Top Tips to Keep Hotel Revenue Management Teams Trained and Updated

“I’d recommend a mix of continuous learning, networking, and hands-on experience. Start with regular workshops or webinars from top industry bodies (not any webinar online, one must be selective). Encourage the team to join industry conferences, and make it easy for them to attend and engage in forums where revenue pros discuss real-time challenges and solutions.

Also, setting up cross-departmental sessions, like with marketing and sales, can give revenue managers new perspectives on how other teams work, helping to create more aligned and agile revenue strategies.”

“Stay well connected! Assign someone on the team (Director of Revenue Management or other) to come to the weekly strategy meeting on the first weekend of the month, having done research on various industry sites or newsletters, with updates on new technology to investigate or market/brand news.”

“First and most important, dedicate time each day to reading industry news, publications, and analysing broader economic factors. This helps the team understand evolving consumer preferences, new technologies, and competitive dynamics – enabling more strategic, data-driven decisions.

Second, build relationships with external experts. This could involve regular conversations with hotel suppliers, academics, or consultants to gain fresh perspectives. Cross-pollinating ideas from adjacent industries can also uncover new revenue optimisation opportunities.

Lastly, attending industry conferences and events is invaluable for ongoing upskilling and networking. These forums allow revenue managers to benchmark strategies, learn about best practices, and connect with a wider community. The connections made can serve as an ongoing resource for troubleshooting, ideation, and professional development. Leaving your own space and breathing some fresh air also helps to free the mind and gain new motivation.”

1. “Subscription to industry newsletters, blogs or podcasts such as Revfine.
2. Study of data on market demand from likes of STR, Phocuswright or MKG. OTAs also provide very powerful insights on historical and forward looking demand patterns.
3. Networking with industry peers and technology partners of leading providers and new technologies.
4. Reading case studies.
5. Attendance at workshops and webinars to relevant topics”

“It is important to do a couple of things: join industry meetings, for example, from your revenue system provider, from STR, from Lighthouse, from PMS providers, etc. Join sessions hosted by large OTAs like booking.com / Expedia.

Additionally, keep close contact with hotels that impact your market. You don’t need to share data of course, but you can discuss trends / developments. Training then can be used as an addition to keep your knowledge up to date. Before considering joining a training, make sure you know what you need and check if the training provides that; check references, or ask colleagues in the field.”

“The Hotel Sales & Marketing Association hosts webinars as well as Revenue Optimisation Conferences across the globe, throughout the year. See: https://global.hsmai.org/.”

“Certainly, leveraging advanced Revenue Management Systems (RMS) is essential for modern revenue management practices. These systems facilitate predictive analytics and provide real-time updates, significantly reducing the time spent on manual data compilation. While subscribing to reports, such as those from STR, can offer insights into competitor performance, there is often a delay in receiving this information. An RMS, on the other hand, delivers real-time competitor data, enabling timely and informed decision-making.

Additionally, maintaining regular communication within the team—across sales, operations, and marketing—is crucial. This collaboration allows for the exchange of valuable insights, including market trends, on-site observations regarding guest expectations, willingness to spend, and guest feedback. Such internal dialogue enhances the team’s ability to respond quickly and effectively to changing market dynamics.”

“When recruiting new members of the RevenYou team, I look for the following:

• Experience within a large well-known brand as the training is fantastic.
• Experience within an independent property, as the need to stay within a specified way of operating is removed and the team member can test the skills acquired within a branded property.
• A willingness to learn and adapt to ever changing trends: what was the latest online seminar or training course they attended? What were the three key learning points they shared with their line supervisor?
• A need to stay up to date: what newsletters do you read weekly or monthly?
• A thirst for knowledge: when faced with the unknown, what do you do to gain familiarity with the subject?
• What is the person’s longevity in a role: too long and they may have gone stagnant, too short and they are job hopping and not gaining valuable exposure and overcoming challenges.

When my team members come to me and talk about it being time for them to move on, I always encourage them. Life is not about staying in one role forever. We must move to gain new experiences, embrace change, and overcome challenges.”