Revenue Management is not just about adjusting prices; it's about managing and creating demand.
In the most insightful podcast episode of "Connecting the Dots, with Mr. Vikram Lalvani, the MD and CEO of Sterling Hotels and Resorts. With over 26 years of experience, Mr. Lalvani holds the distinction of being the first Revenue Manager in India, adding a unique perspective to the evolving hospitality landscape. He happily tells his story of starting as a Revenue Manager and growing into a seasoned leader, facing the industry's ups and downs along the way.
Vikram's Journey In Hospitality
As the podcast unfolds, Mr. Lalvani reveals that his entry into Revenue Management was not by design but by a twist of fate. Armed with an engineering background and an MBA, he embarked on this journey in 1997 when the concept of Revenue Management was just beginning to develop in India. He was one of the few chosen for this new role, tasked with reshaping old ways of doing things.
It was not just about handling numbers but about convincing seasoned hoteliers to embrace change. He emphasizes that leadership in such circumstances requires tactful handling of experienced professionals, introducing them to new practices while respecting their expertise. This journey, starting from Revenue Management and expanding into operations and sales, reflects not just a career path but a dynamic evolution in response to the industry's needs.
In the hospitality field, Mr. Vikram Lalvani's journey is about facing challenges and growing. He started as India's first Revenue Manager in 1997, bringing fresh ideas to an industry with old traditions. With skill and strategy, he built a successful career.
Legacy of Sterlings Hotels & Resorts
Mr. Lalvani moved beyond just managing revenue. He explored different industries and took on leadership roles worldwide. When he returned to Sterling, he made a big change. He increased the non-member segment's contribution from 2-3% to 85%. His leadership shows how much one person can influence an organization. Sterling is proof of his strong commitment and leadership in the hospitality industry's changing landscape.
Looking ahead, what are Sterling's aspirations in terms of expansion and market presence?
We're aiming to be present in 55 to 60 destinations, emphasizing strategic expansion over blind inventory additions.
“Rather than aspiring to be the biggest, we prioritize staying relevant to our customers. The hospitality industry will have its ups and downs, but our adaptability remains a key factor in sustaining success.”
This interview provides a glimpse into Sterling's journey, shedding light on the thoughtful strategies guiding its expansion and the resilient approach that defines its success in the dynamic hospitality world.
His Advice to Young Hospitality Professional
Revenue managers need to be versatile, understanding not just the digital landscape but the entire hospitality world. The future of Revenue Management is bright with technology, but education and adaptability will be critical.
This interview gives a glimpse into Sterling's journey, revealing how they became successful and showing the importance of Revenue Management in hospitality.
Final Thoughts
In conclusion, the interview highlights how important it is for revenue managers to keep learning and adapt to the digital world. It encourages them to go beyond their usual tasks and become skilled in navigating digital tools. If you're a hospitality professional who loves working with numbers, this podcast is perfect for you. It provides valuable insights into revenue management in the hospitality industry.
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