RateBoard teaches Revenue Management to Students
The course was intended to give students a brief overview of what Revenue Management means and how it works in practice. At the beginning of the lecture, Benjamin explained general touristic basic terms and the so-called Customer Journey, i.e. the journey that a customer goes through until he or she buys a product. These explanations were necessary so that the students could understand the connection between bookings, channels and the difference between Revenue Management and Yield Management. Afterwards, they discussed in more detail on sales channels, their advantages and disadvantages, and the importance to select the right channels. It was discussed how important the choice of the right channels can be in the context of Revenue Management and of an effective pricing strategy. Nowadays, a special focus is placed on the Online Travel Agencies (OTAs). Benjamin explained how important they are for the hotel industry and how to deal with them as a hotelier or revenue manager.
After explaining the basic principles of the Revenue Management and the importance of analyses, they talked about topics such as pricing, restrictions and KPIs. Benjamin told the students more details about the philosophy of RateBoard and the potential of the Revenue Management software. He explained what his daily tasks as Revenue Manager are and answered a lot of questions. After he had given the participants a practical introduction to the use of RateBoard software, the students started to work on the tasks.
The students had a lot of fun, finding solutions for problems in the hotel industry and then presenting them. Benjamin was very satisfied. The Hotel Europa, which served as a practical example, found the proposed solutions very interesting and instructive.
Benjamin draws the following conclusion for the two teaching days in Landeck: “All in all, the initial willingness to participate was typical for a Monday morning, but after the first coffee everyone was interested in the topic. The students were extremely motivated during the practical part and asked very good questions. The unanimous opinion of the students was that RateBoard is a very intuitive system and therefore very easy and efficient to use".
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