Hotel Revenue Management and Customer Service Excellence

Hotel revenue management refers to a business practice that uses of analytics and performance data for predicting consumer behaviour and optimizing revenue. In this course, you study the differences between, and become familiar with, the common terms used in hotel revenue management systems. Emphasis is placed on data monitoring, as well as the methods for effective supply-and-demand data management by the revenue manager. The distinction between a property management system (PMS) and revenue management software (RMS) is highlighted. You will also learn how to properly carry out the analysis of historical and sourced data. The need for modern technology, including the latest computer hardware and software, in revenue management planning is emphasized. An overview of the general requirements of revenue management, and the three vital tools (segmentation, forecasting and budgeting), required by revenue managers to carry out their roles effectively, will be presented. Then, you will learn about data segmentation, including the definition, scope, and importance of the process to the revenue manager.

Next, the crucial roles of a revenue manager in the hospitality industry will be identified. You will see why a revenue manager must discern the logic behind supply-and-demand data. Similarly, the benefits of obtaining accurate data for long-term planning are outlined. Learn about forecasting preparation (also known as the frequency of forecasting), and the important tools used in forecasting planning (also known as short-term planning). The relationship between segmentation and forecasting will be unpacked. The application of historical data, including the periodic purchase analysis of data in forecasting, is considered. Factors that affect the frequency of forecasting, the role of supply-and-demand in short-term planning, as well as the four stages involved in long-term planning (also known as budgeting), are discussed. You will discern why you must consider consumer wants and needs in the customer required context. Likewise, you will learn how to connect with your customers and build great relationships with them.

Why should you build excellent relationships with your customers? How does great customer service translate into increased profits? Learn how to address these questions with practicable solutions, which are provided in this course. Important tips on why and how to carry out satisfactory customer service will be shared. The importance of customer service will be reinforced by considering some facts and statistics from top brands around the world. The material digs deep into complaints handling, and you will discover three practical approaches for handling customer complaints. Additionally, you will be taught five effective strategies for improving your customers’ experience. The six sigmas for excellent service from Kano analysis (developed by Dr Noriaki Kano in Japan) as well as the latest customer service technology trends, will be examined. By completing this course, you will be able to manage your hotel revenue effectively, and ‘wow’ your customers with world-class service that will boost your profits.