EVENT DETAIL
Revenue Management Webinar Series
Date: February 23, 2010 - December 14, 2010
Location: Online Webinars, 2:00-3:30 PM Eastern time
HSMAI University, HotelNewsNow, and STR have partnered to present this 10-part revenue management webinar series. Beginning February 23, 2010, and going through December, each month a webinar will cover various aspects of cutting edge revenue management in today's economy in conjunction with articles written by members of the HSMAI Revenue Management Advisory Board.
Webinars:
February 23 – Communicate RM Strategies To All Key Stakeholders
With high levels of uncertainty inside and outside hotels and companies, revenue management professionals have an opportunity and obligation to shift the culture from reactive to proactive and to harness the energy of the organization toward growing revenue. Key stakeholders range from owners and asset managers to executives and line-level employees, and each of these stakeholder groups has its own perspective of the current economic situation. This webinar will provide the tools for the successful revenue management professional to clearly articulate a vision for returning the hotel to financial success in a way that everyone can understand and embrace.
March 30 – Run As Fast Uphill As You Did Downhill
After the last recession, it took several years for RevPAR to reach pre 9-11 levels. Now the forecasters are suggesting it will be 2013 or 2014 before rates recover. We need to ask ourselves one basic question: If we had a race to the bottom, why can't we have a race back to the top? The market in general is still somewhat soft, but how price elastic are all of our market segments? This webinar will help you see that it just may be time for a race to the top, and how to get there.
April 27 – Selling Value Over Price
Customers want the best price they can get in any economy, but that statement holds particularly true in a downturn. So what can you do to gain customers without discounting? Establish and communicate your value -- your key differentiators that will earn your customers' business. Your value proposition is key to earning and keeping your customers. When you discover what sets you apart and you sell it, you can put more focus on competing on your uniqueness rather than on your price. This webinar will demonstrate how to do that with case studies and advice you can use now.
May 25 – Grow RMs Knowledge of Internet Marketing
There is no area in which it is more crucial to revenue management teams to partner with their CRM, digital marketing, distribution, and ecommerce teams than in the fast paced world of Internet marketing. Your online strategies contribute significantly to your hotel’s ability to capture demand and book business. This webinar, directed to revenue managers, will provide you the information, knowledge, resources, strategies, and tactics you need to make an invaluable contribution to your company’s marketing and sales efforts online.
July 27 – Use Data to Drive Revenue Management Decision Making
Revenue management is part art and part science. All too often the practice of managing revenues, setting prices, and using rate and inventory controls is done based primarily on intuition, gut instinct, and "knowing" the hotel and market. These methods, the art, have validity but should be backed up with data and facts, the science. With the ever evolving distribution landscape, more dynamic pricing, changes to the competitive environment, and changes in guest behaviors, it is more important than ever to make data-driven, fact-based decisions in the practice of revenue management. This webinar will show you how to do that.
August 31 – Close the Divide Between Revenue Management and Customer Loyalty
Traditional yield management techniques focus on finding the optimal customer mix of business and transient travelers that maximizes room revenues. The need to shift to total revenue maximization is now widely recognized in the industry, and involves taking into account overall customer spend, both transient and group, including ancillary revenues and the profitability of each customer not only in the short term but in the long term, as measured by each customer's life time value. Join us for this webinar to help you to segment markets based on consumer buying behavior and price sensitivity and take your revenue management to the next level.
September 28 – Shift From Analyst to Strategist
Over the years, the discipline of revenue management has grown from a mostly key stroke function to a much more analytical one. For organizations that have embraced revenue management, this has served them well and supported the record profits of 2007 and 2008. To provide maximum value in this economy, through recovery and eventually in future peaks of the lodging cycle, revenue management needs to continue to grow into an even more strategic discipline. This webinar will show you how to: 1) move beyond sharing the 'what' in your meetings and focus on sharing the 'how' and the 'why’; 2) identify need periods and lead brainstorming efforts targeting how the hotel can sell more rooms and collect more ancillary revenue during those periods; 3) shift your thinking toward business development…scour the Internet, gain a better understanding of who is staying with your competitors, understand your own lost business, and provide additional analysis that will drive revenue generating decisions; and 4) look at the same things differently and look at new things, to find a new angle to attack the many opportunities that we face.
October 26 – Source – Segmentation – Channel
Segmentation is one of the key elements of revenue management, but what does segmentation really mean? Segmentation can be looked at a number of different ways: by booking channel, customer type, rate type, etc. The importance of segmentation from a revenue management perspective is in gaining an understanding of your business and being able to set forward-looking strategies. This webinar will help you to develop an effective revenue strategy that includes understanding which segments have demand, which segments you want, which segments are realistic to capture, and knowing where and how each segment books.
November 30 – Focus On Profit
Phrases like "Flow Through," "Over Leveraged," "Debt Service," "ProfitPAR," and "EBITDA," once considered "finance speak," matter to revenue management today. Revenue management's measure of success is no longer market share, or Revenue Per Available Room. The new measure that counts is Profit Per Available Room. Revenue managers must understand how a dollar flows, and how to identify the highest profit guests. This is not as simple as looking at rooms revenue as we have in the past. This webinar will show that it has to take into account a variety of factors including length of stay vs. rate (discount prices for long LOS?), total spend on the guest folio and off, channel, booking window, long-term value or repeat potential...just to name a few. Gain the understanding of profitability of the business you bring into the hotel and how it impacts Gross Operating Profit, Net Operating Income, and Hotel Valuation. With this knowledge you will be able to look at Revenue Management through a new lens and help impart that knowledge throughout the Revenue Management Committee and beyond.
December 14 – The Role of OTA In Your Distribution Strategy
The distribution landscape continues to evolve and Revenue Managers today, more than ever, need to stay on top of how their hotel inventory is distributed. With potential guests searching often dozens of sites before making their reservation plans, Revenue Managers must both manage these channels and also determine the return these channels afford their hotel. This webinar will help you to manage channels -- what channels make sense for your hotel? How can a Revenue Manager manage these channels effectively? How many channels should a hotel utilize? Which ones drive customers to your hotel, or are there reviews that drive them away?
We will cover:
• Retail or ‘merchant model’ channels – Expedia, Travelocity, Hotels.com, Orbitz, Getaroom.com
• Agency or ‘commission model’ channels – Booking.com,
• Opaque channels – Priceline, Hotwire, Travelocity Top Secret Hotel
• Newsletter or media channels – Travelzoo, Travel Ticker, Jetsetter
• Social and review channels – Inoqo, Tripadvisor, Hotelicopter, Oyster
Registration:
20% discount if you register for the entire 10-part series
* HSMAI/IACC/ATME Members: $99 per webinar, $790 for entire series
* CHTA Members: $119 per webinar, $960 for entire series
* Non-Members: $159 per webinar, $1290 for entire series
* Best Western Registrants: Click Here
Remember, you can register and watch one free recording any time that’s convenient for you.
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