Harnessing the Power of Revenue Management

Harnessing the Power of Revenue Management

Introduction

Selling the Right Product to the Right Customer at the Right Price with the Right Length of Stay Using the Right Channels. In doing so, discover revenue management has evolved with the emergence of digital marketing internet savvy market to identify and capture market share to ultimately yield higher revenue and profit growth.

The success of Revenue Management practices to capture demand, maximize revenue and optimize profitability requires an entire team effort and staying relevant to current and future market conditions. The revenue manager is it has key drivers, support, and feedback and the implementation and execution are carried out by key leaders like general managers, sales & marketing and operations. It is crucial everyone understands and embraces a revenue culture.

In this training workshop, learn how revenue management can be so effective and practical and how it has evolved with digital marketing and today’s internet-savvy travelers. When put into daily practice, it can easily grow incremental revenue and yield higher profitability. At the same time constantly build and develop a revenue-centric culture that is cascaded down to all levels of staff. Participants will gain in-depth knowledge of the fundamentals of revenue management, and understand what it takes to make effective strategic decisions, and how to execute them effectively.

During the training workshop, discover if your present organizational structure, systems, flow and processes have what it takes to optimize revenue, short-term and long-term. At the same time, discover hidden demand and new opportunities that go beyond your current practices that can lead to optimal financial results and higher returns on investments. Each training workshop is always further tailored to your specific objectives, in structure, existing systems and available resources at hand so that immediate results can be achieved.

WHO SHOULD ATTEND

TEAMWORK is the key to the success of any revenue management initiative. The success of Revenue Management practices to identify and capture demand, maximize revenue and optimize profitability requires an entire team effort. A revenue cycle involves three key departments, Sales & Marketing, Revenue Management and Operations with the General Manager as the captain of the ship. Here are the positions that could benefit immensely from this program:

General and Hotel Managers
Revenue Managers
E-Commerce Manager
Reservations
Sales & Marketing
Catering & Convention
Rooms Division Managers
Front Office Manager
Food & Beverage Managers
Financial Controllers
Owners and Stakeholders

Helping you OPTIMISE and GAIN Incremental Revenue!

Outcome

At the end of this program, participants will be able to:

- Learn, understand and master the fundamentals of revenue management and how to put it into easy and practical use to gain incremental revenue and profit margin growth in a world of technology and internet savvy travellers.
- Participants will be able to apply skills taught on how to maximise the use of their existing systems and implement processes that will result in higher productivity and returns.
- The team will be able to analyze data and make strategic decisions that are based on facts and not assumptions.
- As part of the revenue cycle, participants will be shown how to evaluate the results of their efforts through the right metrics used to monitor and measure performances.
- Final takeaway at the end of workshop will be that each participant will be able to demonstrate what is expected of their role in revenue management, such as their contribution to a weekly revenue strategy meeting

Select to design your own content and request for a customized quotation

No	Topic	Topic Description
1	An introduction to Revenue Management from the past, present and the future as well as the role of every staff in driving revenue performance?	Agenda and objectives of the workshop What is Revenue Management? Concept & evolution of Revenue Management in today’s world Impact of post pandemic on Revenue Management Data standard & management, tools & resources Segmentations: Market, Customer & Catering The Revenue Cycle and Role of each department in it Branding, positioning, competition, S.W.O.T and USPs
2	Pricing and pricing it right	Hotel pricing techniques: past, present and future Hotel pricing philosophy and structure Pricing by market segmentation Price value, perception and communicating it Internal and external impact on pricing decisions
3	Demand Forecasting	More than just projecting occupancy, average room rate and RevPAR Constrained Vs. unconstraint demand Demand Turndowns and Non-demand Turndowns Considerations for forecasting and forecast accuracy
4	Strategizing	From Demand Forecasting to Revenue Strategies Filtering total demand for optimal revenue Restrictions Up-sell and cross-sell Calculating Base Occupancy Displacement based on Profitability Tracking and measuring results Your Weekly Revenue Strategy Meeting
5	Electronic Distribution	Hotel distribution network today Your website booking engine and OTAs Sell Strategy: Room and rate availability display Strategizing your online channels: content & reputation management and managing OTAs (friend or foe?)
6	Moving Forward	Function Space, events, restaurants and spas Q&A + Feedback \| Closing + Summary

Expert

Bobby S H Saw

I am a certified trainer under the Ministry of Human Resources Malaysia for the Human Resources Development Corporation (HRDC) with over 35 years of experience in the hospitality industry at both property and corporate roles. Having started my career in Malaysia, I eventually covered regions like the Middle East, Africa, India, Maldives, Thailand, Vietnam, Philippines, China and Hong Kong, during which I spearheaded the revenue management, distribution, e-commerce and digital marketing departments. Since 2018, I have focused my efforts on conducting revenue management training workshops and occasionally provided consultancy services upon request. I have also worked with various training companies abroad to organize open workshops on revenue management and have so far done successful stints in Manila, Bangkok, Saigon and Colombo. I have also appeared as a keynote speaker and panelist at various trade events, such as No Vacancy, Web in Travel, ITCMA, Hotel Management Summit Thailand and Hotel Marketing and Revenue Conference. At the same time, drawn up and conducted revenue management winter classes for the School of Hotel & Tourism Management, Hong Kong Polytechnic University where I also taught as ‘Professor of the Day’ to their master class students. What makes my training workshops different from others is my actual years of experience on this subject hence I do share actual real-life scenarios and provide solutions to challenges faced by the participants at their workplace. I am also in constant contact with not just our industry circle but also with academia, hotel systems and digital marketing vendors to keep my training content materials relevant and up to date.