With news of global travel restrictions starting to lift, this is clearly good news for our industry. Airlines are reacting by increasing their schedules and providing travellers with masks and self-seat wipe packs to ensure consumers feel safe, and there are initial green-shoots in hotel bookings - reflecting that things are heading in the right direction. The start of a slow and hopefully sustainable recovery process looks to have commenced, although still very unpredictable.
During this recovery phase, revenue management is critically important as it draws analytical and innovative expertise to plan for and react with speed to a range of “scenarios” that could unfold.
What is Revenue Management?
Missed opportunities in revenue cost our industry millions of dollars every year. Revenue management is a critical commercial business discipline that maximises revenue and profit from a perishable asset using strategies that optimise supply and demand.
Properties want to choose the best mix of customers from their total unconstrained demand and maximise both short and long term opportunities.
To do this, we need to learn the strategy.
15 Insights to Navigate Market Uncertainty
During any recovery phase, albeit currently an unpredictable one, revenue management is critically important as it draws upon analytical and innovative expertise to plan for and react with speed to a range of “scenarios” that could unfold. Clikc here to read Melissa's article on 15 areas of thought to assist in navigating market uncertainty.
Master the foundations so you can leverage more
This 45min video training is facilitated by Melissa Kalan of ARMA and will explore an introduction to revenue management.
- A brief introduction to Revenue Management
- Some daily questions asked by revenue managers
- Key measurement metrics explained
- Common mistakes that drive sub-optimal results
- Dynamic Pricing
Join a session today by registering at this link.
Accommodation Association Revenue Management Academy
Industry Recognised Training
ARMA's Certificate in Revenue Management Foundations known as the THINK CHANGE GROW program is an interactive and self-paced online course that keeps the learner engaged and wanting more. It is supported 7 days a week via the ARMA training email.
The course has been serving industry for 8 years and is backed by hundreds of industry testimonials.
“Having worked with a number of online, self-paced training systems I can honestly say that the ARMA Academy is one of the best. Revenue Management at times can be a bit of a dry subject. The ARMA Academy modules are easy to follow, logically structured and keep you motivated in terms of wanting to move onto the next module. Using the ARMA Academy will ensure you are a revenue management expert in no time.”
Anthony Stanley - Choice Hotels Asia-Pac
The first module of the course will be complimentary to current Accommodation Association members who will then be invited to complete the remaining modules at a substantially discounted price.
On completion, Accommodation Association members will join the ARMA community of trained professionals.