Have you ever wondered what does a revenue manager do in the hotel all day long? How do they magically come up with answers to increase hotel revenue.
If you are interested in Revenue Management, this video will tell you what the revenue manager does all day.
It will also help you clarify the tasks that the Revenue manager in the hotel is expected to do.
Read the transcript
Maybe you want to learn more about what a revenue manager does in the hotel or you want to join a hotel revenue team.
In any case, let me tell you what is the task that a revenue manager does so that you understand what exactly is expected out of the role.
So I will break it up into daily tasks, weekly tasks and monthly tasks to give you an overview.
What I do daily sets the tone for the hotel, and are the tactical steps I take to improve market share and revenue. But along with it, I also have a task to keep my boss informed about the business and the opportunities ahead.
The weekly task helps me to set a strategy and look at the long term. Long-term is usually 6 months to a year ahead.
The monthly tasks are more of housekeeping activities and reporting to ensure we do a critique of the past month.
So now that you have an overview of the task that I do, let me dig a little deeper into the actual tasks.
Now, this video is not covering how to do these steps. I promise to cover that in detail in future videos. But in this video, you will be able to see if there is any task you are missing out on in your daily workday.
The daily task, as I mentioned are tactical steps. They are required to keep the business running. I look at the business pick-up during the last working day and adjust the pricing for the day basis occupancy level.
I also check on the room segmentation and the business channel that the rooms are coming in from so that I can shut off any low-yielding channel or segment as occupancy picks up.
By 11 am, my reports pack is ready to be sent to the General Manager and other managers. It will have details like occupancy on the books for the day and month, and any groups or movements that can affect operations and I will let them know of any gap to forecast or budget.
This gives the managers a high-level overview of the situation the hotel is in.
Another task for the day that I do is to ensure all booking channels have the correct pricing and availability for the length of the booking window. I will also review pricing and inventory for the city’s sold-out or high-demand dates.
One key task is to communicate the room status and inventory with the sales team. We work together to ensure maximum revenue and I guide the pricing decisions that the sales team make.
My weekly task involves looking at group proposals and the status of all the contracts. I make sure that there is someone following up on the deals in the funnel.
Remember I mentioned the weekly tasks are focused on 6 months plus tasks. So I will look at any valley period for business and provide the information to sales along with some promotion or offer that they can take to the market to build some demand.
Group promotion strategies can help move the business to our hotel and lock in business during periods of need. I will discuss these in the weekly revenue meeting with the General Manager and head of sales.
Chief among the monthly task is the housekeeping activities, like making sure all offers are correct. I will also check if all offers are available on all channels. I am also responsible for the content on the website and OTA and I will work with the marketing team to come up with a copy to sell the available offer.
So in a nutshell, these are the task I do as a revenue manager. My main task is to increase the revenue for the hotel. and these tasks help me to do that.