Study Identifying Critical Issues, Trends Facing Revenue Managers Today To Be Released At HSMAI Conference
HSMAI Revenue Management Strategy Conference to Take Place June 25 in Orlando
MCLEAN, VA | The critical issues and trends revenue managers face today is the focus of a study to be released at the upcoming Hospitality Sales & Marketing Association International (HSMAI) Revenue Management Strategy Conference in Orlando on June 25, 2007.
“Lodging revenue management has evolved to the point where the major brands, management companies and vendors are committing a great deal of resources to this important function,” states Robert A. Gilbert, CHME, CHA, president and CEO of HSMAI.
The intent of this comprehensive study was to develop a profile of revenue managers and identify trends and issues that they face. The questions focus on certain characteristics of revenue managers such as creativity, communication skills, and problem solving abilities.
“The overwhelming response to this second annual survey is an indication of the importance of the revenue management position to the hospitality industry,” notes Gilbert, adding that “HSMAI is fully committed to support that movement by being the lead provider of education and information to further the industry and those engaged in the practice.”
Dr. Jeffrey Beck, professor, Michigan State University, who will present the findings, adds: “Based on responses, it’s not just hotels, but resorts that are also embracing revenue management for golf, spas and other recreational amenities such as theme parks. The study will help inform leaders as to what the revenue manager candidate ‘looks like.’”
Among the questions asked in the survey were: what software is used and level of satisfaction; what career path respondents see themselves taking in the next two years; their commitment to the organization they work for; how the revenue manager allocated their time; and what activities were important to their success.
This study was conducted by researchers from The School of Hospitality Business at Michigan State University. Nearly 400 professionals engaged in revenue management responded.
A session at the upcoming HSMAI Revenue Management Strategy Conference, now in its fourth year, will be dedicated to releasing and discussing the findings.
Held in conjunction with HITEC and presented by HSMAI’s Revenue Management Advisory Board, the HSMAI Revenue Management Strategy Conference will feature a keynote address from Dr. Garrett van Ryzin, Professor of Business, Columbia University Graduate School of Business, on “The Future of Demand Modeling.”
The breakout sessions will include Primer Sessions featuring overviews of “Condo Hotel Revenue Management” and “Casino Hotel Revenue Management,” as well as Technical Sessions on “Advanced Group Revenue Management” and “Incorporating CRM in the Revenue Management Process.”
The program will also include a Sponsor Showcase, lunch, cocktail reception, opening and closing remarks, and Speed Networking – a dynamic format whereby attendees will meet with peers to gain an understanding of the revenue management issues confronting them.
Sponsors of the event are Amadeus, IDeaS, Incite Response, SECURE-RES, American Express, EasyRMS, PROS, Rainmaker, SoftBrands, TIG Global and TravelCLICK.
The cost to attend the conference is $275 for HSMAI members and $435 for non-members, which includes a one-year membership to HSMAI.
A bonus, pre-conference opportunity to learn the ‘critical thinking’ skills required in today’s revenue management environment will be offered to participants. “Critical Thinking in Revenue Management: An Introduction to Revenue Management Simulation Programs” is designed to be interactive and will provide an overview of the recently-launched HSMAI Revenue Management simulation exercise. It has been structured so that attendees can participate in small group simulation exercises as well as pose questions to a panel of senior revenue management professionals. The session will be held from 9 - 11 am at HITEC, just before the start of the HSMAI Revenue Management Conference, and is also open to HITEC attendees.
In other revenue management activities, HSMAI’s Revenue Management Special Interest Group (SIG) Leadership has done a remarkable job of helping to grow the discipline, from outstanding, content-rich conferences to on-going chapter activities, outstanding webinars, the publication of special reports, and the recent debut of a cutting-edge simulation on Revenue Management, which will be held again this fall, Sept. 22-23, in Boca Raton, FL.
Furthermore, HSMAI has developed a prestigious certification in revenue management – the Certified Revenue Management Executive (CRME.) Individuals working in revenue management in the hospitality industry, and who meet the minimum qualifications, can take an online examination offering them a chance to confirm their knowledge, experience and capabilities in their field. More than 20 industry professionals achieved the designation since the program launched in the fall of 2006. For more information, go to
The HSMAI Revenue Management SIG was created to advance the revenue management discipline through education, certification, participation, resources and guidance, enabling leaders to optimize revenue and performance within their own organizations. Ongoing initiatives include strategy conferences and webinars, online community and Web site of resources, in-depth reports, networking opportunities and CRME certification. For more information, visit www.revmanagement.org.