With eight years of experience in the market, Jan shares her insights on setting room rates and determining pricing strategies for the Thompson Hotel. She also discusses recent changes in revenue management strategies in response to market conditions and how her team works with other departments within the hotel to align revenue management strategies with broader business goals. Jan also sheds light on the role of data analytics and technology in revenue management and highlights future revenue management initiatives planned for the Thompson Hotel.
How do you approach setting room rates for the Thompson Hotel in Austin, and what factors do you consider when determining pricing strategies?
When pricing for the Thompson Hotel, I tap into my eight-year history of the market and our competitive set of upper and luxury hotels, utilizing the STAR reports and trending data from our market and throughout the US. We also rely on past trends, future pace and shops throughout the market and channels to determine the best pricing and strategy for our hotel – keeping in mind our brand and our owners.
Can you describe any recent changes you have made to revenue management strategies in response to changes in market conditions, and what impact have these changes had on revenue and occupancy?
We have seen many ups and downs over the past six months and do have to adjust and remain fluid in making the strategic changes to help gain occupancy share from our competitors and increase revenue. We continue to look at pricing and strategies weekly, sometimes daily, in order to adjust to market demand and softness when necessary.
How do you work with other departments within the hotel, such as sales and marketing, to ensure that revenue management strategies align with broader business goals?
Our entire revenue team works with all areas of sales, marketing and events in the hotel to ensure we are aligned and that we keep in constant communication about booked group business as well as potential groups looking at the hotel. We have daily discussions regarding group leads to discuss what fits best and what price points work to achieve our goals and align strategically. We create calendars detailing what is happening in the market that will impact business and rates, so we are clearly attaining the goal.
What role do data analytics and technology play in revenue management at the Thompson Hotel, and how do you incorporate these tools into decision-making processes?
As with all brands, there are many tools and analytical reports that are available either through our corporate office or third parties that we utilize daily, weekly and monthly. We look at this data consistently and analyze for trends and what we need to adjust to make better decisions along the way.
What plans does the Thompson Hotel have for future revenue management initiatives, and how will these initiatives impact the guest experience and overall business performance?
With any hotel, we are constantly looking at new initiatives and changes to positively impact the guests and business performance of the owners. We consistently partner with the marketing team onsite and offsite to impact both hotel revenue in rooms, as well as in all other areas of the hotel. We also have additional initiatives to focus on segmentation throughout to shift share from competitors.
