HOSPA Hospitality Finance, Revenue and IT Professionals

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Essentials of Revenue Management

Essentials of Revenue Management

Event Details

This two-day workshop applies the principles of revenue management to rooms, and introduces the key internal and external performance benchmarks used to measure the success of revenue management strategies. The workshop provides guidance on how to use and interpret benchmark reports including Hotstats and STR reports, and builds up the knowledge required to create a revenue management dashboard. This includes market segmentation, creating a value-based flexible pricing strategy and a forecasting dashboard. The workshop focuses on practical application of the steps required to implement revenue management in an organisation, the skills to communicate revenue management strategies to the hotel team, and supporting reports to use on a day-to-day basis, ensuring a rapid return on workshop investment.

What you will learn

By attending this workshop delegates will understand:

  • The principles of revenue management as applied to rooms revenue management
  • The key performance indicators of rooms revenue management and profitability
  • How to interpret benchmark reports such as STR and Hotstats
  • The principles of value based pricing and how this applies to a best available rate strategy
  • How to set up a revenue management programme within an organization and the supporting reports required
  • How communicate rooms revenue management to the wider executive team

Topics covered

  • The core concepts and key characteristics of revenue management
  • Creating an operational road map and putting revenue management into practice through eight operational steps
  • The break-even point and profitability
  • The impact of fixed and variable costs
  • Market segmentation and creating profit opportunity through customer definition
  • Internal and external performance measurements in revenue management and how to calculate them including  Occupancy, ADR, RevPAR, TrevPAR, and GOPPAR , FMS , ARI, MPI and RGI.
  • How to create a competitor set
  • Price Elasticity of Demand
  • Understanding demand and working with demand drivers
  • An introduction to value based pricing and pricing models
  • Creating a forecasting dashboard and using key metrics to develop a working forecast

Practical examples, group work and discussions are integrated throughout the two days to ensure each areas is explored and thoroughly understood.

Where: The Principal Manchester, Oxford Street, Manchester, M60 7HA

To find out more or to book, http://www.revenuebydesign.co.uk/revenue_management_essentials_training.php

Or contact Michelle Casey on michelle@revenuebydesign.co.uk or on 07718 650 349

Event Details

Tue 14 Mar 2017
9 a.m.