Hotel pricing in a post-parity world - Duetto webinar slides
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With recent regulations and court cases limiting or outlawing rate parity agreements in parts of Europe, hotels everywhere are gaining more control over their pricing and distribution than ever before. Even in the U.S., savvy hoteliers are rethinking their pricing strategies and looking for ways around rate parity. But with those opportunities also come new challenges as third-party distribution partners still wield plenty of power. In this rapidly changing space, hoteliers must have the right strategies and tools in place to effectively price their inventory, drive direct bookings and maximize profits. In this webinar, you’ll learn: What the recent rulings mean for hotels in Europe and around the world The importance of pricing all channels independently and in real-time How to use your loyalty program to drive more direct bookings with personalized pricing Panelists for this FREE webinar are: Michael McCartan, Duetto, Managing Director, EMEA Etienne Faisandier, Mövenpick, VP Revenue Management & Business Intelligence Ted Teng, The Leading Hotels of the World, CEO Sean O’Neill, Tnooz, Editor-in Chief & Moderator Kevin May, Tnooz, Senior Editor & Producer This free webinar took place on Thursday, the 12th of November.
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Hotel pricing in a post-parity world - Duetto webinar slides
- 1. Hotel pricing in a post-parity world Webinar 12 November 2015
- 2. Your hosts Sean O’Neill Editor-in-Chief & Moderator Tnooz Kevin May Senior Editor & Producer Tnooz
- 3. Your presenters Michael McCartan Managing Director, EMEA Duetto Etienne Faisandier VP, Rev. Management & Business Intelligence Mövenpick Ted Teng CEO Leading Hotels Of the World
- 4. Poll no. 1 Where are you located?
- 5. Poll no. 2 Which industry segment do you represent?
- 6. Michael McCartan Managing Director, EMEA Duetto delivers cloud-based revenue strategy to hotels, allowing them to maximize profits through actionable data to better manage pricing, revenue and business mix decisions. Past Experience:
- 7. What We’ll Cover ▍ Current state of rate parity ▍ Effects of parity on distribution ▍ Distribution of tomorrow
- 8. Short History 1990s 2000s 2010s 1990s Hotel chains require hotels to match any rate offered by any other party 2002-2003 Hotel chains impose rate parity clauses to prevent merchants under selling them December 2013 HRS ordered by Budeskartellamt to remove MFN clauses April 2015 Booking.com “voluntarily” drops the MFN requirement from its contracts July 2015 Macron law passed in France 2015
- 9. Most Favoured Nation ▍ Clause designed by OTAs ▍ Obligate the hotel to give OTA the best price ▍ Example: Under a MFN, the seller promises Buyer A that it will not offer Buyer B better terms unless it first offers those, or better terms, to Buyer A.
- 10. Rate Parity ▍ Practice introduced by hotel chains or brands ▍ Prevent any third party selling the room at less than the company-established rate. $149PER NIGHT $149PER NIGHT $149PER NIGHT
- 11. Poll no. 3 For hoteliers, what percentage of your inventory is sold through OTA channels?
- 13. Historically Travelers Booked Directly with Stay Brands 13 Consumer Stay Brands Courtesy
- 14. Booking Brands Dominate Consumer Point of Entry 14 Consumer Stay Brands Booking Brands Courtesy
- 16. Consumer Loyalty is Changing 80 million people – the largest generation in US history 64% of Millennials are more or as brand-loyal as their parents What they want from a brand ▍ Authenticity (humanize your hotel) ▍ Engaged on social networks What they want from a loyalty program ▍ Easy to join and easy to understand ▍ Unique, relevant and unexpected rewards
- 17. What is Required to Thrive? 17
- 18. How to Thrive Start Practicing Revenue Judo 1. Redefine revenue strategies 2. Create a culture of collaboration 3. Connect with customers in booking process 18
- 19. Redefine Pricing Strategy ▍ Dynamic free-float pricing for all segments ▍ Independently price every single segment, channel, room type and offer ▍ Leverage price elasticity regardless of market segment 19
- 20. Open Pricing Versus Rate Hurdles ▍ Create a dynamic floating discount ▍ Don’t close channels, instead reduce discounts ▍ Maximize Billboard Effect and drive revenue ▍ Combine rates like the OTAs to ensure your IBE has at least the same deal Open Pricing Hurdle Rates Mon Mon Tue Tue Wed Wed
- 21. Regional Office Owner Hotel Brand Property Management Collaborate Across the Hotel 21 Operations Sales & Marketing Distribution Revenue Management GM
- 23. WELCOME TO THE INTERNET OF GUESTS
- 24. Today’s Undifferentiated Loyalty Isn’t Working | Points | WIFI | Points | Food | WIFI | Points | WIFI | Parking | WIFI | Parking | Points | WIFI | Points | Parking | WIFI
- 25. The New Loyalty: Personalized Open Pricing Your most profitable guests become direct customers for life €195 €181 1-1 rate €199€175 1-1 rate 1-1 rate Public rate €0 €190 Non-room spend €240 Non-room spendNon-room spend
- 26. Ted Teng President and CEO The Leading Hotels of the World Luxury hotel collection with more than 400 hotels in 80 countries HQ in New York City Past Experience: Prime Opus Partners, LP
- 28. Rate Rarity ▍ Selling at the same price not fair ▍ 25% margins vs. 10% commissions – who has more resources? ▍ High margin = High rate? $149PER NIGHT $149PER NIGHT $149PER NIGHT
- 29. What is the product?
- 30. Rate Integrity ▍ Key players: Consumers and suppliers ▍ What does the consumer get? ▍ More choices for consumers ▍ Suppliers match inventory to demand curve
- 31. Acquisition costs 37% 20% 2009 2010 2011 2012 Commission increase Revenue increase
- 32. Control your destiny ▍Lose control of distribution = Lose control of pricing ▍Hoteliers: Your inventory. Control it.
- 33. Loyalty How a loyalty program fits into your distribution strategy
- 34. Looking ahead…
- 35. Etienne Faisandier VP Revenue Management & Business Intelligence Mövenpick Hotels & Resorts Upscale hotel brand and management company founded in 1973 HQ in Baar, Switzerland 82 hotels, resorts and Nile cruisers Past Experience:
- 36. Channel Overload
- 37. Regional pricing
- 38. Loyalty How a loyalty program fits into your distribution strategy
- 39. Revenue touchpoints 39 Revenue Management Sales & Marketing Regional Office Operations GM Owner Distribution Hotel Brand Property Management
- 40. Rate Parity Have recent rulings changed your approach?
- 41. Looking ahead…
- 42. Poll no. 5 What is the future of rate parity?
- 43. Q & A
- 44. Thank you! Send your questions and comments to soneill@tnooz.com Replay and presentation will be available on www.tnooz.com