The title of revenue manager would seemingly indicate a role that is solely focused on optimizing a hotel’s financial performance, however, it’s much, much more than that. A successful revenue manager must have a wide repertoire of skills and knowledge including hotel operations, sales, marketing, and people skills. It’s a cornerstone to the longevity and success of many hotels which is why it’s a desirable career with potentially lucrative rewards.
To get a better understanding of this position, we built up this episode of Master Keys around the expert knowledge of Alexander Gibb, director of revenue & reservations at Baur Au Lac in Zurich. Alexander’s role requires him to utilize a multitude of skills on a daily basis in this ever-evolving position. We’ve pinpointed three of Alexander’s unmissable tips for you:
1. “You shouldn’t only be good with figures and analyzing…you have to understand travelers.”
Being a revenue manager means you need to not only anticipate the guests’ financial demands but you also need to understand and predict the guests’ needs. Combining these essential skills will allow you to formulate a more relevant pricing system, and hopefully increase profit! Alexander mentions one fantastic example of how a revenue manager can go the extra mile by greeting clients over the phone, therefore, providing a 360° experience.
2.”Always ask questions and never stop learning.”
The world of hospitality is forever changing and adapting, and it seems that revenue management is one department that leading the way. It’s becoming more common for hospitality revenue managers to use new technology like AI, machine learning, and intelligent benchmarking. Alexander recalls that the things he learned five years ago are nothing like what he is doing now. This is lifelong learning in a nutshell!
3.”Don’t focus on one thing, see the big picture.”
Working in such a fast-paced environment can sometimes lead you to have tunnel vision. But, Alexander points out that a good revenue manager must consistently take time to step back and get a broader view of what’s going on. You need to examine the market and your own set of skills to see how everything aligns, and also take the chance to investiagte where you can create innovative opportunities for the hotel.
Think you’ve got the data-driven mind to become a revenue manager? Discover our courses here.
Hosco Recommended Courses
Offered by ESSEC Business School With a fixed capacity, a highly disposable product, and high fixed costs, hotels are a natural candidate…
Advance your knowledge and understanding of finance within the hospitality industry.This online course will teach you the finance and business acumen that are required to succeed within the…
Faculty from New York University’s Jonathan M. Tisch Center of Hospitality, provide compelling video lessons, while entrepreneurs and experts from throughout the industry add perspective to help you…