Revenue Strategy Forum (RSF) Hong Hong took place on September 22 at the Mira Hong Kong. The event saw a coming together of hoteliers, leading industry experts, and technology innovators to discuss the power of Total Profitability and Open Pricing.
The panel of expert speakers included:
- Anand Jindal, Group Director Revenue Management & Distribution, Wharf Hotels
- Erik Tengen, Co-founder & CEO, Oaky
- Chris Crowley, Chief Revenue Officer, Duetto
- Lubin Zhang, VP of Product & Technology Greater China, Shiji Group
- Christine Liu, Regional Director North Asia, STR
- Patrick Andres, Regional Vice President Hotels JAPAC, Oracle Hospitality
- Edward Wright, Regional Vice President Asia, Amadeus
- Jeong Pyon, Director of Hospitality Solutions APAC, Duetto
- Clément Dénarié, Chief Revenue Officer, Oaky
The event covered a wide range of interesting topics, including a presentation on ‘What total profitability is and why it’s important for your hotel strategy’. There was also a tech partner lightning round presentation on ‘Boosting your total profitability with an integrated tech stack’, and a panel discussion about ‘Unlocking profitability beyond room rates’.
The audience was then treated to two further presentations, one looking at exploring opportunities in strategic revenue management to unlock growth, and the other examining key insights from global hospitality markets to Hong Kong's prosperity.
Duetto’s Chris Crowley talked about the importance of revenue management and the role of revenue managers within the hospitality businesses. He said: “Revenue should sit at the heart of your hotel business. The foundation of a hotel’s business is its revenue; it’s how you drive your business. You (revenue managers) are the most important people in your hotel from a business planning and business management perspective. You are like the conductors of a beautiful symphony of revenue. You weave in different ideas, strands of thought, profiles, customers, segmentations, market information, and market intelligence. You weave it together and you create music. That music drives the success of the business; it drives your ability to employ people and make the business successful and drive the standing of your brand. It’s the thing that makes you powerful and significant as a hospitality employer, a hospitality business, and somebody that retains the loyalty and support of your customers.”
Later on in the event, during the panel discussion - Unlocking Profitability Beyond Room Rates - Clément Dénarié from Oaky talked about how upselling plays into the subject of total profitability. He said: “When I hear profitability, the word I associate it with is ‘anticipation’. It’s knowing, forecasting, or predicting in advance how many of my guests will actually go and eat at the restaurant. The chef might not like the revenue director telling them what to do, but they love to hear how many guests will probably be coming to the restaurant, so that they can order on time, staff on time, and can turn over a profit for that specific night. Upselling can help with this when it’s done in a subtle and personalized way, and at the right time, either a number of days in advance or at the front desk. It also gives the guest the opportunity to enjoy the amazing experiences you have on offer in the hotel, transforming the other outlets into profit centers.”
- Discover more on Total Profitability in our eBook How to Boost Your Hotel’s Total Profitability.
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