Understanding the Value of Revenue Management: The Fairmont Story
“Life without the IDeaS Revenue Management System would be like navigating the streets of an unknown city with an atlas in hand instead of a GPS. You can do it, but it takes a lot longer and you are more likely to get lost.”
In the global hospitality industry, Fairmont is looked to as a leader, enjoying a worldwide reputation for distinction and excellence. Their portfolio includes historic icons, elegant resorts and modern city center properties. From iconic landmarks like the Fairmont Singapore, Fairmont Le Montreux Palace in Switzerland and New York's The Plaza, their hotels offer a superior guest experience that is uniquely ''Fairmont.”
The Challenge
- Institute a revenue management culture that resonates with employees
- Maintain that culture consistently throughout dozens of properties around the world
- Introduce automated system to give revenue managers more time for strategic thinking
When Fairmont first started their partnership with IDeaS, 72% of all their directors of revenue management had never worked with an automated system. In their words, “one of the key benefits of working with IDeaS was just being able to bridge that culture shock.”
Fairmont made a considerable investment in the technology. It was up to IDeaS to make sure their employees embraced the IDeaS Revenue Management System.
The Solution
“We’ve worked in automated systems as well as manual systems. It’s not that you can’t win with a manual system, but all things being equal, when you’re working with an automated system, you’ll win every time.”
- One-on-one training and supervision
- Continuous communication and follow-up
Support is everything in implementing a new revenue management culture and by that measure alone the partnership between IDeaS and Fairmont has been a true success. The IDeaS customer relationship managers are in contact with Fairmont directors of revenue management at least on a monthly basis to ensure that the revenue management culture continues well beyond the go-live date and the information that comes through in the training continues to resonate.
The Results
“We see IDeaS as part of the Fairmont family.”
- After one year saw highest business increase by 22% over the dates they were selling out
- Within one week after IDeaS installed its system in the first Fairmont property, the hotel achieved a perfect sellout
- 31 hotels went live with IDeaS Revenue Management System in the first year
According to Fairmont, the responses that come back from the 2-month long implementation and training process were extremely positive.
As the relationship continues to evolve, we received what we consider to be the highest of compliments. That IDeaS is now considered another arm of Fairmont.