Revenue Management Tactics In a Digital World

Revenue Management Tactics In a Digital World

Introduction

Today’s hospitality revenue strategies are mostly driven by the use of the Internet and technology. In this workshop, learn to exploit the convergence of revenue management and digital marketing in an internet-savvy market.

During the first part of the course, explore and evaluate if your current organizational structure, systems, and processes have what it takes to optimize revenue, short-term and long-term.

In the second part, discover how the principles of revenue management when applied to the configuration of your electronic distribution and digital marketing campaigns can lead to higher online sales conversions and return on investments. Realize how reputation management and social media have become part of today’s revenue management tools and resources to maximize revenue and gain higher profit margins

Learn how revenue management can play an intricate part in the travel cycle of today’s traveller towards gaining incremental revenue.

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
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!

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No	Topic	Topic Description
1	The 4Ws and 1H : The Convergence of Revenue Management and Digital Marketing.	Revenue Management in Today’s World. The Evolution of Revenue Management in a Digital World of Internet-savvy customers. What has changed within the hospitality post Covid-19? Market demographics, buying behaviour, traveller’s expectations, product offering. Branding and brand positioning in digital marketing. Competitor S.W.O.T: True Vs Ego Competitor set, S.W.O.T and Market Share Performances. Data for analysis: different types of segmentations, business sources, distribution channels, etc. Your Brand.com & other websites in a world of online marketing and shopping. PRICING: Past, Present and the Future. Basic pricing techniques for hotels & resorts. Demand & supply, competitive pricing and value pricing. Online pricing techniques. Pricing by segmentation and piecing it together. Static to seasonal to dynamic to open pricing. What is Attribute Based Pricing?
2	DEMAND FORECASTING : Forecasting is more than just predicting occupancy, ADR and RevPAR.	Impact of forecast accuracy on your top and bottom line. Use demand forecasting to determine your pricing strategies and marketing campaigns. How to forecast in a volatile market. Forecasting by market segmentation. Predictive analytics to forecast as a tool for effective digital marketing results.
3	MANAGING DEMAND AND DRIVING CONVERSIONS ON ELECTRONIC CHANNELS : Reaching out, attracting, educating and converting browsers to bookers	Role of revenue management in social media and online strategies. Brand or tactical? Through social media, retargeting, partnerships, or affiliate marketing? Content is King: From copywriting to image selection to availability display to up-sell and cross-sell on your brand.com, internet booking engine (IBE), global distribution system and online travel agencies. The importance of robust customer relationship management in a cyber-world. Reputation management and its impact on your pricing decisions. Search Engine Marketing and Search Engine Optimisation. Using restrictions to manage demand and yield on your online channels. Rate and inventory availability display techniques Gaining incremental revenue online with up-sell and cross-sell opportunities. Basics for driving direct bookings on your internet booking engine (IBE). OTAs: Friends or Foe? What drives them to feature and sell your property?
4	MONITOR, MEASURE AND BE FLUID	You can't change the direction of the wind, but you can adjust your sails to reach your destination. Metrics to measure your online successes. Reacting to results and making changes.
5	WRAPPING UP	Questions & Answers. Moving forward, the next steps.

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.