Online Revenue Management Training Courses
PGA Certified Professional Program courses focus on impact and adding value to your facility …
PGA Education has rolled out several new online training courses designed to help PGA members excel at revenue management practices. These practices, presented within the PGA Certified Professional Program on PGA.org, will enable PGA members to develop revenue management strategies focused on driving a healthier bottom line, as well as enhancing your overall value to your facility.
The interactive concept was created after presentations on dynamic pricing and online tee times by PGA Vice President Paul Levy and Priceline Chairman Jeff Boyd at last year’s PGA Annual Meeting.
At the time, Levy explained that sound golf course revenue management practices can benefit all facilities. “The economic impact of public facilities is estimated to be greater than $15 billion,” says Levy. “The public golf sector affects the overallhealth of the game. Improved pricing position at public facilities improves the value position we have at private facilities.”
Boyd then advised PGA members to learn from what the hotel industry experienced a decade earlier: “As you think of online tee times, you should think about whom is going to be supplier friendly.”
As a result, PGA Education worked with Cornell University Professor of Strategy Dr. Cathy Enz in the design and development of the new courses, which focus on sound yield management.“
The three key drivers for courses are rounds, rates and reach,” states Enz. “We are trying to help the PGA Professional make good pricing choices.”
This mantra is an extension of what she presented at the PGA Annual Meeting. “Our goal is to [help PGA members] maximize profit, by developing a revenue management strategy to assure the right informed customers will willingly pay for the right golf experience, at the right time, through the right buying channel,” adds Enz.
Courses for Success
Training and education is critical for developing state-of-the-art revenue management practices at PGA member-staffed facilities. Accordingly, the five interactive courses focus on:
- Introduction to Golf Course Revenue Management: The course defines key ideas and terms, including revenue per available tee time round (RevPATR). It also covers the history of yield management in the airline and hotel industries and the challenges of deploying revenue management. Key strategic drivers of price, reach and duration to maximize RevPATR will be explored using realistic cases. The course helps PGA Professionals make better decisions and not race to the bottom on price.
- Forecasting and Booking Patterns: With a focus on measuring and forecasting demand, this course will examine advanced booking patterns and the impact of tee times. PGA Professionals will use these ideas to better understand golf course demand; learn how to use historic reservations on-hand (ROH) data to build booking curves; and develop pickup forecasts. Pace reports will be analyzed, while strategies for managing cancellations and no-shows will be presented, as will methods for using play restrictions, bundling and prepayments.
- Differential Pricing and Segmentation: Learn why and how courses can charge different prices to different customers for the same round of golf. Users will learn about price elasticity, price fencing for special offers, applying differential pricing and segment customers. Among the other topics are establishing Best Flexible Fee (BFF), special event rates and tactics for revenue maximization.
- Distribution Channel Management: The communication link with channel sellers of course inventory will be explored, as will the allocation to different channels of distribution, such as online. Intermediaries and the commoditization of courses using the hotel industry experience for context will also be addressed. Learners will develop net fee yields by channel, compare after-cost net revenue differences and understand all costs associated witha tee time, plus mechanics of the barter system.
- Strategic Management and Competitive Analysis: This course will explain the process to better understand external industry trends and the unique points of differentiation of the course facility. Supply and demand, and the development of pricing strategies within the context of competitive analysis, will be explored, in order to evaluate strategic choices. Value in pricing and the link between quality, service and price also will be examined. Competitive convergence and strategies to avoid commoditization will be analyzed.
“This relevant and progressive material enables you to be more effective in maximizing revenues and growing bottom line profitability at your facility,” explains PGA Master Professional Dawes Marlatt, senior director of education and organizational development for the PGA of America.
The new revenue management courses are available through the PGA Certified Professional Program on PGA.org. The interactive courses are available by computer, tablet or smart phone.
Reprinted with permission. PGA Magazine