Strategic Revenue ManagementSeptember 6, 2020 2021-06-11 11:50
Strategic Revenue Management
Strategic Revenue Management
Strategic Revenue Management by Michael Feldman
Properly executed Revenue Management fundamentals drive top line sales in hotels.
Of course, the efforts of a hotel sales team are critical to a hotel’s financial success, but when you layer on a robust Revenue Management program at a hotel, the group and transient sales are made even more effective through selling the right room, to the right customer, at the right time, for the right price, via the right distribution channel.
This course will introduce you to the fundamentals of Revenue Management that will help you to kick off your revenue management career, enable you to work more effectively with a Director of Revenue Management as a peer or ensure that as a General Manager you are getting the most out of your hotel’s Revenue Management program.
Throughout this course, you will learn what a DRM is and how the work they do can improve your business. We will look at how they interact with other members of the hotel’s revenue team and how responsibilities should be assigned. We will touch on topics such as market segmentation, forecasting, competitive performance (with a deep dive on the STR report). You will review the performance metrics including occupancy, ADR and RevPAR performance from a macro perspective and then, drill down to the micro level gaining new perspectives on the data so that it can be used to improve decisions and enhance profitability. We will wrap the course by defining strategy and how to develop this to improve your business performance.
|Caption||English, Spanish, German, Traditional Chinese, French|
|Difficulty||Entry / Intermediate|
Subject Matter Expert
Michael Feldman has 29 years of hotel experience with over 24 years in a revenue generating position. More than 20 years of that time was spent at Hyatt where Michael was one of the company’s original Regional Directors of Revenue Management when the discipline was formalised for Hyatt in 2004. For 10 years, he supported the revenue management, pricing and distribution strategy for hotels and resorts in the United States, Canada and the Caribbean.
In April 2014, Michael became a regional Vice President of Sales & Marketing for Hyatt. In his most recent assignment, Michael supported 30 hotels generating more than $1.5 billion in top line revenue.
Michael lives just outside of Washington, DC. During his free time, he enjoys traveling (recently took up vacationing on cruise ships); gambling (3 card poker and black jack), binge watching TV series and going to Broadway shows. Michael’s favorite activity is making people laugh and caring for them so that they can be their best.
When you complete this Strategic Revenue Management course, you will receive a certificate of completion, which you can share with your friends, relatives, co-workers and potential employers. Certificates can be saved as a .pdf or .jpg file so that you can easily share your accomplishment. In addition, certificates can be shared on Facebook, Twitter, and LinkedIn directly from your Hotel.school account.
1. What is a revenue manager and how does she fit into building a hotel’s strategy?
2. Market Segmentation
4. Competitive Performance
5. Building your Strategy