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CERTIFICATE OF REVENUE MANAGEMENT
2-Day Face-to-Face Workshops

Singapore, Melbourne & Hong Kong

TOPICS COVERED - DAY 1

The Essential Components of Revenue Management

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
Understanding your guests pathway to booking
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?
Market Segmentation
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
Understanding the Hospitality Industry
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?
Distribution

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
Rooms Forecasting
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?

TOPICS COVERED - DAY 2

Revenue Strategy

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.
Hotel Rooms Pricing
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
Understanding Business Intelligence for Hotels
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
Roles, Structure and Revenue Meetings
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
Section
IMPORTANT NOTES ON THE WORKSHOP AGENDA
  • The 2-day Workshop will allow you time to talk to the 4 trainers in breaks and in the sessions.  Its 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.  The workshop is intended to give you an overview, and importantly, some hands-on practice on some simulated revenue management activities.  The workshop has been 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 – “Essential Components of Revenue Management” as well as our Glossary which you can find on the HSMAI Academy website.

WHO SHOULD ATTEND?

The course is for people who would like to move into a Revenue Management role, specifically:

  • People with less than 3 years experience in a revenue role
  • People who manage Revenue staff member or team
  • People who sell or develop revenue management or distribution tools for hotels

If you’re looking for a formal Certificate from a 90-year old global hotel association, the HSMAI Certificate in Revenue Management (Hospitality). delivers that at a fraction of the price of the only other globally recognised program (Cornell).

HSMAI have many long-standing partnerships with industry vendors, other associations and hoteliers.  This program was developed by the members of the HSMAI Revenue Advisory Board , these are all senior hotel leaders of Revenue Management and Distribution for hotels.

The content was then managed by experts in training and developed into an online course.  The intention is to allow people from all over the world to access the courses, wherever they live.

At the same time, HSMAI recognises that some face-to-face classroom style training can enhance your learning if combined with the online materials.

Four partners assisted HSMAI to provide funds and exercises, and content for the courses.  They are:

Singapore Venue: Ramada Singapore – Balestier Ballroom 2, Level 2 – 16 Ah Hood Rd | Singapore 329982 | Singapore

Melbourne Venue: Punhill Little Bourke Melbourne – 11-17 Cohen Place Melbourne, Australia

Hong Kong Venue: Hotel Icon Hong Kong – No.17 Science Museum Road, Tsim Sha Tsui East Kowloon, Hong Kong

 

Dress Code: Casual

Contact Us About ROC 2018

CERTIFICATE

On completion of the 2-day Workshop, each participant who has attended 75% or more will receive a Certificate of Attendance.

For those who continue to complete the full 10-course online program, you will be awarded the “Certificate of Revenue Management (Hospitality)” by HSMAI Academy.

Singapore Workshop Photos

Shannon Knapp-Fabian Bartnick-Matthias Dybing-Jackie Douglas-Tracy Dong-HSMAI Hotel Revenue Training
Joey Kang, Rainmaker presenting to Shain Vasta, IHG

SINGAPORE

22nd & 23rd OCTOBER, 2018 (Event Ended)

HSMAI Members SG$550

Non Members SG$750

MELBOURNE

27th & 28th NOVEMBER, 2018

HSMAI Members AU$550

Non Members AU$750

HONG KONG

3rd& 4th DECEMBER, 2018

HSMAI Members HK$3500

Non members HK$4400

BRING YOUR COLLEAGUES?  USE OUR GROUP RATE

10% off Hotel revenue Course workshops with HSMAI

Book 5 or more people in one transaction and get 10% discount per person.

That means you SAVE AT LEAST $375 for your group.

SPECIAL RATE INCLUDES

  • 2-day workshop led by 4 expert trainers
  • Morning & Afternoon tea both days
  • Lunch both days
  • 12 months access to the 10 Online courses that make up the Certification Program
  • Certificate of Attendance for the Workshop
  • “Certificate of Revenue Management (Hospitality)” after you complete all 10 courses online

ARE YOU A SINGAPORE RESIDENT?

If you are a resident or citizen of Singapore, find out how you can receive funding support of up to 50% of qualifying costs.

TRAINERS

  • Shannon Knapp Founder/Director, SKNapp Consulting & Product Consultant, SiteMinder
  • Matthias Dybing HSMAI Asia Pacific Advisory Board member & Certified Trainer in Revenue Management & Distribution
  • Tracy Dong Lead Advisor, IDeaS Advisory Services
  • Fabian Bartnick HSMAI Asia Pacific Advisory Board member & Vice President, Asia Pacific & International Business at LodgIQ
Contact Us

Send us a message for any queries you have about HSMAI Asia Pacific and we'll get back to you as soon as we can.

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