Methods to have an intentional price range season

Intro – 00:00:04: Welcome to the Resort Second podcast offered by Revinate, the podcast the place we talk about how lodge expertise shapes each second of the hotelier’s expertise. Tune in as we discover the cutting-edge expertise remodeling the hospitality trade and listen to from specialists and visionaries shaping the way forward for visitor experiences. Whether or not you’re a hotelier or a tech fanatic, you’re in the precise place. Let’s dive in and uncover how we are able to elevate the artwork of hospitality collectively.

Karen Stephens- 00:00:37: Whats up, and welcome to the Resort Second podcast. I’m your host, Karen Stephens, the Chief Advertising and marketing Officer of Revinate. And on at the moment’s episode, we’re thrilled to have Joel Morales. Joel is the Chief Advertising and marketing Officer at Castlerock Asset Administration, the place he drives the advertising and marketing, branding, and communication methods for a portfolio of distinctive accommodations. With over 20 years of expertise, Joel has a confirmed observe file in main progressive advertising and marketing and public relations efforts for luxurious accommodations and life-style manufacturers. Earlier than becoming a member of Castlerock, he was the CEO of Ext.54, an company identified for its work with high-profile shoppers like Equinox Health and W Motels. His profession additionally contains notable roles on the Blackstone Resort and The James Resort, the place he honed his experience in advertising and marketing and model improvement. Joel’s distinctive background blends deep hospitality data with an company perspective, enhancing his method to creating impactful methods in hospitality. And I feel what I cherished most about my dialog with Joel at the moment is he actually does deliver that company view of the advertising and marketing funnel and the way we are able to greatest optimize that in hospitality. So what you’re going to listen to about at the moment is an method the place he appears to be like 360 at how a branding technique comes collectively, how one can improve totally different pillars throughout the model expertise, particularly utilizing an instance of their unbiased property in Nashville, which known as The Bobby. So it’s a very enjoyable dialogue the place he talks about bringing in music, bringing in vogue, and my most favourite factor that I’ve ever heard on this podcast, which has to do with a model ambassador, which is a canine. So that you’re going to listen to all about that. And right here is my dialogue with Joel.

Hey, Joel, welcome to the podcast.

Joel Morales – 00:02:21: Thanks, Karen . I’m glad to be on.

Karen Stephens – 00:02:22: So you realize what? I did a bit of little bit of analysis earlier than we did this program, and I’ve to say, you’ve gotten a very fascinating profession trajectory. So it appears to be like such as you began on this planet of promoting on the lodge degree after which actually shifted over to the company aspect. So are you able to inform us a bit of bit about your expertise in advertising and marketing, and what evokes you, and the way you made that transition?

Joel Morales – 00:02:43: It was one thing I considerably sort of fell into, to be sincere. I’ve an artwork diploma background, and I fell into the world of promoting particularly in accommodations. And that was sort of my property expertise, working with W Motels, after which the James. And I simply was capable of finding a spot the place I used to be capable of be simply as artistic as an artist, however sort of faucet into the strategic thinker in me I didn’t notice existed. Within the course of, I went again and obtained an MBA to sort of actually rise to the duty, if you’ll, and had the chance to actually begin opening accommodations in a model. The James Resort was really my first model that I used to be capable of sort of begin from scratch, if you’ll. That simply sort of created sort of a ardour in me for model constructing, for actually that advertising and marketing, that sort of strategic advertising and marketing that it takes to have the ability to open up an unbiased lodge. So from there, I had a chance to transition into the company world. And it was a very fascinating time for me professionally, having been in accommodations for nearly a decade earlier than then, it’s all I knew. And my world was actually expanded. I went into client merchandise by means of the company. I used to be capable of dive into expertise and advertising and marketing. There was some work within the music trade. So it was actually sort of a enjoyable time to grasp what these different industries do to deliver folks in and the ways and whatnot. And it was actually, enlightening as a result of I feel that as hoteliers, we sort of fall into doing the identical factor again and again, and getting that style of one thing totally different simply actually challenged me. And I’ve to say that within the 10 years I used to be within the company world, the one thought that sort of remained in me was, you realize, “Oh, wow, like, the place might I do that?” However in a lodge setting, how might I apply these methods? And that’s sort of the place I discover myself now. After the company world, I discovered this chance with Castlerock, the place I’m the chief Advertising and marketing Officer now, and I get a chance to use these ways.

Karen Stephens – 00:04:51: Yeah. So let’s discuss a bit of bit about Castlerock. So to start with, I simply need to acknowledge, I do assume it’s so fascinating to see that you simply began in hospitality, went to the company, however someplace at the back of your thoughts, you’re nonetheless serious about accommodations and hospitality. I at all times say, when you get into this trade, it’s actually onerous to depart as a result of it’s such a cool place to be. However inform us a bit of bit about Castlerock Asset Administration. What does the portfolio appear like? And what does your day-to-day appear like as CMO there?

Joel Morales – 00:05:18: Yeah, so we’re based mostly out of Nashville, and we’re an built-in actual property improvement possession advertising and marketing and asset administration agency. We particularly are within the lodge area. So we’ve obtained a unbiased lodge, The Bobby, in Nashville. And we have now a franchise with The Westin in Nashville as effectively. Two fully totally different worlds between unbiased and sort of franchise administration. However actually thrilling nonetheless and a really thrilling market. At present, we’re exploring the enlargement of Bobby Motels and are wanting into markets like Detroit, Fort Price, Texas, Seattle, the place we’re trying to increase that model.

Karen Stephens – 00:05:55: Wow, that’s so cool. And we love Nashville. Can I simply say, we maintain a advertising and marketing convention yearly, Revinate does, and it’s onerous to get in that market. That’s excessive demand. I feel, for the whole lot from a leisure perspective, from a bunch perspective. So keep tuned. We’re not going to get there this yr or subsequent yr, however we’re engaged on it. And it’s nice to listen to that there’s some model enlargement.

Joel Morales – 00:06:14: Yeah. Yeah, it’s a wild market. I imply, I lived in Chicago and New York earlier than transferring right here to Nashville three years in the past. And actually, I’ve by no means seen the kind of market that the nationwide market is. The expansion is ridiculous. I’ve by no means seen such a brand new metropolis. I’ve by no means been part of a brand new metropolis. I imply, New York, Chicago are sort of stayed tried and true cities and with plenty of historical past. However right here, it’s simply the alternatives appear infinite. And the lodge charges and the demand that town has — it blows my thoughts. I imply, at instances I’m like, “Wow, the ADR right here is greater than that of New York or Chicago or another giant metropolis.”

Karen Stephens – 00:06:55: It’s loopy. Effectively, and you’ve got the great reside music and the tradition and what an awesome city. So I’m glad you bought to maneuver there. That’s fairly cool. So, so Joel, how has your background in company work formed your method to advertising and marketing now that you simply’re at Castlerock Asset Administration? What did you usher in from the surface, so to talk?

Joel Morales – 00:07:14: I feel it actually expanded my view on what’s potential, to be sincere. I feel that the position that expertise performs in advertising and marketing was actually expanded in my thoughts. Having labored with a number of expertise firms and apps, their method to advertising and marketing, to automation, to the connection between gross sales and advertising and marketing is simply fascinating. And it actually modified my perspective total in that dynamic. I might say the creativity actually sort of expanded the way in which that I method partnerships. The leverage model affinity has actually modified from my sort of first time in-house. So it’s actually been an eye-opening expertise.

Karen Stephens – 00:07:59: Yeah, so I feel we’re recording this podcast now in August. It’s nearly September. Youngsters are going again into faculty. Persons are coming again into work. Most of hospitality, we’re beginning. The price range planning course of, which makes lots of people cringe. However I perceive that you simply’ve really accomplished your budgets already. So are you able to discuss a bit of bit about, it sounds just like the planning method could be very totally different. I feel, you realize, if I can simply, a broad brush assertion, plenty of instances in hospitality, we sort of talked about on the prime, we’re sort of caught in our methods. We observe the identical course of and planning and method. However are you able to discuss a bit of bit about the way you’ve reoriented your groups to perhaps take into consideration that a bit of bit in a different way and the way that planning cadence has modified for you?

Joel Morales – 00:08:40: Yeah, and that’s one thing I positively introduced again from sort of managing an company, and managing shoppers, and the insights into different industries as effectively. The way in which that I work by means of my very own staff in addition to sort of our inner companions is so totally different now — the way in which I method that. After which in terms of our budgeting, I’ve been with the corporate for 3 years, and yearly I’ve inched that budgeting course of ahead a bit of bit extra as a result of it’s an enormous shift. I imply, I feel that our firm, which actually, in my expertise has been very comparable in different firms, they’re usually having their first conversations proper about now, after which perhaps getting began in September with a hopeful October end. And that’s being conservative. I imply, I feel that a lot of the firms I’ve labored for internally, they’re wrapping in November, and it makes it onerous. It makes it onerous to be considerate. I feel it makes it onerous to be intentional throughout departments. In relation to your advertising and marketing technique. And one factor I discovered from different industries in my time on the company was planning forward permits you to be a lot extra intentional, and it brings folks collectively and aligns departments. I simply noticed the collaboration between gross sales, and advertising and marketing, and income departments, and different industries are so optimized that I used to be like, I’m jealous. I would like this within the lodge trade. I feel it could possibly be such a profit. And so we began our course of — really, we had our first dialog the final week of Could and we began the method in June. And actually what that’s allowed us to do is absolutely check out what occurred this yr. You recognize, what was profitable, what wasn’t, what’s trending. It allowed us to actually have considerate conversations throughout departments. What’s essential to ops. What’s essential to ops in 2025. It allowed us to align from a gross sales and income perspective and perceive the outcomes that they’re for 2025 based mostly on developments and actually align the sort of like story that we’re telling collectively. And it actually permits us to sort of have that dialogue. Alright. Effectively, possession — clearly NOI is sort of a massive factor there. And it’s like, all proper, how can we get to those numbers? And what does that narrative appear like as we begin responding to market pressures and unexpected occasions? And the way can we leverage peak intervals and prepare for these sluggish intervals as effectively? And it actually modified the way in which that even I feel our firm noticed advertising and marketing transferring ahead. There was plenty of schooling that came about. We had been capable of have discussions with gross sales and income concerning the funnel. Actually that is consciousness. That is the place we need to convert and actually begin aligning methods, aligning these income methods to these consciousness methods. So. I feel that that’s been actually useful. Runway, I feel is one other factor that it’s afforded us is locking it up proper now. We’re beginning to have these discussions about Q1, which I feel in so many locations is such a horrible time for us to compete for enterprise. And we’re beginning to sort of get forward of it. I imply, we’ve already began implementing a few of our Q1 methods. We’re already beginning to fill January, February for the accommodations.

Karen Stephens – 00:12:05: Wow, that’s nice. You’ll be the envy of all I feel while you’re saying that. I need to choose up on one thing you stated earlier than is like sort of adopting. You talked concerning the funnel. And I feel in the event you’re in conventional advertising and marketing, you discuss model consciousness on the prime of the funnel, all the way in which all the way down to changing that reserving. And it feels like, I don’t need to put phrases in your mouth, however bringing that sort of self-discipline again into hospitality. Typically in hospitality, we might be slightly reactive with our advertising and marketing. We see that one thing is smooth, so we obtained to spin up a promotion to get issues going. But when I’m understanding you accurately, you’re constructing within the sort of planning forward of time, after which you possibly can nonetheless be versatile and reactive when you want to be. However that’s actually fascinating the way you sort of obtained all people aligned on that.

Joel Morales – 00:12:46: Completely. I inform my staff, in the event you’re wanting in advertising and marketing to push demand throughout the subsequent 30 to 60 days, then we’ve carried out one thing fallacious. I feel that that isn’t the place advertising and marketing lives. I feel we’ve obtained some nice methods for these sort of brief lead instances, however we shouldn’t reside in that area.

Karen Stephens – 00:13:06: Completely. No, you need to have extra of a base. And model constructing takes a very long time. That’s one thing I feel talking simply as a tech firm for income, we’ve had a repute as being a repute firm for 15 years. And simply making an attempt to maneuver the notice into all the opposite issues that we do. It takes a very long time. So there’s all totally different ranges of promoting methods that find yourself at that reserving. However anyone who thinks, “Oh, effectively, we’re simply going to throw a promotion out —- it’s going to drive.” It’s a complete built-in — I can see we’re on a podcast, however I can see you laughing as a result of you realize what I’m speaking about.

Joel Morales – 00:13:39: Yeah, it’s so humorous. I get that a lot. And I’ve been capable of, even by means of this budgeting course of, sort of educate folks on how that funnel appears to be like and the way it applies. All of our totally different verticals come collectively to drive that conversion, the whole lot from our social media to our public relations to our digital efforts, and the way they’re all simply sort of funneling into that one conversion spot. And it actually sort of drew some mild bulb moments across the room. It was very nice.

Karen Stephens – 00:14:06: Yeah, that’s good. That’s superior. So the opposite factor that you simply talked about that you simply sort of borrowed from the company aspect was model affinity. And while you’re working like you’ve gotten a lot within the luxurious lodge area, are you able to discuss a bit of bit about how you’re employed with different manufacturers to sort of construct that complete story collectively? Are there some examples you can provide of that?

Joel Morales – 00:14:25: I feel there’s really a mission I’m engaged on proper now with Bobby as we’re trying to increase that model. And we’re the whole lot from what are we carrying as our shampoo and physique wash to what retail gadgets are we going to supply in our reward store? And that’s a brand new mission for us, the reward store space or retail, if you’ll. And the way in which we’re approaching it’s how can we higher align with merchandise that inform our model story? And in addition open up new channels and avenues for us to actually simply discuss our model. And so one instance can be we’re having discussions on t-shirts. Each model has a t-shirt or a vacation spot t-shirt or one thing. We need to have a destination-based t-shirt for our retail retailer. And I’m collaborating with totally different artists that align with the artwork pillar for the model, however nonetheless permit us to sort of go into different channels. That means, I can now discuss to publications from a PR perspective that I wouldn’t have been capable of earlier than as a result of this design now suits sort of in a vogue area or curiosity. And so now our protection is being diversified into the style media protection as effectively. And so actually sort of these partnerships or these sort of affinity manufacturers in a method that actually expands your viewers.

Karen Stephens – 00:15:57: Proper. Effectively, and that’s so nice. I feel essentially the most enjoyable half about top-of-the-line issues about hospitality advertising and marketing is that lodge is an expertise. It’s concerning the city that you simply’re in, the music that you simply’re listening to. So I really like the concept of bringing vogue into that as effectively, and artwork design and what a cool artistic, you realize, when you’ve gotten a fantastic lodge to work with, there’s so many alternative methods which you can sort of deliver that ahead. In order that’s actually enjoyable.

Joel Morales – 00:16:19: It’s actually, actually enjoyable. I feel that one factor that’s actually essential at the moment is realizing that each model and efficiency are issues that we must be being attentive to. I feel that we’ve been in that sort of efficiency area for a very very long time. And after I began my profession, it was all about model. So I feel that at the moment with all of the adjustments which are occurring and the way in which that customers are behaving, hanging that steadiness is absolutely essential. So issues like model affinity change into equally as essential because the PMAX marketing campaign that we’re launching on the digital aspect.

Karen Stephens – 00:16:54: What’s the PMAX marketing campaign?

Joel Morales – 00:16:56: The efficiency max.

Karen Stephens – 00:16:58: Oh, obtained it. I’m like, what’s that? Wonderful. All proper. Acronym, I didn’t know that one. In order that’s a very good one. All proper. So I additionally realized, Joel, that you simply’re additionally deeply engaged in advertising and marketing and group involvement. So that you discuss model affinity, you discuss affiliation there. What about social duty, and the way does that affect your advertising and marketing initiatives?

Joel Morales – 00:17:19: I feel that accommodations as a spot in a metropolis have a duty of enhancing their communities. And so for us, the whole lot that we do, we additionally have a look at it from a neighborhood’s lens. Oftentimes, particularly in markets like Nashville, Vegas, Miami even, I feel locals can really feel that the vacationers are taking up. And I feel that sort of preserving that in thoughts, you at all times need to just be sure you have that native in thoughts, that you’ve got the group in thoughts, as a result of that’s the place you reside. And so for us, it’s actually essential to tie our model pillars to some social group area. Working within the artwork area, we assist plenty of native artists, give them a stage or platform to have the ability to show their artwork. From a musician’s place, we do plenty of music right here. It’s Music Metropolis in Nashville, in spite of everything. However slightly than programming nation music and even Americana music, which you see in every single place, we have now devoted ourselves to extra indie artists in different genres. Bringing in rock music, various rap, R&B performers into our areas. And the way in which that we sort of work that program is we usher in sort of a nationally acknowledged headliner, after which we pair them with a neighborhood artist that sort of suits throughout the similar style. So giving folks a chance to be raised a bit of bit by somebody who has a bit of bit extra notoriety.

Karen Stephens – 00:18:49: Yeah, effectively, I’d like to get it. So what’s a very good instance? Are you able to give us an instance of an artist that you simply paired with somebody native?

Joel Morales – 00:18:54: Yeah, completely. So we introduced in an artist named PawPaw Rod, that has been actually taking pictures by means of the roof and on Spotify performs and recognition, and paired him with an artist right here regionally by the identify of Casper Sage. Actually nice artist that has considerably the identical vibe and music. They usually had essentially the most superb not solely efficiency, however even collaboration. They got here in for the stage check, and so they had been capable of like discuss and collaborate over social media. And there was simply this actually nice engagement that went on. And we noticed that on stage as effectively. So it was actually enjoyable.

Karen Stephens – 00:19:31: That’s so cool. I imply, I actually love the concept of sort of propping up native artists, no matter style they’re in, be it music or artwork itself. And sort of, as you stated, bringing that ahead in order that the vacationers who do come and so they’re studying extra concerning the group expertise. And that’s a very cool method to do this. I find it irresistible.

Joel Morales – 00:19:48: Yeah, we also have a canine program. We’ve got a canine in our foyer, which is an envoy. And what we’ve carried out there’s we’ve really collaborated with the native canine shelter the place we undertake the canine from that shelter. After which take it by means of sort of a coaching so it might reside in our foyer and be that sort of social ambassador for a yr.

Karen Stephens – 00:20:09: Oh, I really like that. After which the place does the canine go after a yr? Does he get adopted out or to a different household or how does that work?

Joel Morales – 00:20:14: We really work with a nationwide group known as Pets for Patriots, and so they assist us discover the canine a house with a vet that’s searching for a greatest good friend.

Karen Stephens – 00:20:24: Oh my gosh, Joel, I really like that. I’m an enormous canine individual. In order that for me is superior. I find it irresistible. That’s so cool. So wanting forward, what do you assume is sort of the most important problem or alternative for advertising and marketing inside hospitality over the subsequent couple of years? Greatest problem or alternative?

Joell Morales – 00:20:44: I’d wish to say alternative. I feel that we began out the dialog this fashion. I feel the chance is increasing our sort of toolbox. I feel that actually taking all of those nice improvements which are coming forward, AI, all of the totally different different applied sciences that individuals are launching and placing them to work. I feel that there’s plenty of collaboration that we are able to do throughout departments. I do know that we’re seeing in our trade that dip into that collaboration between income, and advertising and marketing, and gross sales. I feel we might additional that. I feel that there’s plenty of stuff that we might study from the expertise trade on even how we develop leads and lead era on behalf of our gross sales groups and issues like that, that I feel that we could possibly be very optimistic about into the long run. Numerous challenges, and I feel challenges are at all times going to be there. I feel that for me, I’d slightly us all give attention to the constructive and look into how nice it may be transferring ahead.

Karen Stephens – 00:21:44: Yeah, I can let you know’re a glass-half-full sort of man. So I actually like that. I like that so much. So for any advertising and marketing professionals on the market which are listening, perhaps any person who’s arising of their profession, you talked so much about your method to planning and getting folks collectively. What is a few recommendation that you’d give somebody who’s beginning in hospitality advertising and marketing to actually get that collaboration throughout departments to have the ability to shine and develop inside their profession?

Joel Morales – 00:22:09: I might say having confidence in your area is absolutely essential, and sufficient confidence to teach these round you. I feel that advertising and marketing, at the very least the place all of us sit on the lodge aspect, takes plenty of endurance. Numerous different departments don’t perceive what you do.

Karen Stephens – 00:22:29: They assume we’re good at spending cash.

Joel Morales – 00:22:31: Proper. You recognize, that appears like plenty of enjoyable, and that you simply get to take a seat round and say that you simply like this or that image or whatnot. And I feel it’s essential to take the time, decelerate, and educate your companions, and convey them in control. They don’t have to know all of the weeds, however I feel that the broad strokes and having a easy understanding goes a great distance. And figuring out these sort of excessive degree KPIs which you can share with them and educate round, I feel, change into that place the place you possibly can align.

Karen Stephens – 00:23:10: Completely. You recognize, I’ve been banging on about this all yr. My new favourite factor is industrial technique, which is what you talked about. It’s the alignment between income, advertising and marketing, and gross sales. After which I feel the opposite factor is the KPIs. So being that internet working revenue and even as a artistic advertising and marketing skilled, you want to know your numbers. And it sounds such as you’re echoing that. You may all converse the identical language, whether or not it’s PMAT, proper?

Joel Morales – 00:23:33: Yeah.

Karen Stephens – 00:23:36: The final query for you. So what do you see as accommodations having their second of spark of innovation? And the way do you assume expertise is enjoying an element in that? So that you talked about AI. Is there anything on the market that you simply’re seeing sort of be our subsequent second of inspiration as we head into subsequent yr?

Joel Morales – 00:23:51: I feel I’ll have similar to uncovered that one. I feel AI goes to be the large one. I feel that internally and externally going through AI goes to be, I feel, a very dynamic participant for what we’re doing. Exploring the whole lot from an inner perspective on how we are able to use AI to maintain our properties on model to exterior methods round how can we additional activate our model round that sort of AI automation on our web sites and issues like that. Can they change into greater degree concierges that may assist folks plan earlier than even attending to the property?

Karen Stephens – 00:24:30: After which while you get on property, you’ve gotten great actual folks that can assist you make your expertise superior. Yeah, find it irresistible.

Joel Morales – 00:24:36: Yeah, we had been actually diving deep into that idea proper now’s that that relationship of the visitor journey from on-line to in-house.

Karen Stephens – 00:24:44: Unbelievable. Effectively, my visitor has been Joel Morales, who’s the CMO of Castlerock. Thanks a lot for the dialog, Joel.

Joel Morales – 00:24:50: Thanks, Karen.

Outro – 00:24:56: Thanks for becoming a member of us on this episode of Resort Second by Revinate. Our group of hoteliers is rising each week, and every visitor we converse to is tackling trade challenges with the innovation and adaptability that our trade calls for. In the event you loved at the moment’s episode, don’t neglect to subscribe, price, and go away a overview. And in the event you’re listening on YouTube, please just like the video and subscribe for extra content material. For extra info, head to revinate.com/hotelmomentpodcast. Till subsequent time, hold innovating.