Rooms Revenue Management

Rooms Revenue Management

Introduction

The success of Revenue Management practices to capture demand, maximize revenue and optimize profitability requires an entire team effort. While the revenue manager is the key driver, support, feedback and implementation and execution are carried out by key leaders like general managers, sales & marketing and operations. Everyone must understand and embrace a revenue culture.

In this training workshop, learn how revenue management can be so effective and practical. 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, organizational 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
Reservations
Sales & Marketing
Catering & Convention
Rooms Division Managers
Front Office Manager
Food & Beverage Managers
Financial Controllers
Owners and Stakeholders

Upcoming Intake Date: 8 & 9 October 2024 - 100% Online - HRDF Claimable - Hit Get Proposal and save your seat(s) today!

Outcome

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

- Explain the role of revenue management in maximizing hotel profitability.
- Analyze internal and external data to inform strategic revenue decisions.
- Apply effective pricing strategies based on market segmentation and demand.
- Develop accurate demand forecasts to optimize occupancy and RevPAR.
- Implement strategies to manage inventory and capture high-value bookings.
- Utilize electronic distribution channels to maximize room sales.
- Measure performance against budget and forecasts.
- Create a revenue-centric culture across hotel departments.

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No	Topic	Topic Description
1	WHAT IS REVENUE MANAGEMENT : The role of every staff in driving revenue performance?	What is Revenue Management? Ensuring that the property staff from different departments understand their role and contribution to the property’s revenue performance. Defining the roles of each department; general manager, revenue management, sales & marketing and operations and establishing a Revenue Strategy Team. What has changed within the hospitality post Covid-19? Market demographics, buying behavior, traveler’s expectations, product offering.
2	TOOLS AND RESOURCE : The importance of data management and standards.	Impact of branding and positioning on your revenue management strategies. Property and competitor S.W.O.T and your USPs. Impact of branding and positioning on your revenue management strategies. Property and competitor S.W.O.T and your USPs. Marketing Segmentation and Customer Segmentation: The difference, and the need for both. ▪ Booking Source: Your central reservation system and other booking channels. Business Source: Who is driving your room nights and how to drive them? Geographic: The need to track by nationality and country of residence.
3	PRICING : Past, Present and the Future.	Pricing and the basic pricing philosophy for hotels & resorts. Impact of demand & supply, competitive pricing and value pricing. External and internal impact on pricing decisions: Competition, demand, reputation management, etc. Pricing by segmentation and piecing it together. Static to seasonal to dynamic to open pricing. What is Attribute-Based Pricing?
4	DEMAND FORECASTING : Forecasting is more than just predicting occupancy, ADR and RevPAR.	Impact of forecast accuracy on your revenue and profitability results. What is Demand Forecasting? Impact of external and internal factors on demand. Demand and Non-Demand Turndowns. Forecasting in a volatile market. Forecasting by market segmentation.
5	STRATEGIZING : Inventory control, where, what, when and how to capture demand, revenue / GOP.	Which approach to take? Occupancy or rate? Restrictions and how to use them effectively to maximize revenue over time? Tools and resources to identify who, when, where and how to target. Different segmentation = different strategies. Effective up-sell and cross-sell techniques. Rate and room availability on internet booking engines and online travel agencies. Attribute Based Selling for added competitiveness. Up-Sell and Cross-Sell: Where, what, when and who to offer? Driving and executing it?
6	ELECTRONIC DISTRIBUTION : All about reaching out to the right markets and return on investments.	Overview of a hotel’s distribution network today. Your internet booking engine and the different online travel websites. Content is King. Monitoring, reinventing and measuring success.
7	IMPLEMENTATION AND EXECUTION : Getting it right with ease.	Getting it right with ease. Measuring revenue results internally: Actual vs. Forecast vs. Budget. Market performance: Market penetration, average rate and revenue growth index. Weekly Revenue Strategy Meetings.
8	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.