How Can Big Data Help You Get to Perfect Pricing?
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1 How Can Big Data Help You Get to Perfect Pricing?
2 Distribution has changed but the industry s approach to pricing hasn t
3 The Twin Gorillas Expedia and Priceline Group control 40% of Global OTA Market $3.45 Billion (37.4% of annual revenue) $3.3 Billion (49.4% of annual revenue)
4 Disruption from the Sharing Economy "If people have stayed in peer-to-peer lodging in the last five years, the likelihood they prefer traditional hotels is halved (79 percent vs. 40 percent). We find it interesting that people 'do a 180' in their preferences once they use P2P lodging. They move directly from preferring traditional hotels to preferring P2P accommodations. Goldman Sachs Survey
5 Distribution Gets More Challenging
6 DIRECT BOOKINGS 40% from THIRD PARTY COMMISSIONS 2X REVENUE GROWTH RATE from
7 We all know that: Revenue management sells the right product to the right customer at the right time for the right price. - Robert Cross, 1997
8 But today s RMSs only: sell offer the right product to the right customer at the right time for the right price - Not Robert Cross, 2017
9 Current RMS Limitations Traditional RM select the best customers from a given pool, ostracize the rest with abrupt restrictions and rate increases
10 Enveloping the Complete Picture The model is confined by the capacity of the customer pool If the pool is too small, there is less demand to optimize and RMS functionality diminishes Melding customer acquisition with yield and price management expands the pool A top-of-funnel approach allows revenue strategists to optimize both revenue and demand
11 Start Practicing Revenue Judo 1. Break down departmental silos 2. Utilise alternative data sources 3. Implement open pricing 11
12 A New Revenue Strategy Owner Hotel Brand Sales & Marketing Distribution Regional Office Property Management Operations Revenue Management
13 Collaboration across the hotel
14 Aren t There Marketing Teams for This? Revenue Management Need dates are Jan 2nd through 31st Lowers rates in need period Need to fill 50 rooms daily across need period Audience must be closed loop to avoid trading down Can afford a cost of distribution as high as 30% to beat OTA promo margins Measures success by rate code production and booking data only Digital Marketing Selling event-driven New Year s Eve weekend Offers packages with minimal bundled margins Overbooks sold-out period Publically available on booking widget after blast to database Budget is $5,000, regardless of ROI Full access to the datadefined customer, but disjointed from RMS
15 Meet Today s Data Defined Customer PMS Booking Data CRM analytics Google Analytics Facebook Ad Manager And many more
16 Water Water Everywhere Big Data is like water: It covers 70% of the earth s surface, but only a small fraction can be consumed
17
18 NEW SLIDE JUST ANNOUNCED: Rolling Stones announce last show ever in your city!
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20 NEW SLIDE
21 GameChanger (1) New Alert Unusual Regret and Denial You have a large amount of regrets. The average is 70, you have 192.
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25 Missing the Hurdle $200/night Booked with competitor for $150/night Booked with competitor for Booked an upgrade with competitor for $149/night $189/night $209/night
26 Build ADR and Occupancy $179/night $200/night $225/night $125/night $150/night
27 The Power of Aligned RM & Marketing The Optimized RMS High-compression: ADR-led RevPAR growth, premium mix of business Low-compression: attractive pricing, few restrictions Dictates optimal customer behavior based on booking data Fluidly delivers daily cost of customer acquisition thresholds Captures booking data to measure and orient future marketing strategy With Integrated Digital Marketing Garners property exposure that drives direct bookings without discounting Reacts to demand gaps, amplifies discounted DM to grow pool of direct bookers Triggers unique customer acquisition efforts aligned with RMS specifications Converts static campaigns to ongoing demand drivers Fully integrates web-based customer behavior analytics with booking data
28 Points Miss the Point 57 Billion Number of HHonors Points that Hilton guests left on the table in 2015 by booking with OTAs or other intermediaries. Enough points to redeem 1.6 million room nights
29 Though Loyalty Membership Is Growing, Engagement Isn t % Growth in memberships, 2014 to 2015 % Change in room nights booked via loyalty clubs 15.9% 19% 10.2% 11% 0% 4% 0% Marriott Rewards + Ritz-Carlton Rewards -2.7% Hilton HHonors Choice Privileges Hyatt Gold Passport Source: Skift
30 Today s Undifferentiated Loyalty isn t Working POINTS WiFi POINTS P POINTS FOOD WiFi POINTS WiFi PARKING POINTS WiFi
31 Frustration, not Loyalty
32 Unique, relevant and unexpected rewards Programs that are easy to understand and join
33 The New Loyalty: Personalized Pricing Your most profitable guests become direct customers for life. Jay Mary Adam Retail Daily worth Daily worth Daily worth 240
34 Step 1: Know your Guests Value Who produces the most for your bottom line? Jay Avg. daily worth $99 Adam Avg. daily worth $240 Recent guest Long time loyalty club member Opts for less expensive room type Stays 10 nights per year, during peak convention dates Stays 20 nights per year, but waits for non-peak booking dates Orders room service Plays golf
35 Step 2: Segment by Customer Worth Don t treat every loyalty club member the same Jay Mary Adam Avg. daily worth $99 Avg. daily worth $190 Avg. daily worth $240 Tier 4: Tier 2: Tier 1: Average Daily Worth $51 - $100 Average Daily Worth $151- $200 Average Daily Worth $201 - $250
36 Step 3: Reinvest in Your Guests Ensure their discounts reflect their loyalty and contributions Jay Mary Adam Avg. daily worth $99 Avg. daily worth $190 Avg. daily worth $240 Tier 4: 10% of ADW Flat Investment Rate $10 Discount Tier 2: 10% of ADW Flat Investment Rate $19 Discount Tier 1: 10% of ADW Flat Investment Rate $24 Discount $189 Room Rate Compared with $199 BAR $180 Room Rate Compared with $199 BAR $175 Room Rate Compared with $199 BAR
37 How will YOU win in uncertain times?
38 Duetto Performance vs. Market (RevPAR) +26.2% Higher Growth Rate +140% Higher Growth Rate +15.1% +193% Higher Growth Rate 2.3% Difference +8.7% +11% 8.8% Difference +9.4% +8.7% 6.2% Difference +3.2% Market Market Market
39 True Predictive Analytics Clear view of unconstrained demand Optimize that demand in real time Test, track and adjust pricing Increase loyalty and profitability from direct bookings
40
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