Editorial Board   Guest Author

Ms. Childs

Carolyn Childs

Principal, Mytravelresearch.com

Carolyn Childs has spent more than 25 years' helping businesses achieve their goals by using research and other evidence to guide strategy and planning - mainly in the aviation, travel and tourism fields. She has worked in more than 35 countries on every inhabited continent and brings a detailed understanding of customers and how to connect with them. As well as running her own businesses, Ms. Childs has worked for organizations such as the International Air Transport Association, TNS (the world's largest custom research company) and ran the Travel Research Centre for 8 years. Her clients include blue chip names across the industry including Aer Rianta, Tourism Australia, TurEspana (Spanish national tourism organisation), Air New Zealand, Qantas and Emirates. Ms. Childs' passion is making a difference and she does this by making research accessible and business focused. With Bronwyn White, she co-created Domesticate™ (now owned by TNS) - one of the industry's most respected sources of strategic direction for the Australian domestic tourism market. Ms. Childs set up MyTravelResearch.com with Ms. White in 2011 to help fulfill this passion by making the tools, approaches and insights accessible to everyone. Ms. Chiilds is a regular speaker at conferences and writes blogs for Sparksheet (on behalf of TNS) and MyTravelResearch.com. She has written an e-book “Same, same but different: Connecting with Consumers in Emerging Markets” She is a Full Member of the (UK) Market Research Society), contributes to the UNWTO panel of world tourism experts and is a founding board member of the TTRA Asia Pacific Chapter

Ms. Childs can be contacted at 610416213962 or carolyn@mytravelresearch.com

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.