Get to know Michael Gimingham
What social media channels are you on and why have you selected them?
The social media channels I am most present on would be LinkedIn, Facebook & Twitter which I use to market myself as well as stay connected with family and friends while still keeping informed on various aspects of the industry and my own personal interests.
What is your favourite thing to do and why?
My favorite thing to do is entertain friends & family. I thoroughly enjoy having my loved ones in my living space and enjoying time with them whilst making sure they’re all happy and doing whatever I can to ensure it, that brings me joy. I’ll take any opportunity to celebrate with good wine & plenty of champagne shared with good friends. Secondly I really really do enjoy working, especially when it’s something I am passionate about and find it easy to start excelling at something when it interests me.
In terms of Industry, what do you always stick by when looking at revenue growth?
For a hotel the standard KPI’s (ADR, Occ% & RevPAR) guide you through growth when looking at comparisons between years but with regards to industry I look at what hotels/groups are doing to diversify themselves against ever changing customers & spending habits and even more so, emerging markets. It all starts with the elements of pricing & distribution strategies as far as I’m concerned. I do however always try to keep up to date with what “The Big 5” are doing (Hilton, AccorHotels, IHG, Marriot & Wyndham).
Tell us an interesting fact about yourself that nobody would expect
I am an only child & I’ve always heard it said that children growing up without siblings tend to lack or struggle with interpersonal skills or social ability so I find that people are often surprised when they hear that I am an only child, also most likely because it is quite uncommon in my generation (millennial).
Why Revenue & Distribution? What drew you to this unique field?
Honestly I was pushed by someone I hold to a very high regard to pursue the field at university level however very quickly saw a great deal of potential in RM in the hotel industry & that excited me. I enjoy the field and can’t wait to see what the future holds. That person has since become a mentor to me from which I’ve already learnt a great deal and ever since the Revenue Management journey started for me I haven’t looked back.
Who and where is the best hotel you have ever stayed in?
I stayed in a relatively standard Ibis (AccorHotels) during a period of travel in Munich that had the most friendly and hospitable staff which really showed me at the age of 18 what the hospitality industry really was all about, the customer. Merville Beach in Mauritius was my first real 4-star resort experience & I loved every second of it but Bushbuck Camp in Sedgefield, EC is an incredible place to get away. They have an outdoor shower overlooking a dam that alone adds value that the price is peanuts – Something that I think is very misunderstood as whole in the industry, value for money)
Where do you see Revenue Management in 5 years from now?
I see Revenue Management as a much more “glamorous” field/department similar to how the GM position is perceived and as the need for skilled revenue managers grows I see the future holding a lot more young hoteliers stepping up to the plate and pursuing it. As technology advances I also see a lot of very interesting systems coming out of the woodwork in the next 3 – 5 years. By 2023 I predict a great deal of new developments in technology for RM along with more young, qualified revenue managers assuming roles in great hotels or even exciting companies such as Duetto overseas or TrevPAR World here in South Africa. I feel that by this time Revenue Management will be a much more widely known & respected field where many will be trying to “get a piece of the pie.”
In your opinion what is more important in terms of Revenue Measurement – ADR, RevPAR or Occupancy?
I believe that each of the above mentioned holds its own value but should be viewed in context however when asked which I think the most important are I would say ADR & RevPAR to benchmark yourself against your competitors by looking at STR data and the market as a whole. I feel that the data for each of these should be analyzed daily and have their own sub-strategies per say which encompass a full pricing and distribution strategy. Let’s not forget about OTA’s and the power that they hold.
I think that occupancy is important but I care more about available inventory per room type and the potential that holds with setting rates and yielding. Personally I think that all of these are not examined closely enough and at times it’s the basics that hotels are getting wrong.