What makes a good Revenue Manager?
I’m often asked what makes a good revenue manager and what are the skill sets that a revenue manager needs in today’s hospitality world? As we know so much has changed in the past 2 years and so recruiting and retaining talent in this space is crucial to get right. In my opinion a successful, strong revenue manager will become the close confidante of both the General Manager and the Financial Controller in any hotel or group as well as being a senior manager within their peer management group.
Clearly then interpersonal skills, relationship management and communication skills are very important skills. They need to be able to communicate the “why” of the revenue strategy across the internal business both upward and downward . Externally the revenue manager is a key communicator of “how” the results have actualised not alone to management but often at stakeholder and board level.
Back to the day job then and skills needed here include marketing skills,(remember pricing is one of the 4 P’s), understanding how the marketing process works and the importance of getting Product, Position and Pricing correct.
Analytical skills to review how the market demand is behaving at both a macro and micro level. Most importantly what is the applied learning from this data is an essential skill set as well.
An ability to think forward and to see around corners (I jest!) is also very helpful . On a serious note, understanding how the market might evolve day on day is a key skill to building performance and resilience in the business .
I’d love to hear from you as to what skills you think are important.
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