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We'll explain to you what a revenue manager does and why he is one of the most important employees in a hotel. But how do you become a manager and what do you need for that? In addition, the most important question is, will this job still exist in the future?
What does a revenue manager do?
The Revenue Manager is the most important person in a hotel, as he is responsible for the entire Hotel turnover is responsible. Each hotel should have a person for this purpose who performs the following tasks. The job involves a lot of hard work. Daily tasks include checking individual bookings, for example using lots of Excel lists and manual analyses.
The revenue manager, as the position is also known, is the interface between sales, marketing and sales. He works with the most important key figures of a hotel: variable and fixed costs. He calculates the price floor and analyses the total costs that the hotel will incur.
What are the competitors doing? Regular surveys, even outside the hotel, help to see what other hotels are doing. But compare yourself with hotels in your category! However, it makes sense to see what trends are in other categories! The focus should be on these questions:
- What are the competitors' prices?
- How high is the utilization?
- Do competitors have any special offers or promotions?
- What are the competitors' reviews?
- Why do potential guests book with competitors?
However, the revenue manager should not only look at the competition, but also analyze his own guests and their behavior.
Questions include:
- How long do guests stay at the hotel?
- Which offers and promotions do guests book?
- What are the guests' willingness to pay?
- When is a stay booked?
- Why do guests come to our hotel?
Why do you need a revenue manager?
As already mentioned, this person is responsible for the entire hotel turnover. Since every entrepreneur knows how important turnover is, it is obvious why a hotel should fill this job.
Many small hotels work with standard prices and do not know that they are losing a lot of revenue as a result. That is exactly why Happyhotel exists. Because with it, every hotelier can dynamic prices work and be the revenue manager of his hotel yourself.
How do you become a revenue manager?
There are various options for learning the profession. For example, through training, via distance learning or in the course of a Hotel management studies. There are also some good courses, continuing education opportunities or conferences to maintain knowledge. However, this requires a great deal of experience, which can currently only be obtained in city hotels. To become a good revenue specialist, it is important to have a lot of practical experience.
Will there still be revenue managers in the future?
In many areas of a hotel, machines will solve manual tasks through automated processes in the future. This also includes revenue management. Decisions are no longer based on gut feeling or experience. Because actions should be based on figures and data. Tools can perform the daily tasks of a Revenue employee quickly and easily. Calculating and calculating in Excel lists for hours is replaced by automatic entry.
The revenue specialist will still exist in the future, but the way he works is changing. He receives support from specific programs and tools that make his work easier. This means that his area of responsibility is shifting.
Ready for the future with the right support
With the right support and the use of appropriate tools, hoteliers can make their work immensely easier. The selection of new applications is increasing and more and more areas of a hotel are being digitized. As a result, there is hardly anything standing in the way of smart work!
happyhotel makes the revenue manager's job easier by being able to find out the right prices for his hotel. With the help of dynamic prices, he can not only get more bookings, but also generate more revenue. Depending on the time of booking, the income manager can use the price suggestions and use them flexibly.
Tools such as happyhotel help the modern revenue manager to offer the right customer the right product, at the right time, in the right place - Rafael Weissmüller
conclusion
Thanks to newer tools, such as Happyhotel, it is also possible for small hotels or family accommodation to carry out revenue management independently. And that without having to hire an additional employee. Currently, this can only be found in city hotels or hotel chains. Here, such a tool can simplify the manager's work and provide meaningful support.
The future will bring us tools that simplify data-based decisions and support revenue managers in their work. happyhotel will play a major role in this. The more data a hotel has, the better the analyses work and thus the results for pricing.
