The Pipeline Continues to Grow – Especially in Extended Stay
Blog
The hospitality industry continues to evolve at a rapid pace, with the advent of new technologies, changing consumer behaviors, and the rise of new players in the market. In order to stay ahead of the game, hoteliers need to keep up with the latest trends and strategies. This is where conferences like HITEC and HSMAI’s Commercial Strategy Week featuring the Marketing Strategy Conference and Revenue Optimization Conference come in, providing insights and takeaways for hotel commercial strategy teams. In this overview of this year’s conferences, we will dive into the topics covered at these conferences, and how they can help hoteliers stay competitive in a dynamic hospitality landscape.
Nearly 1,000 attendees gathered in Toronto for HSMAI’s Commercial Strategy Week 2023 as sales, marketing, revenue optimization and other commercial function leaders converged to explore and learn about new and evolving commercial strategy practices. HSMAI (Hospitality Sales and Marketing Association International) hosted its annual Marketing Strategy Conference and Revenue Optimization Conference (ROC) at the Metro Toronto Convention Centre on June 27 and June 28, with record attendance for each.
Tuesday’s Marketing Strategy Conference featured sessions on topics that included best practices for attracting and retaining talent, the impact of AI on marketing, and social media best practices, including a popular “How to Make a TikTok” session. AI was a topic of discussion in sessions and during networking breaks at the conference. Experts agreed that AI will not replace marketing roles, but it can be used resourcefully to support and scale efforts.
The conversation around AI continued into Wednesday, with the hot topic extending into sessions for attendees at ROC as well as continued conversation around AI’s impact on current roles in hospitality. Russell Evans, Principal at ZS, led a session called “The Pragmatist’s Guide to Using AI in Hospitality” that offered the following criteria to help cut through the buzz and distinguish good opportunities to apply AI from the bad. These five criteria can help harness the power of the newest generation of AI:
- High ROI Problem: You have a well-defined business problem which, if solved, would have high business impact
- Large Scale: Solution must operate at a very large scale to be successful
- Unstructured Data: You have very large volumes of unstructured data (i.e., data that does not live in a clean table)
- High Novelty: Low likelihood of or desire for repetitive, expected outcomes
- Human Oversight: Humans can be easily involved to ensure ongoing accuracy and quality of outputs.¹
During another session on the evolution of revenue management to commercial strategy, attendees were advised to let AI “do the dirty data work,” and use their experience and expertise to analyze the results.
ROC attendees also learned about the most recent travel trends industry experts from Google, Meta, and Amazon, and representatives from GBTA, Longwoods International, and ALHI (Associated Luxury Hotels International). Breakout sessions delved deeper into effective commercial strategies, with a particular focus on data-driven decision making. Attendees had a chance to learn about the latest analytics tools and techniques, and how to leverage data in order to forecast demand, optimize pricing, and boost profits. The conference also featured a range of case studies and best practices from top hotel brands, showing how they are using customer data and insights to drive performance.
At the annual HITEC conference, attendees got a glimpse into the latest hospitality technologies and innovations. Hoteliers got a chance to explore cutting-edge solutions related to guest experience, operations, and revenue management, with insights on how to streamline processes, automate operations, and enhance profitability. Some of the key topics covered included generative AI including chatbots, personalized marketing, and blockchain, along with improved operational technology in finance, software as a service, food and beverage trends, door lock technology, among other innovations.
In today's dynamic hospitality landscape, staying ahead of the game requires constant learning and adaptation. HSMAI’s Commercial Strategy Week and HITEC offer a comprehensive platform for hospitality sales and revenue teams to gain insights, share ideas, and learn from industry experts and peers. To address the increasing need for holistic education and training in the area of commercial strategy, Kalibri Labs launched its Commercial Strategy Certification Program in collaboration with leading industry associations, including HSMAI, HFTP, and AAHOA.
The Commercial Strategy Certification will be powered by Kalibri Labs and the participating organizations will target various roles, including on-property and above-property general managers, financial and accounting managers, hotel owners, asset managers, and commercial teams consisting of revenue, sales, marketing, and digital leaders to gain deeper expertise in this new approach. With continued digital disruption significantly impacting profitability, acquiring the necessary skills to navigate these challenges becomes crucial for sustained success. Learn more about the certification here.
The Kalibri Labs team in Toronto at HSMAI Commercial Strategy Week events.
Left to right: Hillary Wiles, Sofya McIntosh, Jennifer Hill, CEO & Co-Founder Cindy Estis Green, Sadie Garside, Lee Knauer.
¹ Sourced from Key Take-Aways for ROC 2023, Russell Evans, ZS.
