Tips on how to have an intentional finances season


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

Karen Stephens- 00:00:37: Good day, and welcome to the Lodge Second podcast. I’m your host, Karen Stephens, the Chief Advertising Officer of Revinate. And on right now’s episode, we’re thrilled to have Joel Morales. Joel is the Chief Advertising Officer at Castlerock Asset Administration, the place he drives the advertising, branding, and communication methods for a portfolio of distinctive resorts. With over 20 years of expertise, Joel has a confirmed observe report in main progressive advertising and public relations efforts for luxurious resorts 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 purchasers like Equinox Health and W Motels. His profession additionally consists of notable roles on the Blackstone Lodge and The James Lodge, the place he honed his experience in advertising and model improvement. Joel’s distinctive background blends deep hospitality information with an company perspective, enhancing his strategy to creating impactful methods in hospitality. And I believe what I liked most about my dialog with Joel right now is he actually does carry that company view of the advertising funnel and the way we are able to greatest optimize that in hospitality. So what you’re going to listen to about right now is an strategy the place he appears to be like 360 at how a branding technique comes collectively, how one can improve completely different pillars throughout the model expertise, particularly utilizing an instance of their impartial property in Nashville, which known as The Bobby. So it’s a extremely enjoyable dialogue the place he talks about bringing in music, bringing in trend, 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 recognize what? I did a bit little bit of analysis earlier than we did this program, and I’ve to say, you could have a extremely fascinating profession trajectory. So it appears to be like such as you began on the planet of promoting on the lodge stage after which actually shifted over to the company aspect. So are you able to inform us a bit bit about your expertise in advertising, and what conjures up you, and the way you made that transition?

Joel Morales – 00:02:43: It was one thing I considerably form of fell into, to be sincere. I’ve an artwork diploma background, and I fell into the world of promoting particularly in resorts. And that was form 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 in a position to be simply as artistic as an artist, however form of faucet into the strategic thinker in me I didn’t notice existed. Within the course of, I went again and bought an MBA to form of actually rise to the duty, if you’ll, and had the chance to essentially begin opening resorts in a model. The James Lodge was really my first model that I used to be in a position to form of begin from scratch, if you’ll. That simply form of created form of a ardour in me for model constructing, for actually that advertising, that form of strategic advertising that it takes to have the ability to open up an impartial lodge. So from there, I had a chance to transition into the company world. And it was a extremely fascinating time for me professionally, having been in resorts for nearly a decade earlier than then, it’s all I knew. And my world was actually expanded. I went into client merchandise by the company. I used to be in a position to dive into know-how and advertising. There was some work within the music business. So it was actually form of a enjoyable time to know what these different industries do to carry folks in and the techniques and whatnot. And it was actually, enlightening as a result of I believe that as hoteliers, we form of fall into doing the identical factor time and again, and getting that style of one thing completely 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 form of remained in me was, you recognize, “Oh, wow, like, the place may I do that?” However in a lodge setting, how may I apply these methods? And that’s form of the place I discover myself now. After the company world, I discovered this chance with Castlerock, the place I’m the chief Advertising Officer now, and I get a chance to use these techniques.

Karen Stephens – 00:04:51: Yeah. So let’s speak a bit bit about Castlerock. So initially, I simply wish to acknowledge, I do suppose it’s so fascinating to see that you simply began in hospitality, went to the company, however someplace behind your thoughts, you’re nonetheless occupied with resorts and hospitality. I at all times say, when you get into this business, it’s actually laborious to go away as a result of it’s such a cool place to be. However inform us a bit bit about Castlerock Asset Administration. What does the portfolio appear to be? And what does your day-to-day appear to be 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 asset administration agency. We particularly are within the lodge house. So we’ve bought a impartial lodge, The Bobby, in Nashville. And now we have a franchise with The Westin in Nashville as effectively. Two utterly completely different worlds between impartial and form of franchise administration. However actually thrilling nonetheless and a really thrilling market. At the moment, we’re exploring the growth of Bobby Motels and are trying into markets like Detroit, Fort Value, Texas, Seattle, the place we’re trying to develop that model.

Karen Stephens – 00:05:55: Wow, that’s so cool. And we love Nashville. Can I simply say, we maintain a advertising convention yearly, Revinate does, and it’s laborious to get in that market. That’s excessive demand. I believe, for the whole lot from a leisure perspective, from a gaggle perspective. So keep tuned. We’re not going to get there this 12 months or subsequent 12 months, however we’re engaged on it. And it’s nice to listen to that there’s some model growth.

Joel Morales – 00:06:14: Yeah. Yeah, it’s a wild market. I imply, I lived in Chicago and New York earlier than shifting right here to Nashville three years in the past. And actually, I’ve by no means seen the type 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 form of stayed tried and true cities and with a whole lot 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 larger than that of New York or Chicago or every other giant metropolis.”

Karen Stephens – 00:06:55: It’s loopy. Nicely, and you’ve got the great stay music and the tradition and what an incredible 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 strategy to advertising now that you simply’re at Castlerock Asset Administration? What did you herald from the skin, so to talk?

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

Karen Stephens – 00:07:59: Yeah, so I believe we’re recording this podcast now in August. It’s virtually September. Children are going again into faculty. Persons are coming again into work. Most of hospitality, we’re beginning. The finances 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 speak a bit bit about, it sounds just like the planning strategy may be very completely different. I believe, you recognize, if I can simply, a broad brush assertion, a whole lot of instances in hospitality, we form of talked about on the prime, we’re form of caught in our methods. We observe the identical course of and planning and strategy. However are you able to speak a bit bit about the way you’ve reoriented your groups to possibly take into consideration that a bit 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 undoubtedly introduced again from form of managing an company, and managing purchasers, and the insights into different industries as effectively. The way in which that I work by my very own group in addition to form of our inside companions is so completely different now — the way in which I strategy that. After which in relation to our budgeting, I’ve been with the corporate for 3 years, and yearly I’ve inched that budgeting course of ahead a bit bit extra as a result of it’s an enormous shift. I imply, I believe 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 possibly getting began in September with a hopeful October end. And that’s being conservative. I imply, I believe that many of the firms I’ve labored for internally, they’re wrapping in November, and it makes it laborious. It makes it laborious to be considerate. I believe it makes it laborious to be intentional throughout departments. On the subject of your advertising technique. And one factor I realized 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 income departments, and different industries are so optimized that I used to be like, I’m jealous. I would like this within the lodge business. I believe it might be such a profit. And so we began our course of — really, we had our first dialog the final week of Might and we began the method in June. And actually what that’s allowed us to do is de facto check out what occurred this 12 months. You recognize, what was profitable, what wasn’t, what’s trending. It allowed us to essentially have considerate conversations throughout departments. What’s necessary to ops. What’s necessary to ops in 2025. It allowed us to align from a gross sales and income perspective and perceive the outcomes that they’re taking a look at for 2025 based mostly on developments and actually align the form of like story that we’re telling collectively. And it actually permits us to form of have that dialogue. Alright. Nicely, possession — clearly NOI is sort of a huge factor there. And it’s like, all proper, how will we get to those numbers? And what does that narrative appear to be as we begin responding to market pressures and unexpected occasions? And the way will we leverage peak intervals and prepare for these sluggish intervals as effectively? And it actually modified the way in which that even I believe our firm noticed advertising shifting ahead. There was a whole lot of schooling that happened. We have been in a position to have discussions with gross sales and income concerning the funnel. Actually that is consciousness. That is the place we wish to convert and actually begin aligning methods, aligning these income methods to these consciousness methods. So. I believe that that’s been actually useful. Runway, I believe 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 believe in so many locations is such a horrible time for us to compete for enterprise. And we’re beginning to form 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 resorts.

Karen Stephens – 00:12:05: Wow, that’s nice. You can be the envy of all I believe while you’re saying that. I wish to choose up on one thing you mentioned earlier than is like form of adopting. You talked concerning the funnel. And I believe in the event you’re in conventional advertising, you speak about 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 wish to put phrases in your mouth, however bringing that form of self-discipline again into hospitality. Generally in hospitality, we might be somewhat reactive with our advertising. We see that one thing is smooth, so we bought to spin up a promotion to get issues going. But when I’m understanding you accurately, you’re constructing within the form of planning forward of time, after which you’ll be able to nonetheless be versatile and reactive when it’s essential be. However that’s actually fascinating the way you form of bought all people aligned on that.

Joel Morales – 00:12:46: Completely. I inform my group, in the event you’re trying in advertising to push demand inside the subsequent 30 to 60 days, then we’ve accomplished one thing mistaken. I believe that that isn’t the place advertising lives. I believe we’ve bought some nice methods for these form of brief lead instances, however we shouldn’t stay in that house.

Karen Stephens – 00:13:06: Completely. No, you wish to have extra of a base. And model constructing takes a very long time. That’s one thing I believe talking simply as a tech firm for income, we’ve had a fame as being a fame firm for 15 years. And simply attempting to maneuver the attention into all the opposite issues that we do. It takes a very long time. So there’s all completely 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 recognize what I’m speaking about.

Joel Morales – 00:13:39: Yeah, it’s so humorous. I get that a lot. And I’ve been in a position to, even by this budgeting course of, form of educate folks on how that funnel appears to be like and the way it applies. All of our completely 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 form of funneling into that one conversion spot. And it actually form 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 form of borrowed from the company aspect was model affinity. And while you’re working like you could have a lot within the luxurious lodge house, are you able to speak a bit bit about how you’re employed with different manufacturers to form of construct that entire story collectively? Are there some examples you may give of that?

Joel Morales – 00:14:25: I believe there’s really a undertaking I’m engaged on proper now with Bobby as we’re trying to develop that model. And we’re taking a look at the whole lot from what are we carrying as our shampoo and physique wash to what retail objects are we going to supply in our present store? And that’s a brand new undertaking for us, the present 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 essentially simply speak about 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 wish to have a destination-based t-shirt for our retail retailer. And I’m taking a look at collaborating with completely different artists that align with the artwork pillar for the model, however nonetheless enable us to form of go into different channels. Which means, I can now speak to publications from a PR perspective that I wouldn’t have been in a position to earlier than as a result of this design now matches form of in a trend house or curiosity. And so now our protection is being diversified into the style media protection as effectively. And so actually form of taking a look at these partnerships or these form of affinity manufacturers in a method that actually expands your viewers.

Karen Stephens – 00:15:57: Proper. Nicely, and that’s so nice. I believe essentially the most enjoyable half about probably the greatest issues about hospitality advertising 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 like the concept of bringing trend into that as effectively, and artwork design and what a cool artistic, you recognize, when you could have a good looking lodge to work with, there’s so many various methods which you can form of carry that ahead. In order that’s actually enjoyable.

Joel Morales – 00:16:19: It’s actually, actually enjoyable. I believe that one factor that’s actually necessary right now is realizing that each model and efficiency are issues that we should be being attentive to. I believe that we’ve been in that form of efficiency house for a extremely very long time. And after I began my profession, it was all about model. So I believe that right now with all of the adjustments which can be taking place and the way in which that customers are behaving, putting that stability is de facto necessary. So issues like model affinity develop into equally as necessary 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, bought it. I’m like, what’s that? Superb. 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 neighborhood involvement. So that you speak about model affinity, you speak about affiliation there. What about social accountability, and the way does that affect your advertising initiatives?

Joel Morales – 00:17:19: I believe that resorts as a spot in a metropolis have a accountability of enhancing their communities. And so for us, the whole lot that we do, we additionally take a look at it from an area’s lens. Oftentimes, particularly in markets like Nashville, Vegas, Miami even, I believe locals can really feel that the vacationers are taking up. And I believe that form of protecting that in thoughts, you at all times wish to just be sure you have that native in thoughts, that you’ve got the neighborhood in thoughts, as a result of that’s the place you reside. And so for us, it’s actually necessary to tie our model pillars to some social neighborhood house. Working within the artwork house, we help a whole lot of native artists, give them a stage or platform to have the ability to show their artwork. From a musician’s place, we do a whole lot of music right here. It’s Music Metropolis in Nashville, in any case. However somewhat than programming nation music and even Americana music, which you see all over the place, now we have devoted ourselves to extra indie artists in different genres. Bringing in rock music, different rap, R&B performers into our areas. And the way in which that we form of work that program is we herald form of a nationally acknowledged headliner, after which we pair them with an area artist that form of matches inside the similar style. So giving folks a chance to be raised a bit bit by somebody who has a bit 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 capturing by the roof and on Spotify performs and recognition, and paired him with an artist right here domestically by the title of Casper Sage. Actually nice artist that has considerably the identical vibe and music. And so they had essentially the most superb not solely efficiency, however even collaboration. They got here in for the stage take a look at, and so they have been in a position to like speak 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 form of propping up native artists, no matter style they’re in, be it music or artwork itself. And form of, as you mentioned, bringing that ahead in order that the vacationers who do come and so they’re studying extra concerning the neighborhood expertise. And that’s a extremely cool method to try this. I find it irresistible.

Joel Morales – 00:19:48: Yeah, we also have a canine program. We’ve a canine in our foyer, which is an envoy. And what we’ve accomplished there may be we’ve really collaborated with the native canine shelter the place we undertake the canine from that shelter. After which take it by form of a coaching so it may stay in our foyer and be that form of social ambassador for a 12 months.

Karen Stephens – 00:20:09: Oh, I like that. After which the place does the canine go after a 12 months? 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 in search of a greatest good friend.

Karen Stephens – 00:20:24: Oh my gosh, Joel, I like that. I’m a giant canine particular person. In order that for me is superior. I find it irresistible. That’s so cool. So trying forward, what do you suppose is form of the most important problem or alternative for advertising inside hospitality over the subsequent couple of years? Greatest problem or alternative?

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

Karen Stephens – 00:21:44: Yeah, I can inform you’re a glass-half-full form of man. So I actually like that. I like that lots. So for any advertising professionals on the market which can be listening, possibly any individual who’s developing of their profession, you talked lots about your strategy to planning and getting folks collectively. What is a few recommendation that you’d give somebody who’s beginning in hospitality advertising to essentially 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 house is de facto necessary, and sufficient confidence to coach these round you. I believe that advertising, no less than the place all of us sit on the lodge aspect, takes a whole lot of endurance. Lots of different departments don’t perceive what you do.

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

Joel Morales – 00:22:31: Proper. You recognize, that appears like a whole lot of enjoyable, and that you simply get to sit down round and say that you simply like this or that image or whatnot. And I believe it’s necessary to take the time, decelerate, and educate your companions, and produce them on top of things. They don’t have to know all of the weeds, however I believe that the broad strokes and having a easy understanding goes a good distance. And figuring out these form of excessive stage KPIs which you can share with them and educate round, I believe, develop into that place the place you’ll be able to align.

Karen Stephens – 00:23:10: Completely. You recognize, I’ve been banging on about this all 12 months. My new favourite factor is industrial technique, which is what you talked about. It’s the alignment between income, advertising, and gross sales. After which I believe the opposite factor is the KPIs. So being that web working revenue and even as a artistic advertising skilled, it’s essential 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 resorts having their second of spark of innovation? And the way do you suppose know-how is enjoying a component in that? So that you talked about AI. Is there anything on the market that you simply’re seeing form of be our subsequent second of inspiration as we head into subsequent 12 months?

Joel Morales – 00:23:51: I believe I could have similar to uncovered that one. I believe AI goes to be the massive one. I believe that internally and externally dealing with AI goes to be, I believe, a extremely dynamic participant for what we’re doing. Exploring the whole lot from an inside 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 form of AI automation on our web sites and issues like that. Can they develop into larger stage 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 could have great actual folks that will help you make your expertise superior. Yeah, find it irresistible.

Joel Morales – 00:24:36: Yeah, we have 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. Nicely, 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 Lodge Second by Revinate. Our neighborhood of hoteliers is rising each week, and every visitor we converse to is tackling business challenges with the innovation and suppleness that our business calls for. In the event you loved right now’s episode, don’t neglect to subscribe, charge, and depart a overview. And in the event you’re listening on YouTube, please just like the video and subscribe for extra content material. For extra data, head to revinate.com/hotelmomentpodcast. Till subsequent time, preserve innovating.

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