What not to Forget- Tips for Revenue Managers
What not to forget- Tips for Revenue Managers by one of our revenue experts- Amanda O’Donovan
Yes, we’ve all heard the popular definition of Revenue Management , “Selling the Right Room to the Right Client at the Right Moment at the Right Price on the Right Distribution Channel with the best commission efficiency”. But being an effective and successful revenue manager involves a lot more than being able to manipulate rates, channels and inventory. It’s more than a calculator and Excel spreadsheet (although I personally would be lost without either!).It takes an ability to be able to communicate effectively, network, be a good teacher and story teller.
Below are my top (some-times overlooked) tips for Revenue Managers:
Communication is key – yes, a large part of revenue management is the ability to analyze data but it is also vital that you are able to communicate and present that to a wide variety of people. Whether this communication takes place at weekly revenue meetings or one on one sessions with department heads, it will ensure that a revenue culture spreads beyond the revenue team. The numbers tell a story and it’s your job to be an effective story teller!
Do not underestimate the importance of your Front Office Along with providing a warm welcome to guests and excellent customer service, this department is responsible for generating revenue outside of “office hours” . This could be by simply selling rooms at the right rate, offering upgrades on check in, upselling Food & Beverage elements or effectively managing room inventory. I would recommend initiating a brief training session with the front office team on upselling techniques or incentivize the generation of additional revenue.
Network – Revenue Managers can grow their network by meeting regularly with their market managers from Online Travel Agents & Channel Managers. This is a great opportunity to gather information on new and upcoming technologies and market trends. Know your competition – pick up the phone to your counterpoint in hotels in your area. Remember everyone has the same goal in mind and while you don’t have to give away sensitive information , it is a great opportunity to share experiences or upcoming challenges or concerns.
Make friends with Excel – there are plenty of online courses to help you master this program. It can prove invaluable when you are trying to make a large amount of data look attractive! If there is an Excel whizz in your hotel spend time with them, learn a few basic tricks and techniques. Both Microsoft and YouTube have plenty of “How To” videos for most versions of the program – definitely a life saver !
Stay Current – subscribing to free hotel newsletters, meeting with market managers or attending workshops and conferences will allow you to keep up to date with new and emerging trends and technologies in your area. Failte Ireland regularly post free webinars on subjects relating to channel distribution, yield management and revenue and sales strategy. Sign up to their newsletters to make sure you are notified of upcoming sessions.
Questions? Thoughts? We’d love to hear from you! Get in touch firstname.lastname@example.org