Editorial Board   

Mr. McKean

Michael McKean

CEO, The Knowland Group

Michael McKean founded the Knowland Group in 2004. He is directly responsible for the company's strategic planning, operations management and product development. His background in designing and implementing enterprise sized information systems has given him a wealth of knowledge that has served him well as the lead visionary behind the Knowland Group. From 1995-2005, Mr. McKean gained exposure to a variety of business processes, working environments and corporate cultures through his work in the field of information systems. During this time he was employed as a software engineer, systems architect and project manager on a number of projects. These engagements required a deep understanding of how a variety of businesses conducted everything from market research to global securities trading to call center operations. Mr. McKean graduated from the University of Colorado and has taken graduate level courses in information systems. He is an active member in the Washington, DC chapter of the Entrepreneur's Organization and on the advisory board of the Wicomico County Convention and Visitor's Bureau. He is an avid skier and voracious reader. He and his wife, Jennifer, have two children, Melanie and Thomas. For more information please visit www.knowlandgroup.com.

Mr. McKean can be contacted at 3026459777204 or MMcKean@KnowlandGroup.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.