Is Your Revenue Manager Too Analytical?
Ever wonder if your Revenue Managers are too analytical? They might be. Revenue Management should be a combination of art, science AND human interaction. And not just communicating with the sales team but the entire hotel. We summed up a few tips on our perspective of Revenue Management to ensure optimization.
Keep in mind the workload of a Revenue Manager. The industry has created an expectation that they oversee 10-15 hotels but it may be too hefty of a plate as they lose time to dig deeper into the practice. A smaller cap will help the Revenue Manager get closer with the hotels and markets. This helps with procedures and guest service of the hotels. They shouldn't just be the rate setters, they need to be involved in the hotel intimately, meaning the staff and the market.
An extra star on TripAdvisor or extra percentage of guest service points can lead to extra dollars for your hotel. It comes along with the human side of revenue management. You need part art, science and human interaction to be an excellent Revenue Manager. We all need that. Spend time with the property staff and really get to know them. The staff is less likely to buy into your advice if they don’t know you.
As a traveler, you have the best point of view knowing what your expectations are as a guest of hotels you have been too. What if you're paying for the same room at different times of the year and it's a totally different price? How does that look to a guest when they receive the same amenities? What can you do to make the experience a little better and how can a Revenue Manager help?
Are You Too Analytical?
There's a difference between a lot of data and good data. How much data is being utilized and how do you optimize the information you receive? Therefore, we rely heavily on different platforms and applications. Accept technology and accept the automated revenue management. Automated Revenue Management systems aim to give revenue managers and hoteliers a clear vision of the relevant date to bring more accuracy and consistency with rate strategies to successfully achieve revenue targets.