Hotel Revenue Management is a crucial part of running a hotel. By effectively balancing supply and demand, you can maximise revenue and minimise your outgoings. A Hotel Revenue Management Course can really help you get to grips with this important topic. Hotel Revenue Management Courses will give you the tools and strategies you need. Read on to find out about course providers and what studying Hotel Revenue Management can do for you.
- What is Hotel Revenue Management Important and Why is it Important?
- Who Should Join a Hotel Revenue Management Course?
- What Will You Learn In a Hotel Revenue Management Course?
- Organizations Who Offer Hotel Revenue Management Courses
- Finished With Your Hotel Revenue Management Course? Websites to Find a Job in RM
- 9 Revenue Management Strategies
- The Latest Hotel Revenue Management Strategies, Tactics, Trends and Tips
Revenue management is the use of various types of data and information to optimise pricing and supply. In the context of hotel management, this means anticipating demand for your services and responding appropriately. By ensuring that the availability of your accommodation is in line with customer demand, you can reap the greatest financial rewards.
Hotel revenue management relies on the application of analytics to various streams of data about your business and its operation. In essence, revenue management means striking the right balance between consumer demand and supply. Revenue management is different from general hotel management in that it concerns optimising revenue rather than optimising occupancy rates. For an in-depth look at hotel revenue management, read our article Hotel Revenue Management: Optimising your Hotel’s Revenue.
Who Should Join a Hotel Revenue Management Course?
Hotel owners and General Hotel Managers can benefit from a Hotel Revenue Management Course, as can any professionals involved in the hotel and hospitality industry. If you’re an entrepreneur launching a hospitality business, a good understanding of revenue management is a must. Revenue management strategies are relevant to many different professionals, and a course in Hotel Revenue Management can be extremely useful in refreshing your skills.
What Will You Learn In a Hotel Revenue Management Course?
While there’s some variation in the content between different providers, most courses cover a broadly similar range of topics. You’ll learn the basics first, then zero in on some of the tools and strategies you’ll need.
Most hotel revenue management courses begin with an introduction to the topic, where you’ll learn the essentials of revenue management and how it applies to the hotel and hospitality industry. Your course will also cover demand forecasting and how to control availability in response to changes in consumer demand. Courses will include a detailed discussion of pricing strategies and how to leverage these to maximise revenue. You’ll be introduced to concepts such as developing rate fences — setting prices according to customer type — and other pricing strategies.
You’ll also learn about distribution channels as they apply to the hotel industry. Channel management is a key method for increasing your revenue by supporting rate fences and exercising control over differentiated pricing. You’ll be able to investigate a wide range of channels such as booking agencies, direct sales and Internet-based channels. You’ll learn how to leverage opaque pricing channels to ensure that your pricing strategy remains secure.
Another crucial topic that your course will cover is overbooking. Any business that accepts reservations must necessarily grapple with the problem of customers who don’t arrive and who fail to cancel their bookings. There are various ways to guard against this, such as non-refundable deposits and room charges. Another approach is to use overbooking, the practice of taking on more reservations than you have rooms. While this is an effective strategy, it needs to be managed with care.
There are also plenty of non-traditional applications for revenue management. Many of the strategies you’ll learn are relevant beyond the hotel industry. A good course will deliver information on these tactics and how to use them in different settings.
Organizations Who Offer Hotel Revenue Management Courses
Hotel Revenue Management Course From HSMAI
The Hospitality Sales and Marketing Association International (HSMAI) is focused on hotels and their business partners, offering training and tools to develop their enterprises. They provide a wide range of courses covering major aspects of the hospitality industry. Their training includes distance learning courses in revenue management. Click here for the hotel revenue management course from HSMAI.
Hotel Revenue Management Certificate From Ecornell
Cornell is one of the highest-profile research universities in the United States. Working with their partners across many different sectors, Cornell provides education and training both on-site and through distance learning. Via the Ecornell distance learning platform, you can take their course in hotel revenue management. Click here for the hotel revenue management certificate from Ecornell.
Hotel Revenue Management Course From EHL
Formerly the Ecole Hôtelière, EHL is the world’s first dedicated hotel school. Operated by the EHL Foundation, the school aims to provide training and education across all aspects of the hospitality industry. The EHL Foundation maintains close relations with many other institutions, including hotellerisuisse. They offer a range of courses including marketing and revenue management. Click here for the hotel revenue management course from EHL.
Hotel Revenue Management Course From IHS
IHS (International Hotel School) is dedicated to providing education and training via the Internet. Their courses are designed to be flexible and are geared towards those currently in employment, allowing you to develop your career while you work. They offer a range of subjects and course lengths. Click here for the hotel revenue management course from IHS.
Revenue Management Programme From HOSPA
The Hospitality Professionals Association (HOSPA) is a non-profit organisation focused on training and education. Their courses are flexible and include distance learning options. You can sign up online classes or attend in-person lessons and events. Programmes include multiple aspects of hotel revenue management. Click here for the hotel revenue management programme from HOSPA.
Once you’ve completed your hotel revenue management course, you may want to take things further with a new job or career advancement. As well as general job-hunting websites, you can find dedicated platforms that are focused entirely on careers and positions in the hospitality industry. These can be a great source of excellent leads and inspiration.
Another good option is to check out the websites for major hotel chains or independent hotels in your region. Our article “List of The Most Important Channels for Finding Hotel Management Jobs” gives you some great starting points.
9 Revenue Management Strategies
If you want to know more about the kinds of strategies you’ll be learning about your hotel revenue management course, you’ll enjoy our article “Revenue Management Strategies to Grow Your Hotel Business”. In this piece, you’ll learn about key tactics such as understanding your market, identifying and marketing to different types of customer, and how to forecast future demand. You’ll also learn how to make the most of your web presence with search engine optimisation (SEO).
The Latest Hotel Revenue Management Strategies, Tactics, Trends and Tips
As well as tried-and-true strategies, there are always new trends and developments in the field of revenue management Some of the latest strategies include choosing the ideal revenue management system and outsourcing your revenue management to specialists. You’ll also need to know about pricing strategies to maximise revenue and techniques such as upselling, as well as digital strategies such as search engine marketing. To learn more, check out our hotel revenue management articles.
Hotel revenue management is a dynamic field, changing rapidly with advances in technology and the shifting landscape of the hospitality sector. Training and education are crucial in staying abreast of the latest developments in the realm of revenue management.
More Tips to Grow Your Business
Revfine.com is a knowledge platform for the hospitality & travel industry. Professionals use our insights, strategies and actionable tips to get inspired, to optimise revenue, innovate processes and improve customer experience. You can find all hotel & hospitality tips in the categories Revenue Management, Marketing & Distribution, Technology and Software.