The Hospitality Sales & Marketing Association International (HSMAI) Revenue Management Special Interest Group released at its Strategy Conference in Minneapolis the first-ever comprehensive report on…
The Hospitality Sales & Marketing Association International (HSMAI) Revenue Management Special Interest Group released at its Strategy Conference in Minneapolis the first-ever comprehensive report on revenue management: “Defining Revenue Management: Top Line to Bottom Line.”
Findings from the report, published by the HSMAI Foundation, were released at the General Session and copies were distributed to participants. Attendees then had an opportunity to join in an interactive panel discussion with the authors.
A practitioner-friendly publication that addresses the fundamentals of revenue management for a broad audience of hospitality professionals, the content is both readable and actionable, and delivers tools and information for revenue management education, incorporating expert advice from interviews with industry executives and educators, case studies, and practical checklists for implementing successful revenue management strategies at the property level.
“This excellent publication, the first of its kind, was in keeping with our mission to create relevance for members and the industry at large through groundbreaking initiatives that are targeted and specific,” states Robert A. Gilbert, CHME, CHA, president and CEO of HSMAI. “We are overwhelmed by the response of this publication, which has been received with great enthusiasm and success.”
The commissioned report was co-authored by Caryl Helsel and Kathleen Cullen of the Solutionz Group, a business development and strategic consulting group based in Florida. Helsel heads the hospitality practice and previously held executive positions with Kimpton Hotels, Pegasus Solutions and Mandarin Oriental Hotel Group, and is the former president of the Hotel Electronic Distribution Network Association (HEDNA). Cullen is a lead consultant on the hospitality team and is a hospitality revenue management and distribution veteran, holding executive positions with Swissotel and Raffles Hotels, as well as past vice president of HEDNA.
Delving deep into the fundamentals, nuances and specifics of revenue management, the special report addresses:
- Ideas and initiatives to maximize revenue opportunities, optimize profits by managing revenues, and develop an infrastructure (strategies, policies, procedures, reports, etc.) to make informed decisions about accepting or rejecting business.
- An overview of the external market such as segmentation, demand forecasting, revenue strategy, operational forecast, interdepartmental integration, strategic pricing, inventory control strategies and internal performance analysis.
- Tactics including rate-level maintenance, inventory management and rate offer assessment (for group and negotiated rates).
- The optimal environment, characteristics and descriptors.
Sponsors of the publication are Amadeus and SECURE-RES.
In conjunction with the publication, HSMAI University has scheduled a five-part webinar series: Defining Revenue Management: Top Line to Bottom Line, presented by Kathleen Cullen. The one-hour webinars will be held from 2-3pm EDT as follows:
- July 11 – Introduction to Webinar Series and Revenue Management
- July 25 – Building a Successful Revenue Management Culture
- August 8 – Developing a Market-Driven Revenue Strategy
- August 29 – Results-driven Forecasting: Demand versus Strategic
- September 12 – Implementing Winning Inventory and Demand Control Strategies
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