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A Special Benefit for HSMAI Members A Special Benefit for HSMAI Members The more you know, the better ROI you can provide to your employer or prospective employer, the more you can improve your company’s bottom line, and the better you can position yourself in your chosen discipline. Written by hoteliers for hoteliers, these books are the study guides for the Certified Revenue Management Executive (CRME) certification and the Certified Hospitality Digital Marketer (CHDM) certification. Learn more about the CRME and the CHDM and what they can bring to you and your organization. Normally $60 each for HSMAI members, please take advantage of the free access to these resources to upskill, re-skill, and stay skilled during this uncertain time. Taking a deep dive into the fundamentals, cross- This book will help hoteliers — in disciplines as disciplinary partnerships, and emerging elements wide ranging as marketing, revenue management, impacting revenue optimization, this book is an distribution, and ownership — get and stay current indispensable handbook for all sales, marketing, and on the most up-to-date and forward-looking revenue optimization professionals. information on digital marketing best practices. Watch for an updated 6th edition in Summer 2020! HSMAI is providing resources that will help hotel industry professionals stay informed about the impact of the coronavirus outbreak on sales, marketing, and revenue optimization, and put crisis management techniques into play. Evolving Dynamics: From Revenue Management to Revenue Strategy THE STUDY GUIDE FOR THE CERTIFIED REVENUE MANAGEMENT EXECUTIVE (CRME) CERTIFICATION 3RD EDITION By Kathleen Cullen, CRME Published by: Publishing Partner: PMS-377 PMS-2617 PMS-444 669933 663399 999999 Evolving Dynamics: From Revenue Management to Revenue Strategy THE STUDY GUIDE FOR THE CERTIFIED REVENUE MANAGEMENT EXECUTIVE (CRME) CERTIFICATION 3RD EDITION By Kathleen Cullen, CRME Published by: Publishing Partner: PMS-377 PMS-2617 PMS-444 669933 663399 999999 © 2019 Hospitality Sales & Marketing Association International ALL RIGHTS RESERVED This publication may not be reproduced in whole or in part, without the express written permission of the publisher, except by a reviewer who may quote brief passages in a review; nor may any part of this special report be reproduced, stored in retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording, or other, without written permission of the publisher. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If expert assistance is required, the services of a competent professional person should be sought. 34 years Dear Hospitality Colleagues, As the global leader in hotel performance benchmarking, analytics and insights, STR is proud to once again sponsor this resource. A true testament to the mission of HSMAI, the publication continues to cultivate knowledge, provide insight into the future of our business, and inspire revenue and marketing professionals worldwide. 63,000 hotels Like HSMAI, STR understands that the hospitality industry plays a vital role in the global economy. In March 2018, STR celebrated the 10th anniversary of its international entity, which was launched to enhance the capabilities of revenue professionals around the globe. 8.4 million Today, STR maintains the world’s largest hotel performance data sample, which comprises 63,000 hotels and 8.4 million hotel rooms in hotel rooms 180 countries. Throughout STR’s more than 30 years of service, we have been a collaborative partner in the evolution and success of the revenue optimization discipline through thought leadership, dedicated service and product development. Continuing in that tradition, we remain 180 countries committed to our company’s foundation and legacy of providing the industry with confidential, accurate and actionable data and insights. On behalf of STR and its more than 300 employees around the world, we thank HSMAI for the opportunity to sponsor this significant contribution to the advancement of the global hospitality industry. STR’s growing network of representatives is invested in the success STR maintains of its partners. To learn more about our team and our data-driven a presence in solutions, please visit www.str.com 15 countries with a corporate North American Amanda Hite Hite President and CEO, STR headquarters in suburban Nashville and an international headquarters in London. aviano sans berling FUTURA PMS-377 PMS-2617 PMS-444 Dear Colleagues, 669933 663399 999999 This book is the study guide for the Certified Revenue Management Executive (CRME) designation (www.hsmai.org/crme). We hope you will learn more about the CRME and what it can bring to you and your organization. As you read and use this book, you will understand why every hotel professional needs a copy of it! As part of our mission to provide hospitality professionals with the most up-to-date and forward-looking information on revenue optimization principles, practices, and strategies, we are proud to deliver this industry-leading book. It has been made possible in terms of content and production by many industry professionals, business partners, and HSMAI’s global advisory boards who have contributed their best thinking and experience. We believe this book not only delivers high-quality educational content, but industry-leading insights and best practices. With practical and relevant information along with a comprehensive roadmap for hotel owners and operators to establish and enhance revenue optimization and revenue strategy at their properties, we hope you see this book as giant step toward meeting our mission. We promise to continue to provide resources and information that will help you and your company increase your performance. Even as we send this book to the printer, the industry is changing with impacts on the revenue optimization discipline as we know it. Increasingly, industry leaders are thinking about and talking about Revenue Strategy in hotels as a distinct specialty that ties together revenue optimization, marketing, sales, distribution, and analytics in a disciplined way with a focus on enterprise profitability. Learn more, and understand how revenue professionals, owners, and operators can prepare for the future throughout this book (especially by reading chapters 1, 13, 15, and 16). As you read and use this book in your work, remember: Hotel executives will get the most out of revenue optimization within their organizations if they heed the following advice. n Create an optimal organization for success including having appropriate resources and executive alignment. n Ensure adequate support and the resources needed to execute the revenue strategies. n Commit to staying focused on long-term strategies, employ tactical short-term solutions only when necessary, and be sure that the short-term solutions do not conflict with the long-term strategies. n Commit to understanding the difference between a budget and a revenue forecast and be willing to work with both. Contrary to popular opinion, a revenue forecast should not be created to meet or exceed the budget. Instead, it should be created based on market conditions. n Embrace change and be proactive to stay ahead of the curve and competitors. Please see the page vi for a roster of all advisory board members. iv >>>>>>>>>> ©Hospitality Sales & Marketing Association International Additional Revenue Optimization Resources & Education from HSMAI HSMAI, with its advisory boards, provides leading education, a best practices exchange, thought leadership, and networking for revenue professionals, other sales and marketing professionals, and senior leaders in the hospitality industry. Learn more about these and other resources and educational opportunities at www.hsmai.org. ROC conferences — In all regions where HSMAI operates, these annual gatherings of revenue professionals address the most critical trends affecting hotels today. Certified Revenue Management Executive (CRME) — This certification, for which this book is the study guide, offers revenue professionals the opportunity to confirm their knowledge, experience, and capabilities. Certified Revenue Management Analyst (CRMA) — This certification recognizes students for their understanding of the application of revenue optimization concepts. CRME Review Course — This one-day event is designed to assist those taking the CRME exam with their final preparations. Revenue Ready “Certificate of Revenue Management (Hospitality)” — An online course for people just starting in the revenue discipline, and hotel staff who would like to move into a revenue role. RO2Win — An online course specifically designed for those not currently working as a revenue professional (for instance, sales, marketing, and operations professionals). It teaches the power of revenue optimization, and how the discipline interacts with and influences others in the hotel. Evolving Dynamics: From Revenue Management to Revenue Strategy >>>>>>>>>> v 2019 ADVISORY BOARDS AMERICAS REVENUE OPTIMIZATION ADVISORY BOARD Chair: Tim Wiersma Monte Gardiner Michael Maher, CRME, CHDM Vice President, Revenue Management Managing Director, Revenue Director of Strategic Accounts Red Roof Inns, Inc. Management Services IDeaS - A SAS COMPANY Best Western Hotels & Resorts Vice Chair: Nicole Young, CRME Chris Nixon, CRME, CHDM
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