Today we are joined by 3 Guests:
David Lopez – Chief Science Officer at Pace Maxime Cohen – Associate Professor at McGill University Nancy Pyron – Analytics, Strategic, and Organizational Consultant at NMP ConsultingToday we discuss elements of a whitepaper our 3 guests have recently authored looking at Statistical Field Experimentation (or lack thereof) for testing revenue management strategies in the hospitality industry.
We touch on:
What Field Experimentation is Indicative scenarios where it could prove valuable Practical challenges faced Experimental Designs to address these challenges
Link to Whitepaper:
https://www.pacerevenue.com/free-download
Guest Intros (1:30)Rationale for writing the whitepaper (3:48)Introduction to Statistical Field Experimentation (6:55)Beneficial Scenario 1 – Ancillary Pricing (17:20)Beneficial Scenario 2 – Distribution Channel Optimisation (20:06)Beneficial Scenario 3 – Promotion Success (24:00)Beneficial Scenario 4 – Choice of RMS (31:08)Beneficial Scenario 5 – Updating Revenue Management Algorithms (38:57)Beneficial Scenario 6 – Price Update Frequency (42:23)3 Core Practical Challenges (51:09)Experimental Design to Address the Challenges (1:05:55)Summary of areas discussed (1:15:55)What do we hope the whitepaper will achieve (1:16:21)Wrap up (1:16:48)
WATCH NEXT (A few of our other videos):
Want your Revenue Manager to be Strategic .. Do You Have an RMS? https://youtu.be/m_vcVchwFZsRevenue Manager Crisis Checklist https://youtu.be/4h9v8SbpdMwNow is the time for hotels to bring revenue and marketing together https://youtu.be/6QjKDgpnBKkHow will the RMS evolve to move revenue management forward https://youtu.be/9ijlPw-tg7Y
HOW TO FOLLOW US:
LinkedIn: https://www.linkedin.com/company/revenue-hub
Facebook: https://www.facebook.com/revenuehub/
Twitter: https://twitter.com/revenue_hub
Here is a link to Subscribe to our YouTube channel