Video - The Adoption of Revenue Management Principles
Posted on May 30
Vikram Singh, Digital Marketing & Revenue Optimization Specialist, and Chris Baniewicz, Senior Manager, Revenue Performance Solutions at Expedia Group, join André Baljeu to share their expertise and practical tips: What are the basics of Revenue Management for hotels? How can hotels best adopt Revenue Performance Principles into their strategies to drive market share growth and profitability?
00:43 - Understanding Revenue Management
02:11 - Why is Revenue Management Important?
04:40 - Understanding Forecasting
06:36 - Forecasting Tips
08:20 - Keeping Accurate Records
11:17 - Making use of Historical Data
13:09 - Utilizing various Data Sources
15:24 - Taking Events, Holidays & Seasonality into Account
17:47 - Keeping an Eye on Industry Trends
Vikram Singh, Digital Marketing & Revenue Optimization Specialist
Vikram is a global thought leader in hospitality and travel, known for speaking his mind on topics that affect hotel operators worldwide. His extensive experience and deep understanding of hotel operations, technology, online marketing, and revenue management have allowed him to optimize revenue for a wide portfolio of hotel clients for over 20 years.
During his career, Vikram has delivered portfolio-wide audits, asset turnaround strategies, and other high-level consulting services to real estate investment funds and property management groups across the globe. His strategies have helped power some of the biggest and most successful hotel equity turnaround deals in the last decade. Vikram is also a big supporter of small businesses and is passionate about giving small hoteliers access to world-class strategies to help them thrive.
Vikram authors the popular hospitality and travel marketing strategy blog at “Words of Vikram.com.” He has been quoted in publications such as the New York Times and Travel Weekly.
Vikram is a frequently requested speaker at industry conferences. Former hosts include the US Department of Commerce, American Express Travel, American Hotel & Lodging Association, Arabian Travel Market, and Airbnb. He is a perennial favorite of audience members and clients everywhere because he communicates clearly, loves to answer questions, and emphasizes action-oriented strategies.
Chris Baniewicz, Sr. Manager, Revenue Performance Solutions at Expedia Group
Chris Baniewicz is a Sr. Manager for the Revenue Performance Solutions team at Expedia Group. This team is driven by the mission to power revenue performance insights for everyone, everywhere. By leveraging Expedia Group data, technology, global reach, and machine learning capabilities, they aim to level the playing field for all lodging & vacation rental partners. They are focused on accelerating commercial outcomes for Expedia Group’s supply partners using immersive & intuitive products, APIs, and innovative data & technology partnerships. Chris is passionate about helping lodging partners be successful by adopting revenue performance technology and practices.
Before joining Expedia Group, Chris was a Director of Revenue with Accor Hotels. Chris completed his bachelor’s degree in Hotel, Restaurant, and Institutional Management from The Pennsylvania State University. In addition, he holds a Certificate in Hotel Revenue Management from The School of Hotel Administration, Cornell University.
About Expedia Group
Expedia Group, Inc. companies power travel for everyone, everywhere, through our global platform. Driven by the core belief that travel is a force for good, we help people experience the world in new ways and build lasting connections. We provide industry-leading technology solutions to fuel partner growth and success while facilitating memorable experiences for travelers. The Expedia Group family of brands includes Expedia®, Hotels.com®, Expedia® Partner Solutions, Vrbo®, trivago®, Orbitz®, Travelocity®, Hotwire®, Wotif®, ebookers®, CheapTickets®, Expedia Group™ Media Solutions, Expedia Local Expert®, CarRentals.com™, and Expedia Cruises™.
Expedia Group is a Founding Member at techtalk.travel
Also find these supporting editorial elements about Adopting Revenue Performance Principles
- ARTICLE l Adopting Hotel Revenue Performance Principles
- PODCAST l Revenue Performance Principles for Independent Hotel with Vikram Singh and Chris Baniewicz
- INFOGRAPHIC l Revenue Management Strategy Bulls-Eye