Fundamentals of Revenue Management
Time & Location
About the Event
With the Hospitality Industry expected to face an increasingly challenging business climate in the coming months, this workshop enables key stakeholders to deepen their understanding of the opportunities for the industry to increase their revenue generation. The outcome of the Workshop will be tangible action plans for each participant, outlining how they will be maintaining and/or accelerating their business's revenue performance.
This is an interactive and stimulating Workshop, combining leading Global Revenue Management insight and building on the already existing Revenue Management standards and processes.
Since its existence, we have trained hundreds of revenue management and hospitality professionals worldwide on Revenue Management concepts. It is that global experience which allows us to understand how to bring revenue management content “to live” and avoid the common “death by bullet…point” syndrome so common when teaching highly process-driven and often conceptual content.
Once you register your interest, our colleagues at SDH Institute shall contact you with further details on the fee payment and other registration formalities. The Program Fee is SGD 275 per participant and this Program is SkillsFuture SG eligible.
The most successful educational initiatives are achieved especially through the sharing of hands-on experience and by transferring personal and professional insight that is outside the workshop content to the participants, thereby creating instant credibility with the audience.
Although PowerPoint slides will form the framework, the Workshop will contain a high level of interactivity in the form of brainstorming, discussions, exercises and interactive games wherever appropriate to ensure the content is thoroughly assimilated and the participants are stimulated to evaluate their current and future approach to revenue optimization.
Additionally, throughout the workshop, care will be taken to draw out any existing “pockets of excellence” between the participants to ensure existing best practice examples of revenue generation are shared and adopted by a wider group.
The course content is broken into 8 key areas:
- Principles of Revenue Management
- Revenue Analytics, Data Collection and Market Assessment
- Market Segmentation
- Channel Management
- Forecast and Demand
- Yield Tactics
- Application to Ancillary Revenue Streams
What will you learn?
Principles of Revenue Management
- Overview of the evolution of Revenue Management and its importance
- Review key concepts and benchmarks to evaluate participants knowledge base
- The revenue management game
Revenue Analytics, Data Collection, and Market Assessment
- Introduction to performance KPIs and Revenue math.
- Application of Customer Profitability Contribution and Displacement
- Review of PESTE Frame-work and conducting a SWOT Analysis
- Understanding segments of the business
- Conducting a Market Mix analysis and deriving insights
- Introduction to Customer Persona
- Understanding channel distribution
- Conducting a Channel Mix analysis
- Evaluating and optimising Channel profitability
- Get an introduction to the key pricing principles most commonly applied across a variety of industries (Value, Cost+, etc)
- Understand the basics of pricing elasticity and how it can help you effectively optimize revenue
Forecast and Demand
- Understanding the core concepts of Demand including unconstrained demand vs. constrained demand
- Establishing booking curve and pickup forecasting
- Forecasting methods
- Understanding the basics of inventory allocation and restrictions
- Reviewing methods to determine expected marginal revenue
- Group management
Application to Ancillary Revenue Streams
- Introduction to Revenue Management across a variety of departments, including Spas, F&B, Health Club, etc.
- Understand the practical application of non-traditional Revenue Management through sample exercises.
Who Should Attend This Program?
This course is designed for hospitality professionals, hotel owners, entrepreneurs starting a hospitality business, and any professional with business experience wishing to update their skills and learn new revenue management techniques.