We are sitting in a meeting with the CMO and a new marketing operations director from a large, well-established company. They had called and asked for a meeting to help kick their marketing metrics and dashboard up a notch.In the last year, this marketing organization has added various capabilities, including customer relationship management, marketing automation, and marketing resource management systems. The marketing operations director has a staff, which includes the marketing automation and marketing resource management teams.Recently, they've had some measurement adoption issues, so they decided to appoint a dozen of the marketers from their200-person global marketing organization with marketing performance and operations responsibilities, with dotted line reporting to the marketing operations director. Some adoption issues are related to experience and training, but some are more subtle and the result of people who aren't receptive to change. As we listen, I realize that this team didn't take change management into account at the beginning of their journey.No Magic Pill for an Instant ChangeThe size or industry of a company doesn't matter. Every aspect of marketing performance management often requires cultural, process, and skill changes.Many times these organizations underestimate the effort required--they want something fast and easy. It reminds me a little of people who want to lose weight, but they don't want to make any activity changes or diet. They want to take a pill to lose weight, preferably while they sleep, and watch the pounds quickly melt off.Unfortunately, such a magic pill doesn't exist. Even the diet pill companies clearly state, "X pill was designed to be used in conjunction with a healthy diet and exercise. Some users may lose weight without changing their diets or exercising, but exercise and healthy eating are recommended for optimal results." And there you have it, most of us who want to lose weight are going to have change--change our diet and/or change our exercise routine.Change Is Part of a Company's ImprovementChange is pervasive in our society and a fact of life in organizations. Change involves making alterations to the organization's purpose, culture, structure, and processes in response to seen or anticipated changes in the environment. It can also facilitate prosperity and growth, even in volatile, uncertain, complex, and ambiguous environments.Effective strategic marketing leaders realize that change is part of the continuous improvement process, and CMOs bent on survival embrace change.Three Elements of ChangeAuthor Dallas Willard tells us that successful change takes three elements: vision, method, and will.VisionSuccessful change hinges on a picture of a desirable future.Vision can provide both a corporate sense of being and a sense of enduring purpose. In 1995, John Kotter, a professor at Harvard Business School and world-renowned change expert, introduced his eight-step change process in his bookLeading Change. Kotter posits that without a sensible vision, change efforts can dissolve into a list of confusing projects that take the organization in the wrong direction. Kotter strongly emphasizes that the vision must be easy to communicate. That is true for marketing teams adopting performance management. The CMO must create the sense of urgency, craft and communicate the vision, remove obstacles, produce short-term wins, anchor the change in the culture, and build on the change.One of the easiest, least expensive ways to create a quick win is to change the approach to the marketing plan, which is an existing process and output for many organizations.MethodOnce you have a vision, the next thing you need is a method.Using the losing weight example, let's imagine that there is an upcoming event in a few months where being slimmer is important, a class reunion for example. You can envision all the benefits dropping 20 pounds offers both in the short term, for this event and, in the long term, for your overall health. The next step is to decide how to lose the weight... Will you hire a trainer and nutritionist? Join a gym? Join a weight loss group?When you work with a firm that specializes in marketing operations, marketing performance measurement, marketing accountability, and so on, they should have a well-defined method you will use and can then adopt.WillThe last item is intention or will. This is probably the most critical for any successful change. If you don't really want change and/or you can't get your team onboard, the probability of success is slim. An initiative is only successful when individuals change their daily behaviors and workflows. Being able to mobilize the individual change necessary for an initiative to be successful and deliver value to the organization is the essence of change management.Here are five important steps to support will:Be aware of the need for change. If you don't think you need to lose weight, you won't.Desire the change. Even if you may know that your life or quality of life depends on making a change (stop smoking for example), you have to want to change. Performance management takes hard work, so the payoff and value needs to be very clear.Know how to make the change. The team members need to know how the change is going to take place and their roles in the change. They need to understand the timing and rhythm.Develop the skills needed to implement the change. Most likely, team members will need skill development, and hands on training is key to adult learning. Include this investment in your performance management budget.Reinforce the change. For the change to be sustained, constant vigilance and reinforcement is vital.In a world where the rate of change is speeding up, the best defense is a good offense. So, master change management by planning for these three key elements: vision, method, and will.
RobertDouglas - ·11h
New York, NY -- Leading hospitality investment banking firm RobertDouglas announced the promotion of two senior members of the firm to the level of Managing Director. Evan Hurd, based in New York, and Christopher Ropko, based in San Francisco, have each contributed significantly to the firm's rapid growth working as advisors to private and institutional clients throughout North America."I am delighted to welcome Chris and Evan to the highest rank of our leadership team," said Robert Stiles, Managing Director and co-founder of RobertDouglas. "They have each helped establish RobertDouglas as one of the leading hospitality transaction advisory firms in the nation. Douglas Hercher, Managing Director and co-founder of RobertDouglas added that "these promotions mark a milestone in their careers and evidence the depth of talent within RobertDouglas."Evan Hurd focuses on advising clients in the sale, financing, and joint venture capitalization of institutional-quality hotel properties and portfolios throughout North America. Recent transactions led by Mr. Hurd include the sales of the 70 Park Avenue Hotel and Jade Hotel in Manhattan, the sale of the Ames Hotel in Boston, arranging the sale and subsequent financing of the Tarrytown House Estate on the Hudson in Tarrytown, New York, and advising in the restructuring of a significant hotel portfolio in New York City.Prior to joining RobertDouglas in 2013, Mr. Hurd served as an acquisitions officer at Barings Real Estate Advisers (f.k.a. Cornerstone Real Estate Advisers), where he was involved in over $750 million of hotel acquisitions on behalf of a closed-end discretionary fund, Mass Mutual Financial Group, and other separate-account clients. Prior to that role, Mr. Hurd was a Director of Acquisitions at HEI Hotels & Resorts, and involved in numerous value-add transactions on behalf of HEI Hospitality Funds II & III. Mr. Hurd is a graduate of Cornell University's School of Hotel Administration and is a regular speaker at industry events.Christopher Ropko specializes in raising debt and equity capital at the property, portfolio, and entity level for private and institutional clients. Recent transactions led by Mr. Ropko include the $820 million Denihan/Pebblebrook Joint Venture restructuring, the record-setting sale of the Capella Hotel in Washington, D.C., and the $670 million refinancing of a national portfolio of Courtyard by Marriott Hotels.Prior to joining RobertDouglas at the firm's inception, Mr. Ropko was a portfolio manager at PIMCO focusing on public and private commercial real estate investments through the $2.4 billion Bank Recapitalization and Value Opportunities (BRAVO) Fund I at PIMCO. Prior to that, Mr. Ropko was an associate at Goldman Sachs in the Merchant Banking Division where he focused on hotel investments through the Whitehall series of real estate private equity funds. Mr. Ropko is a graduate of Cornell University's School of Hotel Administration and is a regular speaker at industry events.. . . . . . . . . . . . . . . . .RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry's pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact firstname.lastname@example.org or go to www.robert-douglas.com.
As United Kingdom Prime Minister Theresa May revealed her Brexit plan, British hoteliers met for the first big conference of 2017 amid concerns of hiring, retention and supply cost increases as the country begins to leave the European Union.
Travel Weekly (UK) Blog - 19 January 2017
Preparation is the key for your brand in the face of a storm, says Steve Dunne, executive chairman of the Brighter GroupThe news of the attack in Berlin, the inquests into the murdered tourists in Sousse, the almost daily reports of terrorist attacks around the globe - all are a constant reminder to consumers that we live in dangerous times.
National Real Estate Investor (NREI) - 19 January 2017
The financing market has demonstrated tremendous growth and robust activity this past year. According to a report by the Mortgage Bankers Association, over $500 billion in commercial real estate loans were originated this past year, indicating a strong financial landscape for lending. Low interest rates, steady rental growth and rising property values are increasing investor activity in commercial real estate, driving up demand for loans to finance these investments.
Hotel Management - 18 January 2017
At the World Economic Forum in Davos, Switzerland, Marriott CEO Arne Sorenson--who will receive the IHIF Lifetime Achievement Award in March--discussed a variety of topics with Business Insider, many dealing with the various changes and challenges Marriott faced in 2016, and what's ahead for the company now that it's 30-brands strong.
Tnooz - 18 January 2017
President-elect Donald Trump is well-known now for not only mixing his metaphors but also proclaiming one thing and then saying something else later.Countless examples are being paraded in the mainstream and social media on a daily (probably hourly) basis as the controversial hotel magnate gets ready to take his seat in the Oval Office of the White House later this week.
MarketingProfs·Requires Registration - 18 January 2017
As the winners and losers of the 2016 US elections continue to ponder the results, one trend is clear: Social media affected the November election by generating a mass conversation that polarized voters and helped Donald Trump project his political image onto a new playing field.
Lodging Magazine - 18 January 2017
As we step into a new year and a new political dynamic here in Washington, AHLA and the hotel industry are looking forward to President-elect Donald Trump's first 100 days, and we plan on working closely with his Administration and the new Congress to promote our industry and our issues.And what a dynamic industry we have: Hospitality is a bipartisan industry that powers the economy, supporting 8 million jobs around the country and contributing nearly $600 billion to the U.S. GDP. Our focus in the coming days and months will be to promote policies that boost the economy, support entrepreneurship and business growth, and promote travel and tourism across the United States to ensure we preserve the ability for our industry and our employees to grow and prosper.
harvardbusiness.org - 18 January 2017
Leaders across the globe feel that the unprecedented busyness of modern-day leadership makes them more reactive and less proactive. There is a solution to this hardwired, reactionary leadership approach: mindfulness.
Food Marketing Institute (FMI) - 18 January 2017
The world still has two days before the new administration takes office, but the 115th Congress was sworn-in over two weeks ago. Republicans held on to majority control of both the House and Senate, and lawmakers reelected Paul Ryan (R-WI) as Speaker of the House, while Senate Democrats have a new leader in Senator Chuck Schumer (D-NY) following the retirement of Harry Reid.
Sabre Corporation Blog - 18 January 2017
Many of us make resolutions for change and transformation when we're bright-eyed and bushy-tailed at the start of the year. There's optimism from having a clean slate of sorts. This focus can fade as the operational realities of the year set in. So while change and transformation are top-of-mind, we asked our Travel Expert Index about this topic.
harvardbusiness.org - 18 January 2017
If you asked the world's most successful business leaders what it means to "be strategic," how many different answers do you think you'd get? Consider this number: 115,800,000. It's the number of unique links returned when I searched online for "strategic leadership."There's a good reason for all of those links: Strategy is complex. Thought leaders from all over the world have created sophisticated frameworks designed to help leaders grapple with their own strategies at an abstract level. But the reality is that strategy succeeds or fails based on how well leaders at every level of an organization integrate strategic thinking into day-to-day operations. This is less about complexity and more about practical focus.
- 18 January 2017
The Hospitality industry is one of the most volatile to invest in. The mantra 'customer is king' must have emanated from this Industry because there is no other sector where customer satisfaction is more emphasized as it is in hospitality. While you might offer the most luxurious facilities, overlooking simple issues can instantly lead to a criticism from your customers. In this age of instant communication, the situation is even worse because the information about your poor services will be shared rapidly. As a hotel maintenance manager, you should always be on the lookout for any glitches that can lower customer satisfaction levels. This is however easier said than done; from floor management, to house-keeping management and much more. The job profile is really hectic. This is where Computerized Maintenance Management System (CMMS) comes in handy. The system helps optimize hotel maintenance, thus assuring high customer levels throughout. To understand better how CMMS software helps you achieve outstanding customer satisfaction, consider the following factors:1. Asset TrackingOne maxim in business is that you can only manage what you know. The same applies here because, if you are to maintain your assets, then you have to keep track of where and in what condition they are. Efficient management of assets is only possible if you understand precisely the layout of the hotel in terms of the location of your equipment. If a guest complains about a broken toilet in a particular wing, you need to have complete information about that particular room. More importantly, you should know whether there were any scheduled repairs for the asset. Asset management software provides detailed reports on your assets and maintenance records of the same. Easier tracking of your hotel's assets translates to easier maintenance.2. CMMS Improves Response Time To Work OrdersOne of the major pitfalls in the hospitality industry is delays in responding to work orders. If there is a mechanical or electrical failure, the maintenance manager should get the information immediately in order to initiate repairs. With web CMMS, it is easy to send notifications to the right people for faster response. It is now possible to send alerts via email or mobile gadgets. Quick response to emergencies will boost customer satisfaction. With Radio Frequency Identification (RFID) it is also possible to track, record and manage tagged assets, which gives an overview on how well these assets are being utilized. In case, any of the assets is taken out of the hotel, there is an immediate alert, so quick action can be taken.3. CMMS Helps Manage Daily Inflow Of Maintenance RequestsIn a large hotel, it is easy for the front desk to get overwhelmed with maintenance requests from customers. If this is done manually, there is risk of communication breakdown, if the records are lost. With mobile CMMS, it is easier to track any volume of maintenance requests and this is done in real-time. The right people are notified on time and the status of the request is easy to check.4. CMMS Helps You To Keep Up With Preventive MaintenancePreventive maintenance is a sure way of keeping guests at a hotel, happy. The preventive maintenance software helps you keep up with pending maintenance to reduce breakdown and avert emergencies. The last thing you want is to have a distressed guest because of a poorly maintained elevator. Preventive maintenance is cheaper than reactive repairs. This also minimizes downtime which is a business killer. The automated system informs technicians when repairs are due.5. CMMS Improves Scheduling And PlanningEfficient scheduling and planning is crucial towards keeping customers happy. The more maintenance requests you have the more important scheduling and planning becomes. Maintenance management software allows the manager to follow up on service requests, carry out inspections and schedule repairs. The communication dashboard guarantees that the requests are sent in real-time promptly, and to the right people.6. Vehicle ManagementRadio Frequency Identification (RFID) tags your hotel fleet to make it easier to track the vehicles, and also enhances security. The system can also be integrated with security software, so that it opens automatically when an identified vehicle approaches the gates.7. Tracking PersonnelRadio Frequency Identification (RFID) technology can also be used to track personnel for attendance and even customers. To provide customized services, it is important to tag guests in order to understand and handle their preferences better.8. CMMS Improves Efficiencies And Reduces CostsCMMS in the hospitality industry lowers operational costs by reducing breakdowns. Preventive maintenance also means more efficiency, which cuts down operation costs. A maintenance manager can establish Key Performance Indicators (KPIs), such as cost of equipment, employee utilization rates, repair costs among others.Conclusion Computerized Maintenance Management System is crucial especially for a large hotel facility. By automating manual maintenance processes, you improve efficiency, cut operation costs, increase staff productivity, optimize asset management and hence deliver customer delight, effortlessly.
Tarun S. Patel is a second generation hotelier and entrepreneur specializing in Hospitality Management and Development, Deal Structure, Finance and Accounting. He's Principal of Pacific Hospitality Company, and Founder and CFO of Pracrea Inc, a Silicon Valley based startup offering software-as-a-service solutions used by commercial real estate brokers and owners to manage the sale of their listings and properties. Their solution, TheHotelInventory.com, provides a virtual meeting place for hotel buyers and sellers that helps hotel sellers and brokers market their properties, and hotel investors find their next investment.
Smartblogs F&B - 18 January 2017
With every new year comes an updated collection of regulations that affect food and beverage businesses, from restaurants to groceries to food manufacturers -- and everyone in between. Check out the following quick summary of some of the most impactful regulations that are either already in place or could be coming up the pike, which could impact food, beverage and retail businesses nationwide.
National Real Estate Investor (NREI) - 17 January 2017
It's an exciting time to assume the role of president of the Institute of Real Estate Management. Certainly, there is enough transformation on both political and economic fronts to keep us busy for the following year and well beyond. But it is a particularly interesting time for the growth of property management in Asia, where the pursuit of optimizing building value is creating unprecedented potential.
eHotelier.com - 17 January 2017
If you search the internet for 'hotel trends 2017', you'll find plenty of advice and opinion on product, marketing and technology as well as endless articles on ways to please that much bandied about group of people, the millenials.
skift.com - Digital - 16 January 2017
As more travelers get trip inspiration from platforms like Facebook and Instagram, travel brands have linked arms more aggressively during the past year with the people that help make these platforms appealing -- the influencers that travelers identify with.Influencer marketing takes many forms but one thread runs through all of them and that is brands' desire to speak to travelers that value what an influencer has to say and, in turn, respect their opinion of a brand.
Tnooz - 16 January 2017
Huge investment sum to the tune of $50 million going into Upside - on the day Jay Walker officially unveils the site.The startup (TLabs here from June 2016) has been in beta testing for months but used today's launch to disclose that it has raised the money from a group of investors including Red Ventures and Leucadia National Corporation.
Nick Vivion - 16 January 2017
No longer isolated to the IT department, security is a vital piece of any modern business. As technology reaches across today's enterprise, everyone is a stakeholder. Organizations require a holistic approach that identifies effective security strategies through collaboration, stakeholder engagement and agile contingency planning.
Hotel Online - 16 January 2017
Hotel mixed-use projects have proliferated over the past decade or two -- projects that combine a hotel with retail, residential, entertainment, office and other uses. In recent years, many of these projects combine hotel and shopping center elements. We are big fans of hotel mixed-use.Over the years, we have written about the numerous advantages that accrue to both hotels and shopping centers, when hotels are added to the right shopping or retail center. One study showed that the right hotel can boost gross sales at shopping centers 20% - 40% -- and hotels can get 30% - 40% RevPAR advantage over hotels in their competitive set.
Lodging Magazine - 16 January 2017
One of the most challenging pieces of starting a new hospitality venture is finding funding and developing a financing system that works in tandem with that project's vision--and all funding begins with finding the right platform to serve as the foundation for the new project.In March 2014, Kalisa Martin and Jeff Belizaire were feeling bogged down by the long New York City winter. The pair decided to escape to the warm, sunny shores of Jamaica for a long weekend. It was on this trip that they got the idea to open a B&B together. "We thought, why not?" they describe. "It could happen, and could happen right here in Jamaica." Their brief vacation and respite from the hustle and bustle of the city re-energized them both as they returned home to start working on their new project. By June, they had laid the groundwork to set their B&B project in motion. By July, Martin and Belizaire had quit their jobs in the city and by October, they had settled down in Jamaica to open a bed and breakfast called The Runaway.
Plateno Germany Management GmbH - 16 January 2017
February 2017 marks the opening of a third 7 Days Premium Hotel in Austria after two already operating in Linz and Salzburg. The new hotel, which boasts 95 contemporary-chic rooms and 20 apartments enjoys a strategic location in the south of Vienna, within easy reach from prominent landmarks like the Schonbrunn Palace, the Technical Museum, Alt-Wiener Schnapsmuseum, and others. Guests can also take advantage of proximity to several subway stations serving the underground line U6, which connects with the city center in less than 15 minutes.Plateno Group capitalizes on the touristic appeal of Vienna, which is steadily rising, with a growth of 5,9 percent leading to 14,3 million overnights recorded in 2015. This shows the enormous potential of the location.Tourists from Asia enjoy visiting the cultural sights of Vienna, and Chinese travelers lead the way ahead of other Asian countries. With a plus of 13,2 percent, Chinese travelers are ranking in second place shortly after tourists from the United States. Group tours are still the most favored forms of bookings.The 7 Days Premium Hotels of the Chinese Plateno Group for the European expansion employ the Group's experience with Chinese guests to consolidate the company's brand within Europe.Regional Vice President - Europe, Roland Paar, says: "Through our experience, we know what Chinese guests expect from a stay in a hotel, and we can focus on these specific needs."The hotel deal was facilitated by Christie & Co, who also collaborated with Plateno Group for properties in Linz and Salzburg.
PATA News Extra - 16 January 2017
The World Economic Forum's Global Shapers Community is a network of city-based Hubs led by young people aged between 20 and 30 years. Established in 2011, the community has brought together more than 6,100 young people in over 171 countries and territories worldwide. The Hubs are mandated to work on joint projects for local impact.
Hotel Business Review by hotelexecutive.com - 16 January 2017
There is a new innovative way to pay for hospitality construction projects: Property Assessed Clean Energy (PACE) financing. PACE, adopted as enabling legislation in 32 states and with active programs in about half of them, is gaining momentum as a flexible, available and creative tool in which to finance almost any technology that saves energy and/ or water. PACE can take the place of expensive loans or additional owner equity to finance construction projects that can be repaid long term from those very same energy and water savings. This article will explain Property Assessed Clean Energy, who pays for PACE, some common building systems ripe for PACE financing, who is using PACE and why. We'll take a closer look through some case studies how hospitality developers and owners are already taking advantage of this new economic development tool.