Understanding the difference between a Pricing Meeting and a Revenue Strategy Meeting holds paramount significance. Too often, strategic discussions within the corporate landscape gravitate towards short-term pricing concerns, overshadowing the broader comprehensive commercial strategy. This observation led me to ponder the true essence of a Revenue Strategy Meeting, which, when conducted effectively, serves as a vital compass for navigating the intricate landscape of past, present, and future revenue endeavors. This article aims to shed light on the critical elements that define an impactful revenue strategy meeting, emphasizing its role in maximizing revenue opportunities across diverse booking timelines and demand landscapes. As we explore the core components, key team members, frequency, and focus areas of these meetings, it becomes evident that elevating the conversation beyond daily price points is essential for steering a property toward sustained success.
For an effective revenue strategy meeting to take place, certain team members must be included. The core team typically consists of the Revenue Leader (the meeting chair), General Manager, Director of Sales, and Marketing Representative. Additional attendees may include the Director of Finance, Transient Sales Manager, Group Sales Manager, Rooms Director, Front Office Manager, and Reservations Representative when business levels allow.
The frequency of revenue strategy meetings should be at least once a week in a formalized structure, with more frequent micro-meetings if business dynamics require. These meetings should ideally last for a limited time, generally one hour, to allow attendees to fulfill their daily duties. If meetings regularly exceed one hour, they should be expanded to more than once a week.
The focus areas of a revenue strategy meeting encompass various variables, including market segment trends, pace, pick-up, market conditions, marketing deployment, group contracts and stages, competitive positioning, and other relevant factors, necessitating input from all members of the strategy team.
During revenue strategy meetings, discussions should revolve around defined initiatives that address needs, fill soft-demand periods, optimize high-demand dates, and measure impact and results.
Reports needed for a revenue strategy meeting typically include those from the revenue leader, director of sales, and marketing representative. The intensity of topics, the timeframe under discussion, and specific strategy focuses may vary for each meeting.
When a hotel employs an automated revenue management system (RMS), reports are facilitated through the live system and data, providing the most up-to-date information for use during the strategy meeting.
While it may be tempting to discuss other topics during the revenue strategy meeting, it is recommended to maintain focus on understanding trends and strategy initiatives to avoid the meeting becoming too lengthy and losing its effectiveness.
Conducting an effective, thoughtful, and productive strategy meeting is key to a property’s success. Keep these few things in mind as you work through each revenue department and watch your Commercial Strategy win the profit game!