What you will learn
Group events, conferences and negotiated business bookings frequently account for over 50% of hotel room reservations. This course will prepare you to develop your own data-driven, systematic approach to group pricing. Employ transient revenue management techniques and negotiated selling Learn how to calculate optimal market mix Determine the optimal mix of negotiated versus transient business Evaluate requests for group/negotiated business You'll also learn how to anticipate displacement—specifically how a property estimates the number of future arrivals that will have to be turned away when at capacity. Predicting transient business (non-group, individual business travelers) amid negotiated bookings is also a component when considering the effects of displacement on customer satisfaction. Forecasting displacements and setting parameters for negotiating price will help you determine the number of rooms to allocate to each customer segment. Another key metric is win rate—the probability that a group will accept the quoted price—and the trade-offs to be made around profit margins.