Function Space and Events Revenue Management

Introduction

The success of Revenue Management practices to capture demand, maximize revenue and optimize profitability requires an entire team effort. While the revenue manager is the key driver, support, feedback and implementation and execution are carried out by key leaders like general managers, sales & marketing and operations. Everyone must understand and embrace a revenue culture.

Learn to revenue manage and price your function space and events based on demand, logistics, event set-up, food service, and beverage setup to optimize profitability. Track performances using metrics that measure revenue results and not just sales conversion. Understand and be what it takes to be the 'chosen' one in a selection process by an event organizer and align your sales process for seamless communications and undisputed service delivery. At the same time, sharpen your team's knowledge and skills on how to handle inquiries, overcome objections, negotiate, identify cross-sell and/or up-sell opportunities, etc. Effectively manage your database and segment your catering markets for successful marketing campaigns, strategies and returns.

During the training workshop, discover if your present organizational structure, systems, flow and processes have what it takes to optimize revenue, short-term and long-term and grow not only your catering & convention revenue but profit margin. Also, discover hidden demand and new opportunities along the way that can lead to optimal financial results and higher returns on investments. Each training workshop is always further tailored to your specific objectives, organizational structure, existing systems and available resources at hand so that immediate results can be achieved.

WHO SHOULD ATTEND

TEAMWORK is the key to the success of any revenue management initiative. The success of Revenue Management practices to identify and capture demand, maximize revenue and optimize profitability requires an entire team effort. A revenue cycle involves three key departments, Sales & Marketing, Revenue Management and Operations with the General Manager as the captain of the ship. Here are the positions that could benefit immensely from this program: 

  • General and Hotel Managers
  • Revenue Managers
  • Reservations
  • Sales & Marketing
  • Catering & Convention
  • Rooms Division Managers
  • Front Office Manager
  • Food & Beverage Managers
  • Financial Controllers
  • Owners and Stakeholders

Helping you OPTIMISE and GAIN Incremental Revenue! 

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No Topic Topic Description
1 UNDERSTANDING REVENUE MANAGEMENT
  • The basic principles of Revenue Management.
  • How the role and contribution of each staff impact revenue performance.
  • What has changed in the M.I.C.E market since post Covid-19? Market demographics, buying behaviour, sales processes, client’s expectations, product offering.
  • Hotel systems as tools, then and now.
  • Branding and positioning as a hotel or resort and for your function room and catering events.
  • Your competition and S.W.O.T analysis for the catering segmentations.
  • What the team needs to know to revenue manage function space and events.
  • Order takers or meeting/event planners?
2 SYSTEMS & DATA
  • Different segmentation for revenue management catering & convention.
  • The use of various types of segmentation: market, customer and catering in yielding, from demand forecasting, marketing campaigns and pricing decisions.
  • How logistics, function room set-ups, type of food service, beverage setup and turnaround timeframe impact profitability.
  • Tracking contribution of each function space and event type and space availability.
  • Using data to forecast demand and ultimately make pricing decisions and strategies.
3 PEOPLE & PROCESSES
  • Instilling a revenue-centric culture
  • Realistic key performance indexes for the Events team
  • Setting a seamless sales and service delivery process
4 STRATEGIZING
  • Having an effective organizational structure and recommended key performance index.
  • Handling inquiries effectively to manage revenue opportunities such as information gathering, questioning techniques, and handling objections.
  • Selling by objectives, benefits and features.
  • Sales flow process to increase sales conversion, and identify revenue opportunities.
  • Proposals: Be creative and make it stand out.
5 MANAGING GROUP BLOCKS & INVENTORY CONTROL
  • Room and food & beverage attritions and advance reductions.
  • Clauses in group room and services agreements that impact revenue and profitability results.
  • Yield techniques to optimise revenue: booking parameters, catering minimum, group-to-space ratio, blind cuts, space release policies, etc...
  • Using metrics that are similar to occupancy %, average room rate and RevPAR.
6 INVENTORY CONTROL
  • Group rooms and function space management to minimize revenue displacement.
  • Group status changes and tracking.
  • Daily, weekly and monthly diary audits.
  • Weekly events coordination meetings.
7 SITE INSPECTIONS
  • Your objectives, their objectives.
  • Never stop qualifying, never stop up-selling or cross-selling.
  • Making a difference and winning the organizer over.
  • Conclusions and follow-ups.
8 WRAPPING UP
  • Questions & Answers and moving forward

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