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Who is this course for?

Anyone who would like to develop their knowledge and understanding of revenue management and how to apply the principles to their business.

Price
£399 + VAT - 2 days 

Delivered in conjunction with

The aim of this workshop is to develop the application of revenue management at the strategic level of the organization. Participants will gain a valuable insight into the science of pricing and revenue management, as well as the “soft” developmental requirements of an organisation.

Through interactive facilitated discussions participants will develop the skills required to make the appropriate key strategic decisions with regards to technology deployment and pricing.

The topics covered will include a selection from the below:

Review of Main Revenue Management Strategies

Whilst there are many definitions of Revenue Management, at the end of this module delegates will be able to explain the core concepts of Revenue Management and how suitable industries / products can benefit from the application of this theory. Topics include:

- What is Revenue Management?
- Core concepts of Revenue Management
- Which Industries can you apply RM?
- Implementation of RM practices

The Science of Revenue Management

In this module, delegates will learn how revenue management systems work:

- Constrained optimization techniques
- Using expected marginal room revenue to set inventory protection levels
- Calculating the bid price

Group Tactics

Understanding the impact of group decisions is critical to the success of a Revenue Management strategy. In this module, delegates will consider :

- Group forecasting methods
- Displacement models
- The impact of displacement
- The effect on Yield
- Importance to long-term profitability of a property

Building a Revenue Management Culture

Understanding how to build a culture that focuses on Revenue management is critical to the success of your strategy. In this session, delegates will review and consider:

- The attributes of a “Good” Revenue Manager
- How do you begin to build a true “Revenue Culture”
- The importance of “engagement”
- The Challenge of Change!
- Recruitment & Selection Challenges

Total Revenue Management

The Total Revenue Management concept is explored in this module, looking at F&B, C&E, Spa, Retail and any other potential revenue stream. This session will also explore:

- Key metrics within the entire hotel and how they link to Total Revenue Management
- How we influence these metrics and make better revenue management decisions
- Understanding hotel profitability with a focus on all revenue streams
- How we engage and interact with other departments to impact total hotel revenues and profit

The Science of Pricing

The module takes the thought process behind “Pricing” to the next level. Knowing that pprofit can be significantly impacted by the choice of pricing strategy, this session will have delegates consider:
- How to be more scientific in the pricing process
- The need to focus the pricing process on the consumer behavior and the assessment of the profit associated with each consumer segment
- Customer perception and price sensitivity measurement

Social Media Revenue Management

This part of the workshop will focus on strategies that will help you integrate your social media actions with your revenue objectives. These might include:
- Learning how to use fans to build online advocates,
- Understanding how to use new products and/or enhance product awareness.
- Learn how to create a flash sales strategy.

Customer Centric Revenue Management
A marriage of customer relationship management and revenue management will enable you to apply a strategy that optimises return on investment for both the customer and the firm.
- Maximise the ripple effect that results from practicing responsible revenue management .
- Understand the importance of the customer within a Revenue Management strategy

Profit Management

An analysis of the cascading costs associated with different sales transactions as well as the non financial benefits that can be attained from different behaviour patterns will be discussed and analysed.
- Gain a holistic view of the impact of revenue management strategies on bottom-line performance.
- What are the business benefits?

Revenue Management Simulation

The opportunity to practice in a simulated environment will provide you with a full on revenue management experience that provides a structured environment to reflect on real world applications of revenue management tactics.

- In-depth data analysis opportunities
- Turn identified opportunities into astute commercial actions.

This part of the workshop will culminate with a robust real world revenue management case study that will provide you with the skills to recognise key revenue management opportunities.