Member Article

Core concepts of a Revenue Management Course

What are the core concepts of a Revenue Management Course?

Thinking of gaining skills with a revenue management course is a great way to think long-term and provide valuable knowledge and understanding to a hotel. Many hotels do not have the skills for revenue management and can suffer as a consequence.

What concepts does a revenue management course need to cover?

Putting staff on a revenue management course can provide benefits to the whole business, here’s some core concepts any revenue management course should cover.

• Revenue analysis
• Benchmarking
• Pricing strategies
• Reputation management
• Website optimisation & SEO
• Key Performance Indicators

The skills and understanding learned by students on a revenue management course will not only benefit staff in a revenue management role but also those based around customer service and other departments within the hotel.

How will a revenue management course benefit the whole hotel?

Knowledge of reputation management for example would be beneficial to any staff member dealing with customer complaints as the course would explain the importance of dealing with customer issues effectively and the wider implications. The new skills would allow the staff member to better manage a customers’ expectations whilst maintaining the hotel reputation.

Does the student need to be in a Revenue Management role?

Revenue management courses are aimed at revenue managers, staff members in customer facing roles and many other roles within a hospitality environment. However key performance indicators are a skill that many managers require and would benefit from, not just those in hotel revenue management. Knowing how to correctly set up KPI’s and knowledge of how best to measure their success is something all departments of a hotel can use to its advantage, making them run more effectively and efficiently, giving them an advantage over competitors.

Remember that a staff member who has attended a hotel revenue management course can share this new knowledge with the wider employee group providing long term benefits and value for money.

Ensure any hotel revenue management course is run by an experienced revenue manager and that all the basic areas of revenue management are covered. Octopus Revenue provides hotel revenue management courses to suit all levels within the business. You can view what each course covers and who it is suitable for on their website.

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