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One of the biggest trends in hospitality over the past decade has been the rise of the Chief Commercial Officer - someone who views the business holistically and thinks about how to combine sales, marketing, and revenue to innovate, make money, and delight guests.
In celebration of the Commercial Strategy Conference taking place this week, I’m sharing a conversation I had in January with someone who best exemplifies this type of thinking: Kristie Goshow, Chief Commercial Officer at KSL Resorts. Kristie is also an HSMAI board member and today shares some of the ways a holistic view of hospitality benefits everyone. Read on to learn how.
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Think Like a Chief Commercial Officer To Succeed in Hospitality Today
Kristie Goshow
Today, Kristie Goshow, Chief Commercial Officer at KSL Resorts, shares insights on the evolving role of the Chief Commercial Officer in the hospitality industry and how a holistic approach can drive innovation, revenue, and guest satisfaction. You can listen to us here on the podcast, and I’ve summarized a few of my top takeaways below.
The role of Chief Commercial Officer
The role of a Chief Commercial Officer (CCO) in hospitality is fascinating because it provides a 360-degree view of the business. Unlike traditional roles, which may have focused on areas such as maximizing existing demand, the CCO's role integrates sales, marketing, and revenue strategies to innovate and unlock new demand.
You're constantly watching consumers, understanding how they're engaging with you. How are they buying? Why are they not buying? What more could they buy? And then you’re using that information to redefine the real estate that you have.
Takeaway: Succeeding as a hospitality leader today requires understanding and predicting consumer behavior to enhance and diversify revenue streams.
Put this in action:
Integrate your sales, marketing, and revenue management functions to create an aligned strategy.
Regularly analyze guest behavior and preferences to identify new revenue opportunities.
Encourage innovative thinking by exploring cross-industry trends and collaborations.
The mindset it takes to win
Kristie emphasized that internal alignment and a holistic view is just the start - it then takes a new mindset and perspective to capitalize on the opportunity:
Anything and everything is inventory. And with modern technology, everywhere and anywhere becomes a point of sale.
Takeaway: Maximizing revenue in hospitality today requires creative use of all available space and technology to monetize it.
Put this in action:
Identify underutilized spaces in your hotel and brainstorm ways to monetize them. (Judith Cartwright’s episode here is a great resource for this.)
Implement signage and mobile engagement tools to offer services and promotions throughout the property.
Train staff to recognize and utilize every interaction as a potential sales opportunity.
Invest in technology that supports always-on guest engagement and sales.
Serving others by fighting loneliness
For Kristie, operating as an effective CCO isn’t just about the money - it’s also about understanding how to cater to the needs of our society. In our conversation, Kristie highlighted the rising issue of loneliness and shared how hospitality can play a role in combating it by creating environments where guests feel they belong and are cared for.
We have an epidemic that we have to deal with. I look at that and go, what does that mean for me? What does that mean for my team?
Takeaway: Addressing loneliness through thoughtful hospitality isn’t just an opportunity - it’s the right thing to do.
Put this in action:
Develop programs and activities that encourage social interaction among guests.
Create spaces designed for interaction and community building.
Partner with local organizations to offer guest experiences that promote social engagement and well-being.
Our opportunity in hospitality: helping people reach their goals
Kristie believes that the core mission of hospitality is to support guests in achieving their personal and professional goals, whether they are staying for business or leisure.
When somebody walks through our doors, they are in our care. And we are responsible for making sure that whatever reason they have chosen to stay with us, that they are successful.
Takeaway: Focusing on helping guests achieve their goals can enhance their satisfaction and loyalty.
Put this in action:
Train staff to understand and support the specific needs and goals of each guest.
Create personalized guest experiences that cater to different reasons for staying.
Provide amenities and services that facilitate business and leisure goals.
Collect feedback to continuously improve and tailor services to guest needs.
The power of partnerships for creativity
Tying this all together, Kristie shared how partnerships with brands from different industries can bring fresh experiences and added value to guests.
Collaborations allow you to bring a whole different level of experience to your spaces.
Takeaway: Strategic partnerships can drive innovation, increase revenue, and create unique guest experiences.
Put this in action:
Identify potential brand partners that align with your hotel's values and target market.
Develop creative collaborations that enhance guest experiences and offer mutual benefits.
Leverage partnerships to refresh and innovate hotel spaces without major renovations.
Promote these unique experiences through marketing campaigns to attract new guests and retain existing ones.
More for you
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A few final things:
If you have any thoughts, ideas, questions, or suggestions for Hospitality Daily, please reply to this email. I’d love to hear from you.
If you’d like a private community where you can discuss things like this and ask other hotel operators and investors questions that you can’t just Google or ask ChatGPT, the Hospitality Daily Huddle might be a good fit.
If you have a product or service that would benefit the hospitality professionals who read, listen to, and watch Hospitality Daily, let’s work together to help you help more people.
Thank you for reading, and I’ll see you here tomorrow.
-Josiah
