Workshops held in March provided sound financial advice to different sectors of the tourism industry says Minister of Tourism and Culture Robert Vessey. “It’s important to offer workshops to the tourism industry that reinforce how important this subject matter is for a business,” said Minister Vessey. “The tourism industry is one of our largest industries and one that has potential for further growth. Operating a business requires a lot of hard work and being properly equipped with useful information helps to improve a business’s potential.”
The workshops provided a good understanding to participants of what “Revenue Management” is and how important it is when applying it to your business. The presenter, Phil Robart from Ez Revenue Management, expanded on the five core components of revenue management: knowledge database, forecasting, optimisation, control and communication.
Phil Robart believes that forecasting is at the very core of why automated systems were born. “I think any future workshops of this nature should focus on electronic distribution and marketing,” said Robart. “In the age of social media, it’s important to develop strategies that increase demand for the industry so the core concepts of revenue management can be applied with even greater financial results. I was pleasantly and thoroughly impressed with the professional attitudes and effort that was evidently in practice across the industry.”
“For me personally, the forecasting component held the most interest, especially with the introduction of the new Book PEI system,” said Sharon Moore of Bonshaw Breezes. “Phil stated that the number one reason why online travellers switch sites is still overwhelming price. I was so motivated by his delineation of this core component that I went home between the plenary session and my private consultation, and did a forecast for 2010.”
The workshops took place March 9, 10 and 11, at the Dutch Inn, Slemon Park Hotel and the Georgetown Inn.
“The Department is to be commended for continuing to make available to the tourism industry speakers of this caliber on topics highly relevant to tourism operators,” added Moore.