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Total Profit Optimization - Billy Copelan, Sea Island Resorts & Jason Freed, MDO [Sponsored]
06/11/23 • 32 min
This episode is sponsored by MDO and their new report, Data-driven Strategies to Move Beyond Rooms Revenue.
Are you making the most of your business's revenue sources? All of them? Jason Freed, Hospitality Data Evangelist at MDO, and Billy Copelan, Director of Revenue Management at Sea Island Resorts, share their insights on unlocking the full potential of total revenue optimization. From Jason's background as a former journalist to Billy's passion for data and revenue management, their experiences have led them to explore the power of data to grow profitability.
Delving into the world of business intelligence and revenue management strategies, we uncover how Sea Island Resorts is using data to optimize its total revenue. Jason and Billy discuss the importance of combining data from all revenue sources, and how Sea Island increased its golf course revenue through customized packages and strategic tee times. Plus, learn how accurate forecasting and understanding ancillary spending can boost profits, like predicting the number of steaks sold each night and identifying which servers excel at upselling.
But it's not just about profits; providing value is equally important. We explore how Sea Island Resorts is using data analysis to offer incentives like "Member Monday" and additional discounts at specific times to drive business during slower periods. Discover how they leverage tools like PowerBI for interactive reporting and revenue management strategies to enhance membership experiences and optimize revenue.
A few more resources:
- If you're new to Hospitality Daily, start here.
- You can send me a message here with questions, comments, or guest suggestions
- If you want to get my summary and actionable insights from each episode delivered to your inbox each day, subscribe here for free.
- Follow Hospitality Daily and join the conversation on YouTube, LinkedIn, and Instagram.
- If you want to advertise on Hospitality Daily, here are the ways we can work together.
If you found this episode interesting or helpful, send it to someone on your team so you can turn the ideas into action and benefit your business and the people you serve!
Music for this show is produced by Clay Bassford of Bespoke Sound: Music Identity Design for Hospitality Brands
This episode is sponsored by MDO and their new report, Data-driven Strategies to Move Beyond Rooms Revenue.
Are you making the most of your business's revenue sources? All of them? Jason Freed, Hospitality Data Evangelist at MDO, and Billy Copelan, Director of Revenue Management at Sea Island Resorts, share their insights on unlocking the full potential of total revenue optimization. From Jason's background as a former journalist to Billy's passion for data and revenue management, their experiences have led them to explore the power of data to grow profitability.
Delving into the world of business intelligence and revenue management strategies, we uncover how Sea Island Resorts is using data to optimize its total revenue. Jason and Billy discuss the importance of combining data from all revenue sources, and how Sea Island increased its golf course revenue through customized packages and strategic tee times. Plus, learn how accurate forecasting and understanding ancillary spending can boost profits, like predicting the number of steaks sold each night and identifying which servers excel at upselling.
But it's not just about profits; providing value is equally important. We explore how Sea Island Resorts is using data analysis to offer incentives like "Member Monday" and additional discounts at specific times to drive business during slower periods. Discover how they leverage tools like PowerBI for interactive reporting and revenue management strategies to enhance membership experiences and optimize revenue.
A few more resources:
- If you're new to Hospitality Daily, start here.
- You can send me a message here with questions, comments, or guest suggestions
- If you want to get my summary and actionable insights from each episode delivered to your inbox each day, subscribe here for free.
- Follow Hospitality Daily and join the conversation on YouTube, LinkedIn, and Instagram.
- If you want to advertise on Hospitality Daily, here are the ways we can work together.
If you found this episode interesting or helpful, send it to someone on your team so you can turn the ideas into action and benefit your business and the people you serve!
Music for this show is produced by Clay Bassford of Bespoke Sound: Music Identity Design for Hospitality Brands
Previous Episode
Transforming Your Hospitality Career Through Personal Development - Rachel Vandenburg
Discover the power of personal development and how it can transform your career in the hospitality industry, as we chat with hotel owner and leadership coach, Rachel Vandenburg.
Learn from Rachel's own journey of self-discovery, as she shares the challenges she faced managing people and the turning point that led her to hire a coach. Uncover the keys to self-reflection, understanding your strengths and weaknesses, and applying that knowledge to your leadership style.
Level up as a hospitality provider and leader by mastering effective communication, cultivating a leadership mindset, and embracing humility in your journey. Delve into the intersection of hospitality and personal development, focusing on the industry's unique emphasis on person-to-person experiences. Gain valuable insights on fostering healthy debate, empathy in leadership, and personal growth's impact on your professional and personal life.
Don't miss this engaging conversation with Rachel, and start your own transformative journey today!
Links:
A few more resources:
- If you're new to Hospitality Daily, start here.
- You can send me a message here with questions, comments, or guest suggestions
- If you want to get my summary and actionable insights from each episode delivered to your inbox each day, subscribe here for free.
- Follow Hospitality Daily and join the conversation on YouTube, LinkedIn, and Instagram.
- If you want to advertise on Hospitality Daily, here are the ways we can work together.
If you found this episode interesting or helpful, send it to someone on your team so you can turn the ideas into action and benefit your business and the people you serve!
Music for this show is produced by Clay Bassford of Bespoke Sound: Music Identity Design for Hospitality Brands
Next Episode
Luxury Hospitality Trends, Opportunities, and Innovation - Zach Demuth, JLL
In this episode, Zach Demuth, Global Head of Hotels Research in JLL’s Hotels & Hospitality Group, shares what's going on in the world of luxury travel and hospitality.
Our discussion begins with an in-depth look at the rise of worldwide wealth, changing consumer spending habits, and the increasing demand for unique experiences, all contributing to the current market opportunities for luxury investments. Zach explains how capital from other sectors is moving into hospitality and creating unique experiences for guests, and the secondary effects of this trend that are transforming destinations.
Listen in as Zach shares his advice on making the most of these opportunities and how his own career journey has been anything but linear. You won't want to miss our insightful discussion on the future of luxury hospitality innovation and what it means for everyone in the industry.
Links:
- Read JLL's special report: The Evolution of Global Luxury Hospitality
- Follow Zach here on LinkedIn.
A few more resources:
- If you're new to Hospitality Daily, start here.
- You can send me a message here with questions, comments, or guest suggestions
- If you want to get my summary and actionable insights from each episode delivered to your inbox each day, subscribe here for free.
- Follow Hospitality Daily and join the conversation on YouTube, LinkedIn, and Instagram.
- If you want to advertise on Hospitality Daily, here are the ways we can work together.
If you found this episode interesting or helpful, send it to someone on your team so you can turn the ideas into action and benefit your business and the people you serve!
Music for this show is produced by Clay Bassford of Bespoke Sound: Music Identity Design for Hospitality Brands
Hospitality Daily Podcast - Total Profit Optimization - Billy Copelan, Sea Island Resorts & Jason Freed, MDO [Sponsored]
Transcript
Total revenue management sounds like something for revenue managers , right ? Well , it's actually important for all hospitality providers to understand , whether you work in revenue management or not .
JosiahJason Freed , Hospitality Data Evangelist at MDO , and Billy Copelan , director of Revenue Management at Sea Island Resorts , share with us what tota
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