👋 Introduction: The purpose of today's session is to provide an overview of revenue management and its importance in the hospitality industry. The sharing will focus on gaining knowledge rather than formal training.

👤 About the Speaker: The speaker is the CEO and founder of a B2B travel marketplace with 20 years of experience in hospitality, specializing in revenue management. They hold a master's certificate in revenue management from Cornell University.

📚 Philosophy: Revenue management can be simplified for better understanding and application. It is essential to start with basic concepts and practice regularly to become proficient.

🔍 Definition of Revenue Management: It is a strategic planning job that involves selling the right product to the right customer at the right price, at the right time, through the right channel.

💡 Key Questions: When starting in revenue management, ask yourself:

• What is the product of this hotel?
• Who are the customers?
• What is the pricing strategy?
• What channels are used for distribution?

🤝 Teamwork: Revenue management is a team effort that requires support from top management and collaboration across departments.

🧠 Mindset for Revenue Managers:

• Can-do mindset
• Logical thinking
• Always ask "why?"
• Seek improvement

📈 Key Performance Indicators: Revenue per available room (RevPAR) is crucial for measuring hotel performance. It balances occupancy and average daily rate (ADR).

📊 Competencies and Skills: Essential skills for revenue managers include logical thinking, communication, training ability, and proficiency with numbers and Excel.

🏨 Career Path: Starting as a revenue analyst is common, progressing to roles like revenue manager, director, and potentially higher leadership positions.

🔄 Market Segmentation: Understanding customer segments is vital for effective revenue management. Accurate segmentation leads to better forecasting and targeted strategies.

💰 Pricing Strategies: Pricing can be developed using top-down or bottom-up methods, depending on the hotel's market position and competition.

📅 Dynamic Pricing: Adjusting prices based on market demand, competitor rates, and customer segments is essential for maximizing revenue.

❓ Q&A: The session concluded with a Q&A segment, encouraging participants to ask questions and share insights.

👋 Conclusion: Thank you for participating! The next session will cover more topics in revenue management.