The fundamental components of Revenue Management are applied to any business that has fixed capacity, perishable inventory, and time-variable demand. This course introduces you to the elements of revenue management that you need to be familiar with to understand the role of revenue in the accommodation industry.  It’s not just about pricing.  The discipline involves many skills and this initial course will introduce you to each one.

You will learn

• The main elements of the function of Revenue Management
• Understand Revenue Management Terms and definitions
• To identify a revenue management career path

You will learn:

• How customers shop for accommodation
• Learn what drives customers search and selection process
• Learn what influences their choices during their search (including travel agents)’
• The customer journey, from dreaming about a holiday, to shopping, booking, and experiencing the holiday or trip
• Travel inspiration how do we find the inspiration to travel, and where to travel to?

You will learn:

• What segmentation is
• Why hotels segment their markets
• How to define each segment e.g. Corporate, Events, Wholesale, Retail etc
• Is a channel the same as a segment?
• How to use this segmentation to gain insights and improve bottom line results
• Understand different consumer behaviours in difference channel
• Understand the different terms and strategies around using Segments vs Channels vs personalised offer

You will learn:

• What are the fundamental principles of Economics and their role in Hotel Revenue Management?
• How do Revenue Directors monitor and measure their competitor marketplace?
• How do Hotel Managers identify true competitor properties?
• How do you read competitor reports and use other data to derive strategic insights, and use the data to make better decisions?

You Will Learn:

• The definition of Distribution within the Accommodation sector
• The definition of accommodation Inventory and how it is managed
• The types of distribution channels
• The factors of the Cost of Sale
• The steps to implementing a successful Distribution Strategy
• The important role of technology in a Distribution Strategy
• The definition of Rate Parity and its role in Distribution

You will Learn:

• What are the different types of forecasts?
• What are the objectives for each of the types of forecasts?
• What information do I need to put a forecast together?
• How do I find this information?
• What questions should I ask when putting together a forecast?
• How often should I be adjusting the forecasts?
• What are the steps that I need to follow to put the forecast together?
• What is the difference between unconstrained and constrained demand?
• What are the elements of an accurate forecast?

You will learn:  

• To understand the components of a good revenue strategy;
• Different revenue strategies explained;
• Pricing Strategy;
• Exercises in how to use the Revenue Strategy to manage day-to-day tactics;
• Inventory Control- how inventory can impact on sales. If forecasting constraint, monitor to ensure controls do not have too big an impact and adjusting strategy where necessary and why revenue managers might withhold inventory.

You will learn:

• How to price your different room types
• Different types of pricing explained – what and why:
  • BAR, Rack, Group, Corporate, Tactical vs Strategic pricing, Mobile only pricing – why?, Wholesalers, Static vs Dynamic rates, Corporate & Event, Opaque Pricing, Length of Stay Pricing, Loyalty clubs and Closed User Group rates
• Packages/ promotions/ Discounting – Discounting –what additional volume required if I discount my price? Is a lower price generating new demand?
• Understanding the impact on discounting -How to calculate Occupancy needed to offset discounts
• Understanding the influences on pricing including decoy and anchor pricing
• Lead time and its impact on pricing
• Displacement Analysis
• Contracts
• Technology available to monitor and manage pricing

You will learn:

• What types of reports do RM’s create
• Where is data available
• How to read, and gain insights from data and reports
• How to present data in easily digestible format

You will learn:

• To understand the different types of structures and the benefits and challenges of each;
• To understand the key elements of how revenue management integrates into an organisation;
• The company culture is key to being successful in revenue roles, learn why
• To understand the key elements of how revenue management integrates into an organisation;
• Learn about the various roles that Revenue staff perform

To understand the importance of the Revenue Meeting and how it contributes to the culture across the business.

• Importance of regular revenue meeting involving all department heads of hotel
• What to discuss?
• What reports to distribute prior to the meeting
• How to ensure meeting is effective in setting strategy instead of just reviewing reports

• The 2-day Workshop will allow you time to talk to the 4 trainers in breaks and in the sessions.  Its a great opportunity to ask the Experts for their tactics and strategies on any issues or topics you don’t understand.
• The 2-day Workshop is not long enough to cover all the topics of each of the 10 courses that make up the Certificate program.  The workshop is intended to give you an overview, and importantly, some hands-on practice on some simulated revenue management activities.  The workshop has been designed to mostly cover activities that are difficult to present in an online format.
• Day 1 of the workshop covers the first 3-4 topics fairly quickly.  This is to allow more time to do some “practice” activities in the Forecasting, Strategy and Pricing sessions using a simulator in group activities.  Depending on your own experience in these topics, you may like to study some of the online courses for topics 1-4 prior to the workshop.
• Revenue Management Terms  – if you are completely new to Revenue Management, you will find it useful to study the commonly used terms in Course 1 – “Essential Components of Revenue Management” as well as our Glossary which you can find on the HSMAI Academy website.