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What are the best ways to keep up with revenue management trends?

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Revenue management is the art and science of optimizing the profitability of your hospitality business by applying data-driven strategies to pricing, distribution, and marketing. It is a dynamic and competitive field that requires constant learning and adaptation to keep up with changing customer behavior, market conditions, and technological innovations. In this article, you will discover some of the best ways to keep up with revenue management trends and stay ahead of the curve.

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Amer B.

PMI-PBA. Hospitality, Operational Planning, Strategic Partnerships. Tourism Opens Minds SDG' 2030
-Prashant -Mishra

Entrepreneur | Hotelier | Analyst | Host : Connecting The Dots - The Hospitality Podcast

1 Subscribe to industry newsletters and blogs

Staying up to date with revenue management trends is easy and effective when you subscribe to industry newsletters and blogs. You can select sources that provide market analysis, best practices, case studies, tips and tricks, and expert opinions. Notable examples include Hotel Revenue Insights by IDeaS, The Revenue Hub, Hotel Speak, Revinate, and Hotel News Now. These resources can help you stay informed and ahead of the competition.

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Amer B.

PMI-PBA. Hospitality, Operational Planning, Strategic Partnerships. Tourism Opens Minds SDG' 2030
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In my role as a business analyst and hospitality management consultant, staying updated on revenue management trends is paramount for ensuring optimal financial performance in the dynamic hospitality industry. From my experience, continuous learning through industry conferences, workshops, and online courses is essential. Networking with peers, engaging in online forums, and joining professional associations provide valuable insights into emerging trends and challenges. I believe leveraging technology and data analytics is crucial for effective revenue management. Utilizing advanced software and analytics platforms empowers decision-making with data-driven insights.

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2 Join online communities and forums

Staying on top of revenue management trends can be done by joining online communities and forums, such as those found on LinkedIn, Facebook, Reddit, Quora, and Slack. Examples of these communities include Hospitality Revenue Management by HSMAI, Hotel Revenue Management by Revenue Matters, Revenue Management Professionals by Revenue by Design, r/RevenueManagement on Reddit, and Hotel Revenue Management on Quora. These platforms provide a great opportunity to interact with other professionals, ask questions, share insights, and learn from different perspectives.

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3 Attend webinars and events

Attending webinars and events is a great way to stay up to date with revenue management trends. There are a variety of webinars and events that can fit your schedule, budget, and interests. The Revenue Optimization Conference by HSMAI, Hotel Revenue Forum by Travel Appeal, Hotel Data Conference by STR, Revenue Management Webinars by IDeaS, and Hotel Revenue Strategy Forum by Duetto are just some of the available options. Not only do these events offer valuable learning opportunities, but they also provide networking possibilities and industry updates.

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4 Enroll in courses and certifications

Enrolling in courses and certifications is another way to stay up-to-date on revenue management trends. There is a wide range of courses and certifications available that cover topics such as fundamentals, advanced techniques, analytics, distribution, marketing, and leadership. For example, you can pursue the Certified Revenue Management Executive from HSMAI, Revenue Management Foundations from Cornell University, Advanced Hospitality Revenue Management from edX, Hotel Revenue Management from Coursera, or the Revenue Management Masterclass from Revenue by Design.

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Yogesh Sheel Kaushal

LinkedIn Top Voice II IIM Indore Alumni II Career coach II Hospitality Consultant II Driving Sales and Partnership at SUJáN II Life long learner II
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Enrolling in course and certification that will clear your basic and enhance your knowledge base in the domain. There are wide ranges of courses available on Cornell, IIM Ahmedabad, Udemy and coursera. This will help you to application of knowledge in real time situation.

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5 Experiment with new tools and technologies

Experimenting with new tools and technologies is a fifth way to stay up to date on revenue management trends. There are many tools and technologies available that offer features such as forecasting, pricing, segmentation, channel management, reporting, and personalization. Examples of these tools and technologies include IDeaS Revenue Management System, Duetto Revenue Strategy Platform, Atomize Revenue Management Software, Revinate Marketing and Guest Feedback, and Travel Appeal Intelligence and Marketing. Utilizing these tools may help you automate, optimize, and innovate your revenue management processes.

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-Prashant -Mishra

Entrepreneur | Hotelier | Analyst | Host : Connecting The Dots - The Hospitality Podcast
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To keep up with revenue management trends, focus on experimenting with technology-driven strategies and staying updated through industry blogs, forums, and events.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Amer B.

PMI-PBA. Hospitality, Operational Planning, Strategic Partnerships. Tourism Opens Minds SDG' 2030
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Benchmarking against industry standards and competitors is a regular practice. Collaborating across departments, especially with marketing, sales, and operations, ensures a holistic approach to revenue management. Regular feedback loops and a commitment to continuous improvement contribute to refining strategies based on real-time insights. In conclusion, my approach involves a combination of continuous learning, networking, leveraging technology, and collaboration across departments to stay at the forefront of revenue management trends in the hospitality sector. This proactive stance is essential to navigate the ever-evolving landscape and drive sustained success for businesses in the industry.

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Omar El Hajjar

Associate Cluster Revenue Manager at Radisson Hotel Group | Business Intelligence Tools| Advanced Data Analytics | MBA Student
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Networking is very essential ... joining groups on social media platforms like LinkedIn, and participate in discussions to exchange information and learn from others in the field will always keep you in the loop for updates. Revenue Management is similar to IT nowadays, you can't miss any opportunity to stay updated. Otherwise you will miss a lot in a fast paced topic!!

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What are the best ways to keep up with revenue management trends?

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1 Subscribe to industry newsletters and blogs

2 Join online communities and forums

3 Attend webinars and events

4 Enroll in courses and certifications

5 Experiment with new tools and technologies

6 Here’s what else to consider

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