HSMAI University Launches New Net Conference Series On Revenue Management
Is There a Doctor in the House? Revenue Management – Treating the Whole Patient
MCLEAN, VA | Beginning in July, HSMAI University will introduce a series of seven monthly “webinars” that focus exclusively on the business of revenue management. The sessions will address each phase of the REVRoadMap™ business process that is a component of the REVolution™ system developed by Buckhiester Management USA. Facilitated by industry expert Bonnie Buckhiester, the sessions will cover the common problems...
MCLEAN, VA | Beginning in July, HSMAI University will introduce a series of seven monthly “webinars” that focus exclusively on the business of revenue management.
The sessions will address each phase of the REVRoadMap™ business process that is a component of the REVolution™ system developed by Buckhiester Management USA. Facilitated by industry expert Bonnie Buckhiester, the sessions will cover the common problems related to revenue management that are encountered at each phase of the process, along with recommended solutions.
The net conference (webinars) forums will be one hour each, including a Q&A period during which participants can interact with Buckhiester. Events are scheduled during the third week of each month, with sessions starting at 2 pm EST. The first session will be Thursday, July 22.
“Our industry has and will always be a ‘quick fix’ focused audience,” states Bonnie Buckhiester. “This is owing to a combination of variables including high fixed costs, low variable costs and volatile markets. This focus is further exacerbated by an overall lack of education in the discipline of revenue management.”
“In a time where technological advances outpace the industry learning curve, industry professionals have developed an isolationist’s view to managing revenue. Bombarded with constant change and the demands of an extremely labor-intensive business, we have resorted to treating the symptoms of our problems rather than the whole patient.”
Revenue management is first and foremost a business process – one that requires constant review, adjustment and finessing. REVolution™ takes a holistic look at the business process that is revenue management. Taking back control of a product, pricing and inventory means looking at revenue management in a broader context. It means looking at each step of the business process and the component sub-processes, and applying time tested strategic and tactical initiatives to optimize revenues.
According to HSMAI President and CEO, Robert A. Gilbert, CHME, CHA: “This net conference series is a significant addition to the revenue management educational initiative that HSMAI has been undertaking over the past several years. Now, through the HSMAI University program, and in cooperation with our revenue management committee, we can make this kind of information more readily available to the industry.”
Each month, participants will be taken through a part of the proprietary mapping process - REVRoadMap™. At each webcast, they will gain a better understanding of where their organization is along the revenue management journey, and as a result, it will help them begin to make changes that impact their top line immediately and their bottom line at the end of the month.
“HSMAI University affords the opportunity for people at all levels of the sales and marketing spectrum to take advantage of focused opportunities to obtain greater knowledge and skill sets that are a key to success in today’s marketplace,” comments Fran Brasseux, executive vice president of HSMAI, who oversees all educational programs for the association. “The new net conference series on revenue management is a strategic component of our growing menu of learning experiences available publicly.”
The series will include the following topics:
- Month 1 – Anatomy 101 - The Whole Patient Overview
- Month 2 – Product Definition: From Defining Customer Needs to Stratifying Inventory
- Month 3 – Competitive Benchmarking: Positioning Rate & Quality
- Month 4 – Strategic Pricing: Segmentation, Pricing and the Importance of Indexes
- Month 5 – Forecasting: The Art & Science of 3 Methodologies
- Month 6 – Mix Manipulation: Leveraging Opportunity
- Month 7 – Distribution: The Final Frontier
Those interested in joining the Revenue Management Committee of HSMAI can contact Douglas Kennedy at [email protected].
Bonnie Buckhiester is the principal of Buckhiester Management USA Inc., a leading Revenue Management consulting firm in North America for the hospitality industry. Her career in travel, tourism and hospitality spans over 25 years including positions as Senior Vice President, Operations for a major North American hotel REIT; General Manager for two 4-diamond Radisson Hotels; Executive Assistant Manager for two large, 4-diamond conference hotels (Canadian Pacific and Fairmont), and General Manager Operations for a major tour operator. Her diverse product knowledge of hotel, tour, cruise, air, rail and car rental inventories offers a unique cross-fertilization of industry strategies.
She holds a Bachelor Degree from the University of Illinois, a Certification in Revenue Management from Cornell University and a Certification from the Hospitality Managers Development Course at Guelph University. She is also a member of the prestigious industry organization, the International Society of Hospitality Consultants. Bonnie is a sought-after speaker at revenue management conferences and corporate level annual meetings, both for the hospitality industry and interdisciplinary events.
Her company, Buckhiester Management, is the developer of REVolution™, a one-of-a-kind comprehensive set of practical Revenue Management tools, workshops and coaching sessions for Revenue Managers and Yield Teams. This “toolkit” is made up of easy-to-use resources designed to guide users through the most critical components of RM. It offers a perfect bridge between common practices and high-tech solutions and is an invaluable addition to any hotel’s RM program.
For more information on HSMAI, contact the Hospitality Sales & Marketing Association International, 8201 Greensboro Drive, Suite 300, McLean, VA 22102, phone (703) 610-9024; fax (703) 610-9005, or visit the web site at www.hsmai.org