Editorial Board   

Mr. Hanks

Richard D. Hanks

Chairman and President, Mindshare Technologies

Richard D. Hanks is Chairman and President of Mindshare Technologies, the leading provider of real-time customer and employee feedback solutions. Mindshare's proprietary survey technology captures the voice of the customer in real-time and immediately transforms it into actionable intelligence through powerful and incisive enterprise reporting. Mr. Hanks has been a senior executive of several Fortune 500 companies as well as several start-up ventures. He was a corporate officer at Marriott, an executive with PepsiCo and Price Waterhouse, and CEO of Blue Step, a software start-up. Rich was named "The Leading Sales Innovator in the Lodging Industry," and Marriott's sales team was rated one of the top 25 among all companies in the U.S. for four years under his leadership. Rich also led Marriott onto the Internet, prompting Bill Gates to refer to him as an "Important Internet champion" in his book Business @ the Speed of Thought. Earlier in his career, Rich was called the "Leader of Hotel Revenue Management and Strategy" for his leadership in hotel pricing and yield management. He is also a CPA. Rich was nominated as Utah Entrepreneur of the Year in 2001, 2007, and 2008. Mr. Hanks is the author of "Delivering and Measuring Customer Service", is a frequent teacher/speaker at trade, academic and professional gatherings, and is widely quoted in top business journals and trade publications. An active participant on various boards of corporations, universities, and foundations. Mr. Hanks was a lecturer and adjunct professor at Cornell University for 10 years and on the Board of the Cornell Center for Hospitality Research. He obtained his bachelor's degree from Brigham Young University and his MBA from Northwestern University.

Mr. Hanks can be contacted at 801-263-2333 or rhanks@mshare.net

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.