Module 14 – Introduction to Total Revenue Management
Duration 2 hours approx
- Understand the concept of Total Revenue Management and how this applies in different profit centres
- Know the KPIs to track performance and how to calculate them
- Understand how to put together a framework to run a total revenue management strategy
What will you learn?
This module covers the metrics for measurement of a Total Revenue Management program across food and beverage outlets, the spa and meeting and events. The module offers recommendations on the steps to put a program in place, and suggestions on what can realistically be managed and implemented by the revenue team and what responsibilities are retained by each of the profit centres. Lastly, there is a short review of how to do a group displacement analysis.
What will you get
- 10 easy to follow video tutorials introduce the total revenue management
- A framework for assessing restaurant performance from the kitchen to the table
- Tips on how to use menu engineering techniques to improve profitability
- How to measure performance in the spa
- How to assess the performance of meeting space and its reliance on effective sales processes
- How to conduct a revenue and profit displacement analysis
- Test your Understanding’ with our Knowledge Check
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Content and Topics
2) Topic 1 The Principles of Total Revenue Management and Key KPIs
3) Topic 2 Total Revenue Management and Food and Beverage
4) Topic 3 Pricing, Menu engineering and Sales Mix in F&B
5) Topic 4 Working with KPIs in food and beverage
6) Topic 5 Revenue Management in the Spa
7) Topic 6 Revenue Management in Meeting and Events
8) Topic 7 Group Displacement
9) Topic 8 Setting up a Total Revenue Management Strateg
11) Knowledge check – 10 questions
This is for you if you
- Want to find the most profitable mix of business for the entire hotel asset.
- Want to understand the total contribution (profitability) by market segment from a “total spend” perspective.
- Want to implement a demand management strategy across the entire asset and every revenue stream in the hotel.