By Jon Eliot, CHA, CRME and co-chair of the HSMAI Revenue Management Advisory Board

The Hospitality Sales & Marketing Association International's (HSMAI) Revenue Management Advisory Board recently held their annual strategic planning retreat. The meeting was an opportunity for the board members to discuss the current state of the revenue management discipline and strategize for 2012. This board's work helps to deliver on one of HSMAI's three pillars, to assist members in optimizing revenue through education and building community.

The Advisory Board took some time to review its 2011 performance. "We had a very successful year in 2011 with an outstanding conference, a series of relevant articles and webinars, our first Chief Revenue Officer roundtable, a record number of nominees for the Revenue Management Professional of the Year award, as well as a significant increase in Certified Revenue Management Executives (CRME). We are looking forward to continued momentum and improving on our success in 2012," said Scott Roby, outgoing Advisory Board chair.

To guide program planning for 2012, the advisory board conducted an informal survey of leaders in the field of hotel revenue management, uncovering their top of mind concerns, and important issues facing the industry today. Some of the key areas identified as needing attention by the industry and its members include:

* managing pricing in a competitive environment with multiple channels,

* growing revenue management talent,

* having a more strategic approach to revenue management,

* providing more revenue management training, and

* developing key skills for professionals in the field moving forward.

"The discipline of revenue management continues to evolve in and outside of the hospitality industry," commented Sloan Dean, incoming co-chair. "We want to continue to provide opportunities and resources to aid in moving the conversation forward so those in the industry are equipped to make more profitable decisions. We've come a long way as a field, especially over the past 5 years; however, we must continue to evolve and accelerate as a practice and as leaders. There is still a lot to be learned from various best practices within the industry and from revenue management in other industries such as financial services, consumer goods, advertising/media, etc. In that spirit of best practice and knowledge sharing, the HSMAI team is committed to a continued acceleration of RM as a practice within the hospitality industry."

HSMAI offers a number of programs to help educate hospitality professionals on key topics in revenue management. The annual Revenue Optimization Conference will be held June 25, 2012 in Baltimore, MD. This conference is an opportunity for revenue management professionals to come together to network, meet with vendors, and learn from experts on a variety of topics that are relevant and timely. "The 2011 conference set a record for attendance, and we expect to exceed that next year. The advisory board's goal is to present a valuable, educational experience for all attendees along with providing things they can take back and implement immediately," said Jon Eliot, incoming co-chair. "We expect this year's event to be even bigger and better."

In addition to the annual conference, HSMAI will host a number of other programs throughout 2012, including:

* Article and Webinar Series. Beginning January 2012, and going through December, each month a webinar will cover various aspects of cutting edge revenue management in today's economy in conjunction with articles written by members of the HSMAI Revenue Management Advisory Board. If you're not able to attend a live program, archives are available. This series is presented in association with the HSMAI University and HNN. A significant discount is offered for the full webinar series.

* LAB (Learning About Business) sessions. These "virtual brown bag" programs, free to HSMAI members, provide a more informal, interactive forum to discuss issues faced in revenue management, presented via a conference call.

* Professional Certification. Through HSMAI, revenue management professionals can earn the Certified Revenue Management Executive (CRME) designation. This achievement recognizes an individual's experience and knowledge in the field. The Evolving Dynamics of Revenue Management: A Comprehensive Revenue Optimization Road Map for Hotel Owners, Operators and Practitioners, published by the HSMAI Foundation is used as the study guide for the CRME. A review course will be offered in conjunction with the 2012 Revenue Optimization Conference.

* Revenue Management Professional of the Year. Once again, HSMAI will select an outstanding individual as Revenue Management Professional of the Year. This award is in recognition of exceptional achievement in the field of revenue management. The finalists and winner will be recognized at the June 25th conference. Nomination forms will be available in March 2012.

* Local chapter programs. The Revenue Management Advisory Board will provide tools to local HSMAI chapters to aid in conducting events with a revenue management focus.

* Chief Revenue Officer Roundtable. For the second consecutive year, HSMAI will invite top revenue management leaders in the industry to come together for a roundtable discussion on the state of the discipline and what the future may hold. Results of the session will be published.

"We want to make sure our programs are accessible and useful for not only those with revenue management in their title, but to others who must interact with and depend on the revenue management function," commented Dean. "HSMAI has included Optimizing Revenue as one its three pillars because it is an important piece to the overall sales and marketing picture."

Eliot adds, "We have a strong board representing many perspectives of the revenue management landscape. The Advisory Board is looking forward to a great 2012 as we strive to be the voice of the industry in revenue management, while providing value to association members."

More information about HSMAI and the programs offered can be found at www.hsmai.org. The 2012 HSMAI Revenue Management Advisory Board consists of leaders in the field:

* Chris K. Anderson, Ph.D., Professor, Cornell University

* Bonnie Buckhiester, President & CEO, Buckhiester Management USA Inc.

* Sheila Cosgrove, Director, Revenue Management Ops & Planning, Intercontinental Hotels Group

* Christopher Crenshaw, CRME, Vice President, Marketing Intelligence, Loews Hotels

* Kathleen Cullen, CRME, Corporate Director of Revenue Strategies, Heritage Hotels and Resorts

* Sloan Dean, CRME, Vice President of Sales & Marketing, Interstate Hotels & Resorts

* Kent Duncan, CRME, Vice President, Sales & Revenue Strategy, Marcus Hotels & Resorts

* Jon Eliot, CRME, CHA

* Tammy Farley, Principal, Rainmaker Group/The

* Neal Fegan, CRME, Executive Director of Revenue Management, Fairmont Raffles Hotels International

* Rhett Hirko, CRME, Director Of Revenue Analytics, Hyatt Hotels & Resorts International Opertaions

* Jay Hubbs, Senior Director, Hotel Supplier Relations, Expedia Partner Services Group / Hotwire

* Burl Hutchison, CRME, Director of Revenue & System Optimization, Sabre Hospitatlity

* Klaus Kohlmayr, Senior Director, Consulting, IDeaS - A SAS Company

* Mark Molinari, CRME, Corporate Vice President of Revenue Management and Distribution, Las Vegas Sands

* Orly Ripmaster, CRME, Senior Manager, STR Analytics

* Scott Roby, CRME, Vice President, Revenue Management, Evolution Hospitality

* Chinmai Sharma, Vice President, Revenue Management, Wyndham Hotel Group

* Susan Spencer, Market Director - N. America, ChannelRUSH

* Trevor Stuart-Hill, CRME, President, Revenue Matters

* Paul Wood, CRME, CHBA, Vice President of Revenue Management, Greenwood Hospitality Group