Leads to certification with duration:
1 year
1 year
Certificate
Certificate in Revenue Management-HSMAI
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Curriculum content
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Online training course for hospitality professionals focussing on how guests make their decisions on where to stay during their booking journey. Hoteliers need to learn how to influence consumers to book their hotels instead of other properties. To do this, you'll need an understanding of the customer journey — for holiday-makers, business people, and meeting planners.
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Understanding the basics of economics and how they apply to revenue optimization in the hotel industry is a prerequisite to learning about the market and how it impacts a hotel’s revenue optimization strategy. The economic environment has a direct relationship with, and impact on, hotel pricing and revenue optimization strategies. Therefore, understanding the fundamental components of economics, including supply and demand and price elasticity of demand, is essential for all involved in developing a hotel’s revenue optimization strategies. Some foundational concepts will be integral for your broader understanding of revenue optimization. This lesson covers the basics of accounting (revenue and expenses) and microeconomics (supply and demand). You may already be familiar with these concepts, in which case this lesson will serve as a review. If you are new to the topics, this lesson will serve as an introduction.
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Most industries categorise their market into different segments to understand them better, and to customise their product to each segment. This is a fundamental way to increase revenue to your business. As a revenue analyst, you need to know what these segments are and how to use that knowledge to win business from your competitors. You will learn: What segmentation is Why hotels segment their markets How to define each segment (e.g., corporate, events, wholesale, retail, etc.) The difference between a channel and a segment How to use segmentation to gain insights and improve bottom line results How consumer behaviours differ by channel The terms and strategies around using segments versus channels versus personalised offers
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This course covers the landscape and management of accommodation distribution and explains the role of distribution costs in a revenue strategy. Growth in digital travel shopping has provided many additional competitive options for consumers, which provides hotels with many more potential sources of revenue. This course is a starting point for any member of the hotel community to better understand distribution dynamics and their impact on hotel profitability. This course was developed by the HSMAI Revenue Advisory Board with the kind support of SiteMinder , one of the industry’s leading experts in 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 that go into computing 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 About the basics of digital distribution
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Hotel rooms are perishable goods with a shelf life of one day, so it is important for hoteliers to maximise their value. The clearer the picture you have of demand, the better you can prepare accordingly in many phases of operation, from staffing to marketing to pricing. Forecasting demand for your rooms allows you to identify needs and build a strategy based on projected occupancy. Forecasting is a complex discipline and can be overwhelming at first, and it can be easy to learn when broken down into simple steps.. With an accurate forecast, hotel management will have a good understanding of their performance goals in terms of occupancy, rate and overall rooms revenue. For example, if a popular event in the area brings a number of new guests to the door, forecasting helps hoteliers understand how to set prices to maximise revenue. In addition, your forecast will determine when it is necessary to lower rates to boost occupancy on days with lower demand. Simply put: A forecast is a tool used to run a hotel more effectively and profitably. Topics covered: 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?
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A revenue strategy is critical to the success of a hotel’s revenue management philosophy. A revenue strategy allows the entire revenue team to discuss, strategise, and understand what the goals are for the hotel, and how to work towards these goals. This course provides examples of good strategies and how the revenue team members should use the strategy to make decisions. You will learn To understand the components of a good revenue strategy; Different revenue strategies explained; Pricing Strategy; 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.
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Pricing strategies allow hotels to charge different room rates for the same or similar rooms according to customer’s characteristics and needs. For example, a senior citizen traveller looking for a Seniors discount has different needs, different characteristics and a different willingness to pay than a corporate traveller has. As a result they may book the exact same room but pay a much different price. Along with the different price may be certain booking requirements or unique restrictions. Once the market segments are defined for a hotel, it is up to the revenue director, along with the director of sales, to ensure a healthy mix of the segmentation. This is a key component to optimising a hotel’s pricing strategy and approach. Since hoteliers offer multiple rates for essentially the same room type it is critical to understand the importance of pricing and all it encompasses. This course explores strategic pricing and the various pricing-related elements. How to price your different room types Different types of pricing explained – what and why 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
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This course is designed to help revenue managers with less than three years of experience in the hotel or resort industry understand and improve hotel performance metrics. Participants will learn the importance of benchmarking, explore key methods and tools used to measure performance, and identify gaps in current benchmarking practices. By the end of the course, learners will be able to analyze performance data effectively, compare results against industry standards, and develop strategies to enhance revenue and occupancy rates. You will learn: Understanding the importance of benchmarking hotel performance To describe the various methods and tools hotels use to benchmark performance To identify the gaps that exist in hotel benchmarking.
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It is important for everyone in a hotel's team to understand the role of Revenue Management in the performance and culture of the property as well as what a typical Revenue Director's role entails. A big part of the role is to run effective Revenue Meetings with the Commercial & Operations teams. What you will learn To understand the key elements of how the revenue meeting impacts the important decisions the commercial team makes; To understand the importance of the Revenue Meeting and how it contributes to the culture across the business.