Recast: Modern and focused commercial strategy — what does it look like? | with Lori Kiel
November 22, 2024
In this recast episode of Hotel Moment, Karen Stephens, Chief Marketing Officer at Revinate, revisits a compelling conversation with Lori Kiel, now Senior Vice President of Revenue Management at Pyramid Global Hospitality. With over three decades of experience in hospitality, Lori shares invaluable insights on developing a commercial-first mindset, leveraging technology effectively, and breaking down organizational silos to drive success in modern hospitality.
Note: This episode was originally recorded in 2023. Both Karen and Lori have since moved into new roles, but their insights on commercial strategy and hospitality management remain highly relevant to today's industry challenges.
In this recast episode of Hotel Moment, we revisit an insightful conversation between Karen Stephens and Lori Kiel, whose roles have evolved since the original recording - Karen is now Chief Marketing Officer at Revinate, and Lori has taken on the role of Senior Vice President of Revenue Management at Pyramid Global Hospitality.
Together, they explore:
- Lori's journey from reservations to becoming a champion of commercial strategy
- The importance of breaking down silos between sales, revenue management, and marketing
- How technology and data are reshaping the hospitality landscape
- The challenges and opportunities in digital transformation
- The power of vulnerability and continuous learning in leadership
- Why a commercial-first mindset is crucial for modern hospitality success
Discover how Lori's innovative approach to commercial strategy and technology adoption is helping hotels thrive in an increasingly competitive market.
Note: This episode was originally recorded in 2023. Both Karen and Lori have since moved into new roles, but their insights on commercial strategy and hospitality management remain highly relevant to today's industry challenges.
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Episode Highlights:
[01:13] Evolution of commercial strategy - Lori shares her journey from working in reservations to becoming a commercial strategy leader. Starting in the 1990s when rates were listed in brochure racks, she witnessed and adapted to the industry's digital transformation, including the rise of OTAs and revenue management as a distinct discipline.
[07:48] Breaking down silos - Lori discusses how she pioneered the integration of sales, revenue management, and marketing under one umbrella at Kessler Collection. This approach eliminated traditional departmental conflicts and aligned everyone toward common goals, creating a more efficient and effective commercial operation.
[15:45] Technology and data innovation - The conversation explores how hotels can leverage modern technology while maintaining the human touch. Lori shares insights on using customer data platforms, beacon technology, and mobile data to better understand and serve guests while respecting privacy concerns.
[27:19] Commercial-first mindset - Lori explains her "three-lane highway" analogy for commercial strategy, where sales, revenue management, and marketing each have their lane but can merge and collaborate effectively. This approach ensures all departments work together toward shared objectives while maintaining their distinct expertise.
[34:46] Leadership and vulnerability - The episode concludes with Lori's powerful message about the importance of vulnerability in leadership, especially when dealing with rapidly changing technology and market conditions. She emphasizes that acknowledging what you don't know is crucial for growth and success in modern hospitality.
Chapters:
00:00 - Intro
01:13 - From reservations to commercial strategy
07:48 - Breaking down departmental silos
15:45 - Technology adoption in hospitality
21:18 - Understanding customer data platforms
27:19 - The commercial-first mindset explained
32:40 - Leadership and vulnerability
35:13 - Outro
Hotel Moment Podcast is handcrafted by our friends over at: fame.so
Previous guests include: Shannon Knapp, CEO of Leading Hotels of the World (LHW), Patrick Norton of Brittain Resorts & Hotels, Shawn Jereb of Montage International, Carlo Del Mistro, Chief Digital Officer of Ennismore, Jason Pirock of Springboard Hospitality, and many more.
Are you a hospitality industry leader with insights to share? We're always looking for innovative voices to join our conversation about the future of hospitality technology.
If you'd like to be a guest on an upcoming episode of Hotel Moment, we'd love to hear from you! Our podcast reaches thousands of hospitality professionals worldwide, and we're particularly interested in perspectives on:
- Innovation in hospitality technology
- Guest experience transformation
- Revenue optimization strategies
- Emerging industry trends
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