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Articles by Mike Chuma
Column: Small hotels using revenue management to punch above their weight
WHEN IT COMES to growing hotel revenue, size does not matter. Economy hotels and micro-inventory properties are experiencing one of the biggest booms in recent years, thanks partly to a massive resurgence in small group travel, changing economic trends, and the staying power of global “return to travel”.
Extinction or Evolution? Three Hospitality Roles in Flux | By Mike Chuma – Hospitality Net
Hospitality work is one of the most enduring professions in human history, but it is not immune to the passage of time. Advancements in technology have made it easier for hotels to simplify operations, sharpen pricing strategies, and better know their customers. Still, as new innovations take root in the industry, the purpose of time-honored roles continues to evolve.
Reinventing Hotel Operations Post-Pandemic — LODGING
Across the United States, hotel operators are wondering if the current travel environment is a prelude to the future of hospitality and if they should take steps to grow and manage businesses more efficiently. While hotel operators can’t predict the future, they can still find new ways to adapt to the unexpected cost pitfalls resulting from the pandemic and prepare for what’s to come.
Getting the Most Value Out of Every Guest Booking and Stay — LODGING
In what is sure to be another year of change, hoteliers have to consider new ways to maximize guest value across all available revenue streams—a vast undertaking whereby operators must align all of their organization’s departments behind one unified purpose. Thanks to the diligence of hotel companies and the creativity of operators, hotels have been able to hold on thus far in a market that has not been forthcoming with new business opportunities.
Transforming the Predictable to the Unpredictable: Conversions and the Hospitality Market
The following are terms of a legal agreement ("Agreement") between you and HotelExecutive. By accessing, browsing and/or otherwise using this web site, HotelExecutive, you acknowledge that you have read, understood and agreed to be bound by these terms and conditions, and to comply with all applicable laws and regulations, including U.S. export and re-export control laws and regulations. If you do not agree to all of these terms and conditions, you may not access, browse and/or use HotelExecutive.
Visioning a Post-COVID Era in Revenue Management – Hospitality Net World Panel
World Panel In this viewpoint, we asked 9 leading solution providers to share their views and thoughts on how revenue management will change in the post-COVID era. In this viewpoint, we asked 9 leading solution providers to share their views and thoughts on how revenue management will change in the post-COVID era. Chinmai Sharma President – Americas, RateGain — website Skift Global Recovery Index shows that currently, we stand at 42% recovery compared to last year.
From revenue manager to hotel leader
Perhaps no role in hospitality has had as much impact on the industry’s evolution over the past few decades than the revenue manager. Following its leap from the airline industry to hospitality in the 1980s, revenue management technology has transformed nearly every aspect of the business, from the way travelers shop for rooms to how hotels collect and apply guest data. It wasn’t long before hotels were hiring dedicated revenue managers to track this information and remain competitive.
Breaking out of the silo: How hotels can redefine commercial success
Perhaps no hotel job role has transformed as much throughout its short tenure as the revenue manager. A few decades ago, hotels could afford to change their rates every few days - now rates never seem to stand still. First the entrance of the online travel agencies and advance pricing remade the landscape. Now, in the era of COVID, it is being remade again by an unprecedented level of uncertainty and the redefinition of guest value.
Judgment Day: The Time Has Come to Appraise Your Hotel Tech Investments
Hotel leaders have been told for decades now to keep up with the times and invest in novel technologies to stay ahead of their competition and survive in an ever-changing business landscape. The industry has made some great strides, removing barriers to innovation and implementing revolutionary systems. Now, facing a historic downturn, many hoteliers are looking back at the tools purchased when times were good to see how they will help them navigate periods of economic uncertainty.
Why Investing in a Hotel’s Online Reputation Matters
Hoteliers should be asking themselves how they can leverage technology and position their property as a desirable accommodation provider to the first wave of post-COVID-19 travellers as the market begins to stabilise. The global hotel industry has never faced more challenging operating conditions, with travel bans in place worldwide and a general directive to limit activities out of the home, hotel occupancy and revenues have declined significantly.
Why investing in your hotel’s online reputation matters – now more than ever - AccomNews - Australia
While many hotels are experiencing tangible challenges related to the COVID-19 crisis, it is essential that planning is also undertaken over this period for when the market begins to recover. Hoteliers should be asking themselves how they can position their property as a desirable accommodation provider to the first wave of post-COVID-19 travellers as the market begins to stabilise.
The Hospitality REVolution: All Systems Go!
Laying the foundation for a connected technology ecosystem and total revenue performance. Last October, IDeaS hosted REVolution 2019, a Hospitality Revenue Summit, in London.
Can Hotel Revenue Managers Help Save Our Planet? — LODGING
Okay, so linking revenue management to Captain’s Planet-esque environmentalism may be a bit of a stretch, but good planning and practices can help revenue managers reduce a hotel’s ecological footprint. And while optimizing profits and protecting the environment may seem at odds, there are parallels and synergies between the two objectives. To that end, here are 10 steps for using revenue science to support eco-friendly practices.
Total Revenue Forecasting – Sunny with a Chance of Profits | By Mike Chuma – Hospitality Net
Not long ago, people predicted weather by simply looking outside, taking in clues like wind or cloud cover and then hoping for the best. Today, weather forecasting utilizes a bit more sophisticated science and advanced technology, and we depend on it daily. But imagine if meteorologists relied on gut feelings to complete their forecasts?
Hotel Revenues: Profitability by Segmentation
The following are terms of a legal agreement ("Agreement") between you and HotelExecutive. By accessing, browsing and/or otherwise using this web site, HotelExecutive, you acknowledge that you have read, understood and agreed to be bound by these terms and conditions, and to comply with all applicable laws and regulations, including U.S. export and re-export control laws and regulations. If you do not agree to all of these terms and conditions, you may not access, browse and/or use HotelExecutive.
Disrupting Revenue Management
The following are terms of a legal agreement ("Agreement") between you and HotelExecutive. By accessing, browsing and/or otherwise using this web site, HotelExecutive, you acknowledge that you have read, understood and agreed to be bound by these terms and conditions, and to comply with all applicable laws and regulations, including U.S. export and re-export control laws and regulations. If you do not agree to all of these terms and conditions, you may not access, browse and/or use HotelExecutive.
Revenue Science 101: A Better Way to Revenue | By Mike Chuma – Hospitality Net
Opinion Article27 February 2019 This is the first installment in a series exploring the principles, process and unparalleled power of REVENUE SCIENCE By Mike Chuma, VP Global Marketing, Engagement & Enablement at IDeaS Comments Class is in session. Welcome to Revenue Science 101.
Norfolk Waterside Marriott Begins Next Phase of Renovation
NORFOLK, Va.—On the heels of updates to its two restaurants—Shula’s 347 Grill and The Dining Room—the Norfolk Waterside Marriott is in the early stages of a three-year plan to bring new life and bookings to its convention destination. Originally completed in 1991, the 24-floor building is currently under renovation with updates taking place from the lobby to the penthouse suites, creating a more architectural, clean, and modern aesthetic.
Transitioning Staff To a New Revenue Management System
The Room Key: Transitioning Staff To a New Revenue Management System Mike Chuma of IDeaS shares his three tips for training staff on a new RMS. The Room Key is LODGING’s advice column for hoteliers, managers, and team members at all levels of hospitality. Experts will answer questions on everything from operations and F&B to finance and marketing. Have a question for our experts? Submit it here. What are your tips for training staff on a new revenue management system?
In revenue management, a smart, disciplined distribution strategy key to boosting a hotel's bottom line
In the hotel revenue-management playbook, maintaining a well-oiled, proactive distribution strategy is crucial. How you choose to distribute your offerings should be carefully and regularly assessed, with the goal of maximizing your profit potential always in mind. Evaluating channel acquisition costs, looking beyond OTAs for better revenue opportunities and finding ways to drive more direct bookings are all good practices for monitoring and improving the health of your distribution strategy.
Winter is coming: Preparing for the next season of channel management
Mike ChumaMike Chuma joined IDeaS in 2016 as Vice President of Product Strategy, bringing more than 15 years of progressive experience in driving growth and strategy in enterprise SaaS technology, e-commerce platforms, brand management and marketing for companies ranging from start-ups to Fortune 500 organizations.
It’s time to question your revenue strategy - eHotelier
New hotels are breaking ground, renovating or reflagging in nearly every single market. Industry consolidation continues to fuel online behemoths like Booking.com and Expedia with no signs of stopping. A sustained appetite for sharing economy wunderkind Airbnb and others like it illustrates a growing number of tenable threats poised to pilfer hotel market share. When you stop and look around, it seems as though hotels are facing unbridled online competition.
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