Job Description: Revenue management is the process of selling the right rooms or services at the right time to make a profit. It involves the analysis of customer trends to make sure the business’ rates are competitive and the marketing strategy encourages sales.
As a Revenue Manager, you are responsible for managing the commercial aspect within reservations, conference and banqueting, and channel distribution, making sure each of these departments is making the business money. You’ll use specialist tools and technology, and manage various departments to ensure the business brings in the maximum number of guests at profitable prices.
This is a very responsible role, where you will forecast trends and help shape the marketing and business strategy.
Your duties may involve:
- Selling the right rate, at the right time to the right customer through the right channel
- Forecasting, budgeting, reporting, analyzing information
- Looking for new and creative ways to improve revenue generation i.e. marketing campaigns
- Ensuring the team are using best practice methods through hands-on training
- Dealing with HR issues and managing a large team to ensure all areas of revenue management are covered
- Maximizing turnover for bedrooms and meeting rooms
- Managing commission costs and ensuring the rates are set at the optimal price
- Analyze success using metrics such as RevPAR, year-on-year growth, etc
Core skills: Based on job listings and other sources we looked at, employers want Revenue Managers with these core skills. If you want to work as a Revenue Manager, focus on the following.
- Developing pricing strategies, including building rates for rooms and packages and determining discounts and special rates
- Forecasting pricing and revenue based on demand and market trends
- Evaluating trends in the economy and hospitality industry
- Creating promotional plans to increase revenue
- Understanding inventory management processes
- Generating revenue reports
- Advanced skills: While most employers did not require the following skills, multiple job listings and additional sources included them as preferred. Add these to your Revenue
- Manager toolbox and broaden your career options.
Available Training and Certifications: