Friday 20 December 2013

Need of revenue manager

Revenue management has become a necessity of every hotel industry. Therefore it is important to have a revenue manager for managing your revenue. A revenue manager uses his expertise skills to develop marketing and pricing strategy that helps companies in achieving their revenue goal. The main responsibility of a revenue manager is to handle financial activities of an organization. Today almost all industries are hiring revenue manager.

A revenue manager must possess some required skills like leadership quality, analytical, open mind, creative, educator etc. Before hiring a revenue manager look for above skills in a person. Since it is difficult to decide pricing and marketing strategies until and unless you are an expert in that area. A revenue manager works with GM and helps in deciding best rates for hotel room.  So look for following skills when you hire a revenue manager for your hotel: 
1. Analytical mind: The person should spend time in researching accurate data. Since data is the heart and soul of revenue management. He should be able to analyse and utilize the data in best way possible.
2. Leadership qualities: The role of manager requires a person to handle the team and also lead it. So person should know how to handle team and how to win their confidence.
3. Open minded: The person should be open for new ideas according to latest trend. He should know how to apply a new idea for the welfare of organization.
4. Teaching qualities: The manager should possess teaching skills as he may able to teach management skills to his team members. 
Above qualities are must for a revenue manager. So look for these qualities in your revenue manager.

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