How to be a brilliant Revenue Manager
As we near the end of the year, we thought it would be helpful to provide a little refresher around what it takes to be a brilliant Revenue Manager.
Stats stats stats!
A born-revenue manager loves their numbers and statistics. They’re the Kings and Queens of stats. Data analysis a vital part of the role, arguably the one you need to invest the most time on. It also demands constant learning and development because systems are being frantically refined, updated and remodelled. So pay particular attention to this area.
Don’t hate… communicate
Learning decent communication skills does not just the best revenue manager make. They translate into every part of your life and strengthen all kinds of relationships – professional and personal. Refining how you relate to your colleagues as a Revenue Manager means, for example, you’ll be able to aptly train junior team members in a way that makes them trust you. It also means you’ll be able to present back to your GMs and Directors, persuading them to see why they should buy into your plans.
We live in the age of information! It’s become expected that we all become unquestionable experts in our fields, and not fall into being ‘masters of none’. The important thing is making sure you don’t only focus on the rooms you’re trying to sell. Try and see your hotel as one whole entity and make sure each department’s strategy links back to an overall strategy. Each department has the same goal. Identify how you can drive incremental revenue by being aware of how the spa, gym, or F&B outlets work, and how you and your colleagues can mutually benefit from this.
You also need to understand what makes your customer tick. What compels them to buy? Why do they buy when they buy? What makes them pick one hotel over another? What device are they buying on?
Speaking of devices… keep yourself constantly up to date with the latest industry news and trends. Technology is developing quicker than ever before, as are people’s buying habits. Don’t stop learning.
Curiosity is what gives us life! Being proactively curious in your role will give you a great sense of satisfaction and help you to continue developing. Why is that particular statistic up or down on last year? Why is the rate-plan not mapping to the channel manager? Why, why, why?
Excel nerd alert!
Let us leave you with this; being an excel nerd, whiz, magician, whatever – is goals! Ramp up your excel knowledge and be proud of your ninja-like abilities.