The last day of OPTIMIZE2016 began with a lively debate about the current political environment in the United States, leaving attendees to contemplate how that environment affects business.
The Friday 2/19/2016 general session was moderated by Gary Sinderbrand, Founder, Betterpath, Inc. and featured two prominent business leaders who support opposing sides of the American political spectrum.
- Mitchell Berger co-founded Berger Singerman, a commercial law firm that serves Fortune 500 businesses in 1985 and now serves as co-chairman. As a known democratic party contributor and corporate attorney, Berger’s perspective provides an interesting take on the political outlook for 2016. Additionally, Mitchell represented Vice President Al Gore and Joseph Lieberman in the post-2000 election Florida lawsuits in Bush v. Gore.
- Sig Rigoch is the president of The Rigoch Communications Group, a marketing, communications, political campaign, media relations and business development firm. Sig Rigoch’s work impacted the success of some of the most iconic Republican politicians, including “Ronald Reagan, George H. W. Bush, George W. Bush and presidential hopeful, Senator John McCain,” - LasVegasPR.com. Sig has also served as the National Finance Chair for The Republican Governor's Association.
Berger and Rogich made their picks for the 2016 nominees for each party and who will ultimately win the presidency. Berger believes that the next president should not be afraid to be frank with the American public, “[The] next president needs to inspire to rebuild the country so we can compete with the world – create the infrastructure to create the small business.”
He named the three people who are qualified to do this: Bush, Kasich and Clinton. He feels, ”Hillary can help recapitalize the country to rebuild.”
Rogich had a different take. He said it was too soon to tell who the next president will be, but that people are focused on who will control the senate. Rogich said, “I don’t think anyone is prepared to be the next president. If I had to pick I want Bush or Kasich as president.”
Economic Policy: Revenue Optimization Best Practices From the Experts
Eric Browning’s early morning discussion on revenue optimization best practices began with the key component for successful revenue management: continuous improvement.
Revenue managers should analyze performance by asking open ended questions, such as:
- What is my best available rate pricing strategy?
- What is the goal of each discount offered?
- Is my mix of business changing for the better? Why or why not?
- How am I translating analysis of past performance to improvement of future results?
- How is the forecast used to improve future performance?
- What actions are taken to generate additional revenue?
Once revenue managers have analyzed the data, Browning suggested benchmarking your performance against the competitive set, using the following: STR Report (Smith Travel Research)
- If you grew your hotel group by three percent, and the competitive market grew by six percent, your growth suddenly doesn’t seem so good!
- Manage your mix of business – create a scenario to remix business that will help you reach market share targets
The major takeaway that Browning left with attendees was to turn lessons into action!
The conference sessions were rounded out mid morning with Embedding Business Strategies in guestrev with Matt Saeger and A Day in the Life of Guest Rev with Lydia Patterson and Kristi White.
OPTIMIZE2016 closed out mid-day with a montage of the conference events and sessions. You can read a full recap of the event here. The finale included an interactive announcement for the OPTIMIZE2017 location that left the audience on the edge of their seats.
Will you join us for OPTIMIZE2017 at the Terranea Resort in California?