Revenue Managers anticipate and react to consumer behaviour in order to maximise revenue. Firms that engage a Revenue Manager usually use computer revenue management systems to do so. The internet has greatly facilitated this process.
Hotels that use revenue management periodically review transactions for services already supplied and for services to be supplied in the future. Revenue Manager jobs also review information (including statistics) about events (known future events such as holidays, or unexpected past events such as terrorist attacks), competitive information (including prices), seasonal patterns and other pertinent factors that affect sales.
Revenue Manager jobs use models in an attempt to forecast total demand for all products/services they provide, by market segment and price point. Since total demand normally exceeds what the particular firm can provide in that period, revenue manager jobs attempt to optimize the hotel's outputs to maximise revenue.
Good Revenue Manager jobs maximise (or at least significantly increase) revenue production for the same number of units, by taking advantage of the forecast of high/low demand periods, effectively shifting demand from high demand periods to low demand periods and by charging a premium for late bookings. While revenue management systems tend to generate higher revenues, the revenue streams tend to arrive later in the booking horizon as more capacity is held for late sale at premium prices. By doing this, Revenue Manager jobs have actually increased demand by selectively introducing many more price points.
Typical Duties Include:
Analysing booking patterns and market trends.
Monitoring competitor performance.
Effective yield management.
Initiating promotions to generate business at key times.
Forecasting revenue performance.
Liaising with the sales teams, reception and the general manager.
Contact the Hospitality Division Team
Email the Hospitality Division at firstname.lastname@example.org