Editorial Board   

Mr. Costin

Matthew Costin

Global Director (Hotels & Hospitality), BDRC Continental

Matthew Costin, is the Global Director (Hotels & Hospitality) of BDRC Continental, a market research consultancy specialising in the hotels and hospitality sector. In more than a decade at BDRC, Mr. Costin has worked with many of the world's leading hospitality companies, such as IHG, Hilton, Starwood and Marriott. He is an expert in the fields of brand equity and customer experience and is also a recognised authority on the meetings and conference sector. Mr. Costin joined BDRC in 2002, having started his insight career two years earlier with Abacus Research, where he worked mainly for clients in the financial services and media verticals. At BDRC, he assumed responsibility for the agency's work in the rapidly growing meetings and conference sector. In addition to overseeing the BDRC Meetings Market Survey programmes, Mr. Costin launched VenueVerdict, a suite of hospitality customer experience management and competitor benchmarking applications that has now been adopted by hotel companies in more than 70 countries worldwide. In 2008, Mr. Costin was promoted to BDRC's senior management team and appointed to head up the company's global Hotels & Hospitality research practise, which operates out of BDRC's head office in London as well as regional offices in Singapore, Beijing and Sydney. Alongside his management responsibilities, he retains a hands-on role with custom hotel research and consultancy assignments, as well as BDRC's global Hotel Guest Survey and Meetings Market Survey program. Mr. Costin has a MA in International Relations from the University of Sussex and holds an MBA from Henley Business School.

Mr. Costin can be contacted at 4402074001004 or matt.costin@bdrc-continental.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.