The short answer is YES, but you’ll probably want a few more reasons as to why. Hotel revenue management may initially seem intimidating due to its use of jargon and specific terminology, but it is an extremely useful skill and one which anyone can learn. It could be the difference between your hotel’s success and its failure, or between mediocrity and greatness.
What is hotel revenue management?
At its core, hotel revenue management is about gauging customer demand, competitors offerings, and your hotel’s resources in order to maximize your revenue while meeting customer expectations. You’re probably thinking, “Well, I already do that!”
You do—but hotel revenue management is more. It includes methods and strategies to perform in-depth analysis of data you’ve gathered in order to give you real forecasts based on that data.
Revenue management traces its origins to the airline industry, but today it is a staple of the hospitality, travel, and leisure industries.
Incorporating hotel revenue management in your organisation
Hotel revenue management isn’t just something that the upper echelons of management takes part in. Effective revenue management is something that has its roots in an organisation’s culture.
This is true not only because a unified philosophy is good for any organisation, but also because effective revenue management requires extensive collaboration between departments and amongst team members from different business areas. You’ll need to have solid data regarding your clientele, pricing, seasonal issues, competitors, and what systems you’ll need to implement to produce results.
How training can help
A formal training course, especially an introductory course, can help demystify hotel revenue management. It’s helpful to have top management from each relevant department participate in formal training courses in hotel revenue management. That way, they can return to their own departments and train their own subordinates. By doing this, you can ensure that your entire organisation is on board.
Training programs and continuous education don’t need to be a hassle to set up. There are convenient online options that are designed to fit in with the needs of working professionals. Some are self-paced while others are scheduled during non-traditional hours. In fact, you can even take advantage of courses in languages other than English, if you or any of your staff have a different first language.
Don’t be intimidated by jargon. Learn what hotel revenue management can do to transform your business today.