Founded in 1927, HSMAI's mission is to be the leading source for sales and marketing information, tools, insight, business development, and networking for professionals in the hospitality industry. With a strong focus on education, HSMAI has become the industry champion in identifying and communicating trends in the hospitality industry while operating as a leading voice for hotel sales, marketing and revenue management disciplines. Activities in the region are held in Greater China, Australia, and Southeast Asia. The region’s signature learning and networking event, AsiaConnect, has been produced in Bangkok, Beijing, Hong Kong, Macau, Shanghai and Singapore. For additional information, follow us on Twitter @hsmaiasia. HSMAI AsiaPacific is a Region of Hospitality Sales and Marketing Association International (HSMAI) Global which is a federation of Regions committed to growing business for hotels and their partners. www.hsmaiasia.org
Creating demand is a marketing component… You are suggesting revenue managers - manage rates, inventory, restrictions, rate codes, group leads, reservations, and now marketing too?? You want revenue manager to be super human it sounds like
36:33 You talk about how hospitality business became a "transaction", not anymore focussed on hospitality. Maybe you are right, but let´s not forget how the general guest profile changed; with all the digital nomads, economic brands, information technology. Many of our today´s guests are not "our generation", and they couldn´t care less about a valet (they come in by uber), or a concierge on the premises (they have some appliccation to book theater or dinner). They care about checking in quickly, pay a decent rate (as many business travellers today are autonomous). Minibars is a no-go, just as daily cleaning and fine dining. Just a reality check.
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This was indeed the most interesting video ever on emerging trends on revenue management. especially to viewers like me who are still in emerging markets. Thank you so much looking forward for more !
Hi Semanta, I don't think there are degree programs solely on revenue management. HSMAI has two levels, Certificate of Revenue management (Hospitality) and the CRME which is a certification for those people with 3 years or more experience managing revenue. You could also check Cornell University as they have a program too. Check ours out at: hsmaiacademy.org/certificate-in-revenue-management-hospitality/
Well there isnt any degree for it, so if you want to gathering knowledge, start from be part of product's team, which means front office, then if you lucky you may go onward to distribution wise then end up in revenue management. So you'll understand what is revenue management for. And if you care, complete yours with OTA courses, that will help you a lot these days.
Please refer to courses in Basics of Rev mgmt, Customer service essentials courses from our Academy -- Ravi Sharma Academy, info@ ravisharmaacademy.org
The best way to learn about revenue management in a large hotel. Revenue management will become more and more automated in the not so distant future and people working in this part of hotel management should explore career alternatives within hotels. Certification can round up the practical experience but will never replace it.
For medium to small business yes. However the value of a good data analyst is exponential in terms of increasing efficiency and profitability. (Revenue management person is basically a data analyst who can turn the data into usable information to drive business decisions). Many managers I’ve known barely can use a computer. Often times “older run” business leadership will have trouble understanding that there is any value from data such as that etc
revenue performance is directly proportional the customer satisfaction..every body saying from the side of organisation not from the side of customers...no hotels in asia pacific if its a regular guest, doesn't know by name and saying about loyalty...
Hi Vishnu, you make a good point on the connection between a happy guest and revenue. We are now starting to see the Revenue and Marketing people focusing more on guest experience on property.
Great video. If your looking for more help with revenue management for hotels, check this out: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-fdTvsjAzv6c.html
