We have confirmed that the hotel revenue management is constantly evolving and in this article Hotel Business Review offers a list of skills that describe a revenue manager. This is a list based on Sherri Kimes’ research from Cornell University and Kelly McGuire’s experience from the SAS Institute.
Here the list of skills for the revenue managers:
Analytical: revenue management is a science and even if we are now surrounded by new revenue management software, we still need the person who understands the results, who is able to translate them and to create the right strategy. Someone who really comprehends numbers and statistics.
Good communication skills: the revenue manager is a “geek who can speak” (S. Kimes), because it is essential to be able to explain, sometimes complex strategies, to the rest of the team, who does not speak “numbers, analysis and statistics”. This person needs to clarify the importance of concepts, of actions taken and at the same time be able to be influential and successful.
Data-minded: it is critical that the data are understood – their origins, their reasons to be, their strengths and weaknesses and gathered and analysed to develop the successful strategy.
Technology-savvy: revenue managers need to have a technical knowledge, to be able to deal with the hotel software, their integrations. They need to have a good expertise on web page and social media as well as new mobile applications.
Negotiator: the revenue management is not only for hotel rooms, but all the departments that bring revenue to the property. Working very closely with the marketing team, the revenue manager becomes the middle person between the operations and the management, working in […]“political waters to drive results”[…]
Education: courses and trainings in revenue management are really important, they give the right fundamentals to the coming experience, to grow in the right direction.
To conclude, revenue managers need to be really empowered and free to make decisions, they need a good knowledge of numbers, statistics, technology, but they need some operations background.
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Just one simple fact experienced lately. I have been talking with a lot of people, from the hospitality industry, and many of them, after I stated my profession, have smiled at me and said that they are doing “revenue” since the beginning of the millennium. It sounded really interesting, and then I asked what they meant and the answer was, “we open and close rates and availability many times during the day”. Still confused I asked “what else?”. During the various conversations, I have realised that there is still a little misunderstanding on how the roles are covered among the departments of sales, marketing, reservations, even front office and the management itself, everybody is doing something that should be part of the revenue manager’s job description!