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2 Day Revenue Management Workshop – Singapore

28 February 2024 - 29 February 2024

$650 – $950
hsmai_academy-2-day-workshop_500x500-square-w-border
2 Day Revenue Management Workshop – Singapore

2-DAY REVENUE TRAINING FOR HOTELS

SINGAPORE INSTITUTE OF HOSPITALITY

1 Coleman Street, The Adelphi, #04-37 Singapore 179803

10 Online courses PLUS Face to face Workshop over 2 days
Wednesday – 9:00am – 5:00pm
Thursday – 9:00am – 5:00pm

This fast-paced two-day workshop is a great opportunity for anyone who is looking to learn more about managing revenue in a hotel or any accommodation business. The workshop adds practical experience to the online courses.  The course is for people who would like to move into a Revenue Management role, those with less than 3 years experience, and those who need to manage a Revenue staff member or team.

To earn the “Certificate in Revenue Management (Hospitality)”, you will need to complete the 10 online courses.

SELF-PACED ONLINE COURSES INCLUDED

2 Day Revenue Management Workshop – Singapore

The fundamental components of Revenue Management are applied to any business that has fixed capacity, perishable inventory, and time-variable demand. This course introduces you to the elements of revenue management that you need to be familiar with to understand the role of revenue in the accommodation industry.  It’s not just about pricing.  The discipline involves many skills and this initial course will introduce you to each one.

You will learn:
  • The main elements of the function of Revenue Management
  • Understand Revenue Management Terms and definitions
  • To identify a revenue management career path
You will learn:
  • How customers shop for accommodation
  • Learn what drives customers search and selection process
  • Learn what influences their choices during their search (including travel agents)’
  • The customer journey, from dreaming about a holiday, to shopping, booking, and experiencing the holiday or trip
  • Travel inspiration how do we find the inspiration to travel, and where to travel to?
You will learn:
  • What segmentation is
  • Why hotels segment their markets
  • How to define each segment e.g. Corporate, Events, Wholesale, Retail etc
  • Is a channel the same as a segment?
  • How to use this segmentation to gain insights and improve bottom line results
  • Understand different consumer behaviours in difference channel
  • Understand the different terms and strategies around using Segments vs Channels vs personalised offer
You will learn:
  • What are the fundamental principles of Economics and their role in Hotel Revenue Management?
  • How do Revenue Directors monitor and measure their competitor marketplace?
  • How do Hotel Managers identify true competitor properties?
  • How do you read competitor reports and use other data to derive strategic insights, and use the data to make better decisions?
You will learn:

The definition of Distribution within the Accommodation sector
The definition of accommodation Inventory and how it is managed
The types of distribution channels
The factors of the Cost of Sale
The steps to implementing a successful Distribution Strategy
The important role of technology in a Distribution Strategy
The definition of Rate Parity and its role in Distribution

You will Learn:
  • What are the different types of forecasts?
  • What are the objectives for each of the types of forecasts?
  • What information do I need to put a forecast together?
  • How do I find this information?
  • What questions should I ask when putting together a forecast?
  • How often should I be adjusting the forecasts?
  • What are the steps that I need to follow to put the forecast together?
  • What is the difference between unconstrained and constrained demand?
  • What are the elements of an accurate forecast?
You will learn:
  • How to price your different room types
  • Different types of pricing explained – what and why:
    • BAR, Rack, Group, Corporate, Tactical vs Strategic pricing, Mobile only pricing – why?, Wholesalers, Static vs Dynamic rates, Corporate & Event, Opaque Pricing, Length of Stay Pricing, Loyalty clubs and Closed User Group rates
  • Packages/ promotions/ Discounting – Discounting –what additional volume required if I discount my price? Is a lower price generating new demand?
  • Understanding the impact on discounting -How to calculate Occupancy needed to offset discounts
  • Understanding the influences on pricing including decoy and anchor pricing
  • Lead time and its impact on pricing
  • Displacement Analysis
  • Contracts
  • Technology available to monitor and manage pricing
You will learn:
  • To understand the components of a good revenue strategy;
  • Different revenue strategies explained;
  • Pricing Strategy;
  • Exercises in how to use the Revenue Strategy to manage day-to-day tactics;
  • Inventory Control- how inventory can impact on sales. If forecasting constraint, monitor to ensure controls do not have too big an impact and adjusting strategy where necessary and why revenue managers might withhold inventory.

All business need some data to improve their business.  Accommodation providers have a lot of data available to them. This course explains how to get the data you need, what you can use it for and will cover some case studies on how hoteliers have improved their business using data and intelligence.

You will learn:

  • What types of reports do RM’s create
  • Where is data available
  • How to read, and gain insights from data and reports
  • How to present data in easily digestible format
You will learn:
  • To understand the different types of structures and the benefits and challenges of each;
  • To understand the key elements of how revenue management integrates into an organisation;
  • The company culture is key to being successful in revenue roles, learn why
  • To understand the key elements of how revenue management integrates into an organisation;
  • Learn about the various roles that Revenue staff perform

To understand the importance of the Revenue Meeting and how it contributes to the culture across the business.

  • Importance of regular revenue meeting involving all department heads of hotel
  • What to discuss?
  • What reports to distribute prior to the meeting
  • How to ensure meeting is effective in setting strategy instead of just reviewing reports

IN-PERSON 2-DAY WORKSHOP AGENDA

2 Day Revenue Management Workshop – Singapore
  • The 2-day Workshop will allow you time to talk to the 4 trainers in breaks and in the sessions.  It is a great opportunity to ask the Experts for their tactics and strategies on any issues or topics you don’t understand.
  • The 2-day Workshop is not long enough to cover all the topics of each of the 10 courses that make up the Certificate program.  It is intended to give you an overview, and importantly, some hands-on practice on some simulated revenue management activities.  It is designed to mostly cover activities that are difficult to present in an online format.
  • Day 1 of the workshop covers the first 3-4 topics fairly quickly.  This is to allow more time to do some “practice” activities in the Forecasting, Strategy and Pricing sessions using a simulator in group activities.  Depending on your own experience in these topics, you may like to study some of the online courses for topics 1-4 prior to the workshop.
  • Revenue Management Terms  – if you are completely new to Revenue Management, you will find it useful to study the commonly used terms in Course 1 – “Introduction to Revenue Management” as well as our Glossary which you can find on the HSMAI Academy website.

WHO SHOULD ATTEND?

  •           Aspiring Revenue Managers
  •           Professionals with less than 3 years of experience
  •           Managers overseeing Revenue teams

MEET THE TRAINERS

  • Tamie Matthews HSMAI Certified Trainer & Revenue & Distribution Support for the Independent Hotelier
  • Jackie Douglas President, HSMAI Asia Pacific & Global Chair, HSMAI Academy
  • Dr. Detlev Remy HSMAI Commercial Advisory Board and Associate Professor at Singapore Institute of Technology
  • Pallavi Nirula Nath HSMAI APAC Commercial Advisory Board & Director at Revmax Technologies Pte Ltd

Details

Start:
28 February 2024
End:
29 February 2024
Cost:
$650 – $950
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Organiser

HSMAI Academy
Phone
61405159557
Email
info@hsmaiacademy.org
View Organiser Website

Venue

Singapore Institue of Hospitality
1 Coleman Street,
The Adelphi #04-37, 179803 Singapore
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