Revenue management is an essential function of a Hotel. It is one of the departments which impacts almost every other department directly or indirectly. It is also a department which is least understood by others in the hotel. That is why it requires the Revenue Manager to be more than just a manager. To be successful in your role and lead the hotel in direction requires a varied variety of skills.
Here some of the skills you should posses to become a Highly Successful Revenue Manager:
1-Analytical: This role requires spending a lot of time looking at data. Data gives insight and is the back bone of Revenue Management. A revenue manager should treat data as a best friend. You should be able to analyze it and take action accordingly.
2-Leadership: As a Revenue Manager you will be a department head and you will also be in charge of leading the hotel in a critical area. You have to be able to lead not only your team but others in an area they have little understanding of. They will look up to you and you have to able give them that confidence.
3-Educator: You should be willing to teach others about Revenue Management. It helps in building a culture and opens others to the idea of it and gives them an understanding of your role. Your department is connected with so many other departments and building a culture is going to help you and help others in broadening their horizon about the hotel business.
4-Open Minded: Since The Revenue Management landscape keeps changing you need to be open to new ideas. Whether it means implementing a procedure or just changing how you are handling your day to day work. Good ideas can come from anywhere and anyone.
5-Understanding Of The Big Picture Impact: The impact of your role is felt through the entire hotel. It is important how you know how it affects others. For example if you are not able to maximize channels for revenue then the hotels overall income goes down and the impact of that is cost cutting. Cutting cost can be anything from cutting hours to no new purchases or in some severe cases layoffs. Know the impact and importance of your role.
6-Testing & Improving: Testing could mean trying out a new product or just changing things like the day you send out email promotions. Just because of testing things I discovered Remarketing (Link back to the remarketing post) which turned out to be one of the best investments in paid ads. The best people are always willing to test things and improve them. They are not willing to accept things the way they were told or the way it was always done.
7-Creating A Buy In: This is one of the most important skills you should have. You MUST be able get everyone to buy into your strategy or idea. As you will be leading them in a new direction or suggesting ideas you know are going to work. Your co-workers and boss will look to you when it comes to driving revenue. Selling the idea requires you to know the in and outs of a problem or suggestion you are making. Do your homework and get support for your ideas. It is easier to implement things when everyone knows and understands the direction you are taking them in.
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