This course is created by Hoteliers, for Hoteliers. The leaders in hotels around the global have worked together to create a curriculum for people looking to grow their careers in revenue management. The authors of this course are the HSMAI Revenue Advisory Board. Read more about the hotel leaders who helped create this course.
The fundamental components of Revenue Management are applied to any business that has fixed capacity, perishable inventory, and time-variable demand. This course introduces you to the elements of revenue management that you need to be familiar with to understand the role of revenue in the accommodation industry. It’s not just about pricing. The discipline involves many skills and this initial course will introduce you to each one.
Recent research from the University of Cornell used eye tracking software and interviews to analyse how consumers make their accommodation decision, and the process involved. The results found that far more than price, imagery was a critical component. One of the study’s authors, Stephani K. A. Robson said: “What guests appear to be thinking about is how well all the pieces of information about the hotel—price, brand, photo, ratings, and so on—fit together… They used pictures to imagine themselves at the property and to see if the hotel was the right ‘fit’ for them, so images that provide some sense of the experience, not just what the hotel looks like from the outside, may be powerful, perhaps even more than reviews or ratings which get a lot of attention from the industry.
Hoteliers now need to learn how to influence consumers to book their rooms instead of another property. To do this, you’ll need an understanding of the customer journey, not just for holiday-makers, but for business people too.
A revenue strategy is critical to the success of a hotel’s revenue management philosophy. A revenue strategy allows the entire revenue team to discuss, strategise, and understand what the goals are for the hotel, and how to work towards these goals. It is also critical that the strategy is put into writing. By strategising with the team and documenting the revenue strategy a hotel is setup to ensure that the hotel looks out into the future and creates a long term measurable path for success.
The ‘Revenue Ready’ program is custom-built for hotel staff who have moved into the Revenue Department, or who are just about to. The program will fast-track your learning and help you become proficient in Revenue Management is a short amount of time. In conjunction with your on-the-job hotel experience, this is the best method of getting to the next phase of your career.
HSMAI has worked with educators and the leaders in Revenue Management across the globe to come up with a fast-track program to get you up-to-speed on Revenue management fast! When you have completed your study and passed all the tests, you will be awarded the globally-recognised “Certificate in Revenue Management (Hospitality)” from HSMAI.
The ideal method of completing the Revenue Ready Certificate is to study these courses in the order they are provided in. These are the basic courses in each subject matter so there are no pre-requisites other than English language skills.
Globally recognised certificate from the Hospitality Sales and Marketing Association International (HSMAI).
Payment must be via Credit Card or Paypal. Payment is made in US dollars only.
For groups of 10 or more, payment by invoice can be arranged by contacting firstname.lastname@example.org.