Editorial Board   

Mr. Dahm

Richard Dahm

Senior Risk Consultant, National Hospitality Division, Wells Fargo Insurance Services

Richard Dahm, Jr. is senior risk consultant for the National Hospitality Division of Wells Fargo Insurance Services in Clearwater, Florida. As a hospitality specialist, his expertise includes property, restaurant/hotel facilities, and risk management. He holds a BA in management from Eckerd College and an MBA from DeVry University. He is a native Floridian and a member of the Florida Restaurant and Lodging Association. Mr. Dahm's knowledge, experience, and determination have proven unequalled in Florida's hospitality industry. His high energy level, resourcefulness, and high caliber risk management experience, coupled with his professional staff of claims, safety, and marketing professionals enables him to provide hospitality executives with the type of consultation that reduces insurance risks and premiums. The Clearwater, Florida office (formerly Acordia Insurance) has served the insurance needs of Florida businesses for over 100 years and now adds the 150 years of experience and global reach of their new parent, Wells Fargo Company. Wells Fargo Insurance Services, is a Wells Fargo Company headquartered in Chicago, Ill. They provide insurance brokerage, administrative services, as well as a wide range of financial and consulting services to thousands of clients from over 150 local offices across the nation. Today, their 4,500 associates place more than 8.5 billion in risk premium making Wells Fargo Insurance Services the fifth largest insurance brokerage firm in the world and the largest bank-affiliated insurance brokerage firm in the U.S.

Mr. Dahm can be contacted at 80028233435436 or Richard.Dahm@wellsfargo.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.