As a hotelier, you know that generating revenue is essential to the success of your property. But what you may not know is that revenue management is a complex and ever-changing field, requiring specialized skills and knowledge.
Revenue management is a complex and ever-changing field, requiring specialized skills and knowledge.
When you’re ready to hire a revenue manager, there are a few things you should keep in mind. Here are four things to look for when hiring a revenue manager:
Understanding of hotel distribution
A good revenue manager should have a deep understanding of hotel distribution, including how different channels (e.g. OTAs, GDS, metasearch, etc.) work and how they impact hotel bookings. They should also be well-versed in the latest distribution technologies, such as rate shopping tools and yield management systems.
Ability to use data to make decisions
Data is critical to effective revenue management. A good revenue manager will know how to collect, analyze and interpret data to make informed decisions about pricing, inventory and other factors that impact revenue. They should also be comfortable using data visualization tools to communicate their findings.
Strong communication and collaboration skills
Revenue management is not a siloed function. A good revenue manager will be able to effectively communicate and collaborate with other departments within the hotel, such as sales, marketing and operations. They should also be able to build strong relationships with external partners, such as OTAs and GDSs.
Passion for the industry
Last but not least, a good revenue manager should have a passion for the hotel industry. They should be constantly learning about new trends and developments in the field, and they should be able to think outside the box to solve problems.
If you’re looking to hire a revenue manager, keep these four things in mind. And if you’re not sure where to start, we can help.