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Revenue Manager

Zoek Pin Bengaluru, Karnataka

Permanent (Full time)

Posted 12 days ago

Job DescriptionRevenue managers are the professional business drivers who lead pricing strategy committees, generate rate and selling strategy training curriculum for property managers, and direct sales and marketing teams to optimally position marketing strategies and campaigns. Every decision they make impacts hotel revenue and profitability. Accordingly, this position requires an ability to influence people as well as to impact revenue and profit. What makes a successful hotel revenue manager How do you evaluate their effectiveness Two primary skill sets coalesce to form the perfect candidate. First are hard skills associated with a deep understanding of hotel industry revenue management techniques. Equally important are soft skills linked with how the hotel revenue manager integrates and conducts himself within the larger management team. Soft skills can be applied to the role across many industries but motivation, leadership, influence, negotiating, organization and possessing a team player mentality are of particular importance and relevance to hotel revenue managers. Under hard skills, hotel revenue managers must have a detailed understanding of the strategies of pricing and demand management for perishable inventory. This is fundamentally different from non-perishable inventory industries. Perishable products include hotel rooms, hospital beds, airline seats, sports event tickets, theatre seats, etc. The fundamental difference is that if you dont sell the hotel room tonight, its gone. You cant sell tonight again tomorrow. Revenue Manager Soft SkillsSoft skills can apply to many professional roles across many industries. Those selected below are of particular relevance to hotel revenue managers. Motivated:Determined and committed with a strong drive to meet goals. (Augmented with mutually agreed upon performance-based goals/rewards) Leader and Influencer:A leader at the peer level. Possessing a keen ability to influence and manage up (the revenue manager will likely have no direct reports) Team Player:Works effectively as a member of the management teamCommunicates well with peersArticulates revenue management strategies, ways to execute those strategies, and expected results Technically Savvy:Detailed understanding of how applications support and augment the revenue management function Observational:Good listener with strong observational skillsCan anticipate business needsAble to read situations, identify change events, understand environments and respond accordingly Influencer:Can convince management teams to take action based on data Negotiator:Able to develop and maintain business relationships with third-party distribution partners Organized:Capable of prioritizing between revenue-generating actions and time-consuming tasks with low-yield impactSound ability and knowledge to develop operations standards and strategic processes Hotel Revenue Manager Hard skills These arent unique to the hotel industry, but they are of paramount importance. As noted earlier, revenue managers must have a concrete understanding and familiarity with perishable inventory and the pricing strategies and demand management required for this unique non-perishable inventory examples include cars, consumer electronics and many other items without a specific shelf life, perishable inventory creates other challenges. A deep understanding of the perishable set is highly important for the hotel revenue manager as once a hotel room night passes, its gone.

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