Revenue Management for Conference and Events
This one-day workshop applies the principles of Revenue Management to meetings and events space, and introduces the key performance indicators that drive function space revenue management including Revenue per Occupied Space and Revenue per Available space. The workshop provides practical examples of implementing function space strategies with a focus on creating selling strategies aligned with rooms selling strategies, to maximize opportunities for improving revenues. Supporting tools include calculating displacement, and basic tools to forecast and track meeting room demand and pick up. The workshop also looks at the skills required to communicate function space revenue management to the wider executive team.
What you will learn
By attending this one-day workshop participants will understand:
- How to identify the principles of Revenue Management as applied to meetings and events and the difference between this and rooms revenue management
- The primary performance indicators that drive meetings revenue management including Revenue per Occupied Space and Revenue per Available space
- The tools available to forecast and track meeting room demand and pick up
- How to create selling strategies aligned with rooms selling strategies, to maximize opportunities for improving revenues
- Displacement and how to calculate displacement
- How to communicate function space revenue management to the wider executive team
- The performance indicators used to understand occupancy levels, demand patterns and revenue generated per space to have a full analysis of performance.
- Tracking use of occupied space by meeting room and total meeting space, denials and turn-aways
- Understanding the business mix, how demand and booking behaviour change by market segment and how the mix of segments affects revenue performance.
- Determining business drivers and factors influencing these such as our in-house policies, market conditions, demand generating events and competitor actions.
- Identifying and tracking periods of high and low demand and creating a pricing strategy with flexibility to cover all demand periods.
- Determining how and when to implement duration controls.
- Assessing and calculating displacement
- Integrating function space revenue management into a total revenue management strategy
- Creating a reliable method to measure performance of the strategy.
- Culture and communication – sharing the strategy amongst the team
There are multiple opportunities for questions and interaction in the group to help reinforce learning.
Who is this course for? As a building block for developing future revenue management capabilities this course is for the following personnel: Revenue Managers, Reception / Front Office staff, Reservation staff, Sales & Marketing staff, General Manager & Assistant General Managers, Food & Beverage Managers, Commercial Managers
Click here to find out more or to book, http://www.revenuebydesign.co.uk/revenue_management_for_conference_and_events.php
Or contact Michelle Casey on firstname.lastname@example.org or on 07718 650 349