in the game, has now made a "revenue management" position as part of its standard staffing. This position was primarily developed as a way to maximize revenues generated by the increasing demand over the past decade. Revenue Management Fields and CompanyMonday, August 17
Social Media Strategies for Hotels Social Media continues to grow in importance. It has not only become one of the critical tool to interact with customer but is also considered one of the key elements impacting organic search and ranking for the hotel. Hotels that take advantage of this trend are seeing significant benefits in terms of online placement and revenue. Internet Marketing & Social Media Milestone Internet Marketing Inc.Tuesday, August 11
Social Media: Marketing Magic or Madness | By John Davies There appears to be little doubt that the social media networking tidal wave has hit the hotel industry. To varying degrees, many hotels and hotel companies are attempting to implement some active level of social media marketing. Whether it is Facebook, Twitter, corporate blogs, LinkedIn, or a myriad of other platforms, social media is rapidly changing the networking landscape. In addition to SEO, now social media optimization (SMO), online repu... Internet Marketing & Social Media John Davies CHA Friday, July 17
Recap: HSMAI's Revenue Management & Internet Marketing Strategy Conference FOCUSES ON DRIVING DEMAND Revenue management and internet marketing professionals from across the hospitality industry convened at the Hospitality Sales and Marketing Association International (HSMAI) Revenue Management & Internet Marketing Strategy Conference in Anaheim, Calif., for a day of in-depth discussions about how the two disciplines can work together to generate demand. Revenue management and internet marketing professionals are the new rock stars of the hospi... Revenue Management Hospitality Sales & Marketing Association International (HSMAI)Monday, July 6
Facebook Marketing Tips For Hotels Social media has become the hottest method of marketing in today's world. Millions of people are using Facebook every day - that's a market that needs to be tapped. With the creation of the Facebook "news feed", getting information about you to other people has never been more simple. Hotel Sales & Marketing Lodging InteractiveMonday, June 22
HSMAI And TIG Global Release White Paper Targeting Online Strategies To Gain Market Share In Recessionary Times A down economy and the shift of consumers using the Internet for travel information has created a need for travel marketers to take a look at their companies online marketing strategies. To speak to this topic, the HSMAI Travel Internet Marketing Special Interest Group (SIG) and Internet marketing company TIG Global, have released a white paper titled, Capturing Market Share & Driving Revenue Online: Effective Internet Marketing Strategies for... Revenue Management Hospitality Sales & Marketing Association International (HSMAI)Tuesday, June 9
Writing online hotel reviews is gaining popularity | By Jonathan Barsky, Lenny Nash The role of user-generated reviews is exploding. Nearly 1 of 5 travelers say they read online guest reviews of hotels before booking, and about 1 in 10 travelers will write a review after their stay. The percentage of travelers who read reviews prior to booking a hotel has remained stable for the past year, but the number of persons who are writing reviews about their hotel stay is rising. Internet Marketing & Social Media Market MetrixMonday, June 8
MKG World Hotel Group Ranking 2009 UK-based InterContinental Hotel Group (IHG) retains its number one position in the world, surpassing the 600,000 room mark. Meanwhile, Hilton Hotels recorded the largest growth among the top 10 at 9.3%, bringing their global room count to over half-a-million. Hotel Sales & Marketing MKG HospitalityTuesday, May 26
Time for Hotel Sales Professionals to Lobby Meeting Planners | By David M. Brudney, ISHC, April 2009 Kudos to hotel and tourism industry leadership for its aggressive lobbying efforts at the White House and on Capitol Hill -- along with a timely and smart advertising, public relations, war room response and letter-writing campaign -- in the wake of the AIG fallout and the fact that our industry was not included in the U.S. Government?s $780 Billion stimulus package. Hotel Sales & Marketing International Society of Hospitality Consultants (ISHC)Friday, May 1Revenue Management And Internet Marketing Disciplines Converge At HSMAI Conference An evolution is happening in the hospitality industry with the increasing convergence of the revenue management and Internet marketing fields. On June 25, 2009, hospitality professionals will gather at the Hospitality Sales and Marketing Association International (HSMAI) Revenue Management & Internet Marketing Strategy Conference in Anaheim, Calif. to discuss how these two disciplines are evolving. Revenue Management Hospitality Sales & Marketing Association International (HSMAI)Tuesday, April 28
Marketing Online Tapping into Current Trends | By Sachin Suri The current economic environment can prove both exciting and challenging for online marketers. Being almost totally measurable, Online Marketing allows for quick evaluation and continual adjustments to improve results. The Opportunity: A lot has been said about the global meltdown and ways for companies to hold out during these trying times. Given the current business environment, marketing specialists are trying their best to come up with the m... Internet Marketing & Social Media HVSFriday, April 10
The New Hotel Sales and Revenue Management Metrics - This Could save Your Job! It has never been more urgent or more imperative that the effectiveness of hotel sales and revenue management activity has objective metrics for effectiveness - not only on the part of management but especially on the part of hotel sales and revenue managers. Up until this economic reset the standard was production over the previous year in revenue, room nights, etc.It is obvious to anyone that looks at reports and reads industry trends that dem... Revenue Management Carol Verret Consulting and TrainingWednesday, April 8Brand Power: InterContinental Hotels Group | By Michael Brophy The competitive advantages of branded hotels work on three planes. First, branded hotels are not obscure. Brand-backed marketing efforts, familiar logos, and the widespread nature of branded hotels keeps them at the forefront of patrons? minds. Second, branded hotels excel at consistency. Customers assume that the facilities and amenities experienced at a Holiday Inn in Omaha will resemble those at a Holiday Inn in Seattle. Lastly, branded hotel... Hotel Sales & Marketing HVSFriday, March 6
Hotel Sales Professionals Find Resources To Navigate Economy Tough economic times call for ingenuity, creativity and strong leadership. On Tuesday, March 31, 2009, hotel sales professionals will convene for a full-day of discussion at the Third Annual HSMAI Hotel Sales Strategy Conference at the Swissôtel, Chicago. Leadership is one key to success in 2009 as outlined by Henry Givray, chairman & CEO of SmithBucklin Corporation in the morning session. Givray will identify opportunities for attendees to grow... Hotel Sales & Marketing Hospitality Sales & Marketing Association International (HSMAI)Friday, February 136 Hotel Internet Marketing Experts Share Best Practices And Thoughts On Things To Come In 2009 | hotelemarketer.com 2009: This year may well go down for some as the year that the worst recession since World War II hit the world economy and threw travel off-balance. Others may remember this year for the exciting challenges posed, opportunities seized and progress made towards a brighter, more profitable and tech-savvy future. Whichever way you chose to remember it, there's no denying the fact that as travel and hospitality professionals, we'll all have to bre... Hotel Sales & Marketing The Talent JungleTuesday, January 27Revenue Management Doesn?t Take a Back Seat During a Downturn | By Bruce W. Mainzer A common misperception about hotel revenue management (RM) is that its value diminishes when room occupancy falls. With a healthy economy, an RM system can often appear to be a well running car engine, doing its job to manage the mix of bookings to maximize revenues. During low occupancy periods, some hotel management teams mistakenly view RM as a low priority activity. However, it is precisely during these challenging times that hotel profe... Revenue Management Mainzer Consulting Group LLC Thursday, January 8
Hotelier?s 2009 Top Ten Internet Marketing Resolutions | By Max Starkov & Jason Price Here at HeBS we firmly believe that a comprehensive, ROI-centric Internet marketing strategy is the hotelier's perfect "survival tool" in the current economic environment. In the difficult year we expect 2009 to be, a well-executed Internet marketing strategy can help smart hoteliers generate incremental revenues, improve marketing ROIs, retain existing and attract more affluent travelers, and out-smart the competition. For the past almost 14 ye... Internet Marketing & Social Media Hospitality eBusiness Strategies, Inc. (HeBS)Monday, January 5
ECONNECT RSS FEEDS  Stay on top of what's happening in your city and the industry. As an HSMAI member, you can now customize your eConnect news and information to include daily
news from your choice of more than 40 city Business Journals. The HSMAI Foundation's eConnect research
and resource site now gives you the choice of adding news feeds (via Real Simple Syndication, or RSS)
that are updated throughout the day from Business Journals as well as the top hospitality industry and
consumer publications. Just click here, log in to eConnect if you aren't already, and choose from the
list of available feeds. Click here to learn more...
2010 PREDICTIONS & TRENDS
Global Hotel Transaction Volume Forecast to Increase up to 40 percent in 2010 After dropping to the lowest level in the decade, Jones Lang LaSalle Hotels forecasts that global hotel transaction volume will increase by 20 to 40 percent in 2010, according to initial results from the firm's Hotel Investment Outlook 2010 report. The expected increase marks the first rise in two years. Hotel Sales & Marketing Jones Lang LaSalle Hotels Thursday, December 1
External: Luxury Hotel Sales May Increase in 2010 as Property Values Drop | bloomberg.com Luxury hotels will be among U.S. lodging industry?s most traded real estate next year as buyers go after high-end properties that have slumped in value, said Arthur Adler, chief executive officer for the Americas at Jones Lang LaSalle Hotels. Hotel Sales & Marketing bloomberg.com Wednesday, December 16
Sales 3.0 Technology | Key to New Business Development in 2010 & Beyond | By Carol Verret You know that sales 2.0 is so last year when everyone now is touting their sales system as sales 2.0. We are moving into sales 3.0 and not a moment too soon as it is this paradigm shift that will propel sales processes in the future. We may still be in sales 2.5 but moving rapidly toward 3.0. Hospitality Sales & Marketing Education Carol Verret Consulting and TrainingTuesday, December 15
External: U.S. Travel Industry Expects Only a Modest Recovery in 2010 | nytimes.com For the travel industry, 2009 is a year best forgotten, or as the chairman of Southwest Airlines, Gary C. Kelly, put it in a message to customers, it was an annus horribilis. And the prospects for 2010 This is typically when the industry issues its forecasts for the year ahead, and those forecasts are often shaded with optimism about better times ahead. But this time, many travel executives and analysts are declining to make rosy predictions. Hotel Sales & Marketing nytimes.com Tuesday, December 15
PKF Projects Accelerated Recovery In U.S. PKF Hospitality Research (PKF-HR) today announced that, according to its December 2009 edition of Hotel Horizons, the pace of recovery of the U.S. lodging industry has accelerated from previous expectations. Improving industry data for such key indicators as occupancy, RevPAR, and demand suggest that the recovery will arrive a full quarter earlier than the firm expected in September 2009. These improvements are reflected in the firm?s updated fo... Hotel Sales & Marketing PKF Hospitality ResearchTuesday, December 15
Putting Hospitality back into Hospitality | By Patricia Brusha I recently shared the stage in Las Vegas at the annual Hotel Electronic Distribution Association Conference (HEDNA), with four travel industry marketing and distribution experts as a moderator for a Panel with the topic, "Economy in Transition" and what that means to the hospitality industry. " As we bring 2009 to a close, thankful to have survived one of the toughest economic downturns, we examined the lessons learned and top takeaways as the i... Internet Marketing & Social Media A Couple of Chicks e-MarketingMonday, December 14
External: Destinations to watch in 2010 | usatoday.com By Christine Sarkis, SmarterTravel.com. Poised to claim their time in the spotlight, destinations around the world are taking center stage with big festivals or anniversaries, massive new developments, or just particularly good deals. If you're looking to be where the action is in 2010, consider a trip to: Destination Marketing usatoday.comThursday, December 10
Will 2010 Be The Year Of (Missed) Opportunities | By Klaus Kohlmayr, Director IDeaS Advantage As Hotels are entering into the crucial stage of setting their strategies for 2010, one of the biggest dangers is the continuing uncertainty about the future state of the economy. While economists around the world are declaring an imminent end to the global recession, the biggest global chains continue to announce double digit drops in RevPar and ever increasing losses, indicating that "we can't see anything in our numbers at the moment to sugge... Revenue Management IDeaS Revenue OptimizationFriday, December 4
External: HOTELS' 2010 Forecast: It Won't Get Worse | hotelsmag.com The good news is that 2010 probably will not be worse than what can only be described as a dismal 2009 for the hotel industry. The bad news: Few industry observers expect significant recovery until late in the year, and more likely 2011. When the recovery does come, analysts predict it will be driven by increased demand helped by minimal supply growth in the second half of next year, which in turn will eventually give operators the leverage to... Hotel Sales & Marketing hotelsmag.comFriday, December 4
REVPAR GURU's Hotel Industry Predications For The Coming Year | By Bruno Perez and Jean Francois Mourier It's almost time to close the door on 2009 and for most hoteliers, not a moment too soon. 2009 will be forgettable - at best - for many of the nation's hoteliers, from a disastrous first quarter to what is shaping up to be a less-than-robust recovery as 2010 fast approaches. Although we aren't pessimistic about the future state of the hotel industry, we also don't believe that the New Year will bring immediate relief. There is no miracle cure;... Internet Marketing & Social Media RevPAR Guru Inc.Thursday, December 3
Positioning Your Hotel For The 2010 Marketplace | By Neil Salerno We suspect that 2010 will show some signs of recovery mixed with continued hardship for many hotels. We all know what happens when revenue levels are constricted; fewer dollars in, fewer dollars to spend. At this point, careful consideration should be made for every dollar spent to develop business. Hotel Sales & Marketing Hotel Marketing CoachTuesday, November 3
W Hotels Worldwide Opens First Western European Hotel with the New W Barcelona W Hotels Worldwide, the hotel category buster and industry innovator, today unveils a global brand flagship hotel, W Barcelona. An icon of stunning architecture rising high above the Mediterranean in Spain?s most dynamic and stylish city, W Barcelona is designed by world-renowned Spanish architect Ricardo Bofill. Situated at Nova Bocana, where the glamorous Barceloneta beach boardwalk commences, the hotel has a commanding presence against Barcel... Hotel Sales & Marketing Starwood Hotels & Resorts Worldwide, Inc.Thursday, October 1American Express Business Travel Announces 2010 Global Business Travel Forecast According to the American Express Global Business Travel Forecast released today, pent up trip demand coupled with supply base changes are likely to cause rates to slightly increase in most travel categories by the end of 2010. Business class airfares in particular are expected to increase in line with reduced capacity and on-going business demand for international travel. The Forecast was produced by eXpert insights, the newly created research ... Hotel Sales & Marketing American ExpressThursday, October 1
Hotel Marketing in 2010: Perception Trumps Positioning | By John Davies With the arrival of fall comes the season when most business plans and marketing strategies are in the final stages of development for the coming year. For some, this process may have already been completed. Based on the roller coaster ride that continues for 2009, budgeting, strategizing, and formalizing an effective plan to attack 2010 is probably one of the more challenging and formidable you have experienced. Hotel Sales & Marketing John Davies CHA Monday, September 14HSMAI EVENTS IN 2010  HSMAI Adrian Awards Gala1 February 2010 Marriott Marquis, New York, NY Event website More information
 HSMAI's Affordable Meetings® Mid-America 201014-15 April 2010 Navy Pier, Chicago, IL Event website More information
 HSMAI?s Affordable Meetings® West 201016-17 June 2010 Long Beach Convention Center, Long Beach, CA Event website More information
 HSMAI Revenue Management & Internet Marketing Strategy Conference21 June 2010 Orange County Convention Center, Orlando, FL Event website Event RegistrationMore information
 HSMAI's Affordable Meetings® National 20108-9 September 2010 Walter E. Washington Convention Center, Washington , DC Event website More information
Start with the Basics, Add A Pinch of Grit, and A Whole Bunch of Common-Sense The economy will slowly improve in 2010, but just getting your fair share of business will not be nearly enough. Less business in the marketplace means your fair share is less, too. Hotels need a bigger piece of the smaller economic pie to dominate in the marketplace. The best way to measure your hotel's sales success is to compare your hotel's sales results with that of your competition. This is far more realistic than simply comparing results with your sales budget or last year's numbers. Many savvy companies now use competition-set comparisons, like the STR Report, to judge the true effectiveness of their marketing programs. Hopefully one day, comp-set comparisons will find their way into monthly operating statements. Some hotels attempt to operate in a vacuum, ignorant, and impervious to everything happening around them. They set rates, determine amenities, create promotions, develop their web sites, and establish operating standards, all without knowing or caring what the competition is doing. This doesn?t make sense even if your property is performing well; it's slow suicide if it isn't. How Well Do You Know Your Competition? In the real world, consumers have a wide range of hotels to choose from. Experienced managers know that just having a great hotel is no guarantee of success. There are managers who sit back and wait for success to come; and those who go out and grab it. Smaller properties can play with the big boys, but they need to get much more aggressive about it. Smaller hotels need to borrow some techniques from franchise chain operations by first performing a simple competition analysis. There are many tools to do this, but my favorite is called a S.W.O.T analysis, which compares your hotel?s Strengths, Weaknesses, Opportunities, and Threats. This is not simply a brick and mortar report; it also goes beyond the normal quantity and quality of rooms/rates. It includes a comparison of management styles, sales talent, operating limitations, website effectiveness and productivity, and front desk staff ability. An honest appraisal of your hotel as compared to your competition will reveal and suggest many ways to improve your position in the marketplace. From the S.W.O.T. report, you will be able to define your competition's comparative weaknesses, weigh them against your strengths, and develop your plan to exploit them. No evaluation can be complete without comparing financial results. I know of no better source of competition-set financial data than STR reports from Smith Travel Research. If you are fortunate nough to be in one of their participation areas, the STR report can provide you with occupancy, average rate, and RevPar comparisons with other hotels that compete with yours. Check STR out online; it could be the best marketing small investment you?ve ever made. No, I don?t receive compensation from STR; they are simply the best. Revenue Per Available Room (RevPar) We all know that comparisons of occupancy and average rate can be very confusing and deceptive; after-all, would you prefer to have 68% occupancy at a $125 ADR or 64% occupancy at a $138 ADR? Unless your competition has exactly the same number of rooms and rates, comparing occupancy and ADR is futile. This changed when some great minds gave us RevPar or revenue per available room; a perfect tool to compare revenue performance. RevPar gives us the ability to compare hotels of different sizes and varying average rates. Since revenue generated is the primary goal of every hotel, RevPar allows us to combine average rate with occupancy by measuring the amount of revenue generated per available room in the hotel. RevPar is also simple to compute; simply multiply your average rate times the occupancy percentage for that period; the result is the amount of revenue generated for each room available for sale. Take Names and Kick Butts It?s important to assign a face and name to your competition; get specific. Too often, I hear managers refer to the competition , but have to sit down and think about which hotels they actually are and why. In slow business cycles competition increases. During times like this some hotels, which would normally love to have much higher rates than yours, are forced to compete with you and so on down the line. Generally, there are only one or two hotels that present the most serious threat to your ultimate success. Your hotel is probably on their competition lists as well. It always amazes me how many hoteliers have so little information, beyond brick and mortar, about specific competitive hotels. Get to know them well; at least as well as you know your own. Unless your hotel completely dominates your competitive environment, one or two hotels in your competition set are preventing your hotel from fulfilling its full potential. From your new S.W.O.T. report and your new STR report, you can determine who they are and develop ways to take advantage of their weaknesses and your strengths. The Great Equalizer The great equalizer today is the Internet. In essence, your hotel competes with two separate competition sets; online and offline. On the Internet, your hotel's competition is generally much broader than your offline comp set. Hoteliers, which present their hotel with a professionally-developed website, better search findability and effective sales-oriented design, can command an edge in the marketplace. Any casual trip through the Internet exposes too many hotel websites which appear as an after-thought; sites which make their hotels appear worse than they really are as compared to the competition. You will also find sites for hotels which appear much nicer than they really are, getting more than their fair share of business. I've said it many times before, the Internet produces the best and fastest return-on-investment than any other form of marketing?ever. It's time to make that commitment. Make sure that a monthly expense for Internet marketing is in your budget for 2010. If you haven't done so, revamp your website to include the latest technologies and elements to make your site successful. Focus Your Team On Challenges Not Just Procedures As a rule, people can be very creative in dealing with the challenges to your top-line. In far too many cases, owners and managers present procedures and solutions instead of the challenges. Try empowering your team to solve the challenges presented in your market and let them create the procedures and solutions. Put aside all your prejudices and "knowledge" of the market and let them create new ways to capture business. You might be amazed by their innovation. All hotels operate in a competitive environment; smart hoteliers take advantage of that. Competition is a good thing if you learn from it.
The whole world is in the midst of great change in just about every facet of life. And though these times are uncertain, the explosion of social media is not. TV ad revenue is dwindling, the newspapers that have survived face a precarious future, and the general public doesn't trust your average corporation. Naturally people will always find a way to have their needs met, but they also want their opinions heard, shared, and validated. Social media allows the masses to do this from the comfort of their homes, with a cell phone, or wherever one can get a signal. Stunning Success in the Social Media Arena Major companies and individuals are reaping huge financial gains from the most nominal investments. Dell has sold $3 million worth of computers on Twitter; eBay has found that participants in online communities spend 54 percent more money; and Lenovo has achieved a 20 percent reduction in call center activity as customers flock to community websites for information. But one of the most impressive examples of the power of social media was in our recent presidential race. In February of 2008 John McCain raised $11 million for his campaign through traditional fundraising methods. During that same month Barack Obama raised $55 million every cent of it through online social networks. Social Media Metrics - Accurately Measuring ROI The measurement of social media's ROI is still in its infancy, and the vast majority of sites are not yet equipped to provide this valuable information. But online marketing companies employ a thorough array of analytic metrics to accurately measure Internet advertising efforts. From Google Analytics, which among many things can track user behavior, to Omniture, which features components that measure Facebook and Twitter metrics, every important piece of customer data can be analyzed so that your marketing budget can be focused on its most lucrative form of advertising. To Learn More To learn more about how your company can use social media to reach the broadest audience possible and accurately measure ROI, contact Josh Grieve of E-Marketing Associates at (626) 444-9111. |
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