Member Article

Revenue Management - Thinking Long Term

Providing Revenue Management courses in your hotel is thinking long-term.

Revenue Management training is not always a skill set that is available in hotels. Hotel revenue management is the theory and practise of predicting market conditions and includes selling the right number of rooms at the right price to gain maximum profit.

To achieve this goal, hotels without revenue management training will struggle and may opt to outsource this skill to a revenue management agency. While this option is suitable for the short term, hotels should consider investing the time and money into providing revenue management courses for employees as part of a career progression and long-term plan.

Why Provide Revenue Management Training Courses?

Providing revenue management courses will prepare staff who are at the forefront of customer service and hotel management with the following experience and skills.

• Improve knowledge of industry and how it functions
• How to maximise revenue
• Better understand their role within the company

Investing in employees for future growth will not only increase staff morale as they better understand how their role fits into the revenue management strategy, but should also increase their loyalty towards the brand and company, something which can make a big difference to customer facing staff.

Implementing revenue management training will also cut costs of outsourcing these valuable skills and also mean that you have the knowledge to pass on to the next generation of staff, further improving your position in the long-term.

What should a Revenue Management Training Course cover?

Ensure any hotel revenue management courses are instructed by experienced revenue managers and cover the following topics:

• Key Performance Indicators
• Market segmentation
• Pricing strategies
• Forecasting methods

To find out more about the hotel revenue management training courses available from Octopus Revenue, visit the website.

This was posted in Bdaily's Members' News section by Sarah Thompson .