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Hotel revenue manager job description
The primary functions of a revenue manager include forecasting, pricing, inventory management, marketing, and distribution channel management.
1. Prediction
Based on data and customer segmentation, both of which are the cornerstones of revenue management. Anticipating customer behavior can help revenue managers improve revenue. The main basis for forecasting includes data such as historical occupancy, room rates, revenue, and current customer activity.
2. Pricing
Depends on market demand and customer's willingness to stay in a particular type of hotel room. To determine pricing, revenue managers need to analyze the market, competing prices, and their products. Hotel prices are optimized according to various pricing strategies, including demand-based pricing strategies, corporate pricing, package pricing, contractual agreements, and dynamic pricing strategies.
3. Inventory Management
In hotel revenue management, stock room is a product that is prone to failure. If there are no guests, the hotel will lose money, so the revenue manager needs to make sure the room has guests.
4. Marketing
The goal of all marketing campaigns is to increase sales, and marketing campaigns such as promotions, discounts and loyalty programs are designed to ensure that the hotel sells rooms while maintaining a steady flow of guests and attracting new guests.
5. Distribution channel management
In revenue management, inventory must be sold to customers in specific segments, and channels are often closely related to customer segment segments. Depending on the type of product, revenue managers can define channels and set pricing for specific target audiences.
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How do you manage revenue well
1. Demand forecast
① Information gathering
The first thing the hotel should do is to obtain and collect relevant information and data, including mainlyHistorical data, competitor data and market segmentation data3 parts:
1) Historical data for hotels:It can include room reservations, occupancy rates, room rates, reservations of different types of customers, preferred room types and rates, etc. in each month of the previous year;
2) Competitor data:It can include competitor rates, room type and quantity, available services, sales channels, etc.;
3) Market Segmentation Data:It can include hotel customer types, and the percentage of each type.
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② Data Analysis
The hotel can use the collected information for further analysis to clarify the pricing trend.
1) Use historical data for the same period last year as a reference, analyze historical trend changes, and predict whether there will be a similar number of bookings this year? Or will there be some upside in bookings?
2) According to the competitor's information, if the competitor's price is lower than your hotel price, will the customer switch to the competitor's lower price room?
3) For different types of clients in the hotel, what type and price of rooms do they need?
③ How do you get this data?
The backstage of the hotel - the data center section provides a wealth of data support, and the hotel can use this information to optimize its own OTA operations and use it as reference data for sales in other channels (such as retail customers in stores, etc.).
The hotel can see the current popularity of the business district and city where the hotel is located in the [Market Analysis] section under the back-end data center. The hotel can use this information to make price adjustments based on the current occupancy rate.
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2. Pricing optimization
Revenue management theory can be summed up in one sentence, in fact, you should do three things well: Sell to the right person at the right price at the right time. So your overall pricing strategy can revolve around this segment as well.
The hotel first needs to formulate its own rate guidelines, comprehensively consider them according to room type, sales channels, geographic location, self-positioning and other information, and use it as the basis for coordinating price differences.
Then make dynamic price adjustments based on peak season, booking time, customer demand, competitors, etc. In addition, hotels can also formulate special booking rate strategies according to their needs and characteristics to attract multiple types of consumers.
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Here is an example of an OTA platform:
① The right time:Different rates are offered according to the different booking time of the guests, these early reservation guests can help the hotel to complete the revenue progress in advance, and it is convenient for the hotel to set a follow-up revenue plan. Therefore, hotels can opt for promotional products such as “book in advance” and offer better discounts to attract this group of guests.
② Suitable Client:Different guests have different booking habits, so when offering products, you can also set prices according to their habits. The relatively loose policy can choose a higher price, and the relatively strict policy can set a lower price to meet different requirements.
For example, for business travelers, their travel plans may also change due to job changes. At this time, the hotel can provide them with a room with a more flexible cancellation policy (eg ladder cancellation, 30 minutes free cancellation)
③ The right price:Due to the different booking time and booking habits, the corresponding price can only be seen when the user meets certain conditions. This requires the hotel to combine the above two points and adjust the rate to ensure that the rate meets the needs of different guests.
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3. Demand Monitoring
When the market situation is not good, the hotel can open all channels, engage in promotion activities that can reach the target guests, reduce the price, improve competitiveness, try to get more guests from competitors, and let them sell more rooms.
When the hotel business is very good, it is necessary to focus on price control. If the current price is too fast, which is much larger than the historical data, the price should be increased appropriately, and the policy should be tightened to ensure maximum revenue.
4. Data Monitoring
The hotel should do a good job of monitoring the data at any time, understanding what promotions were made during this period, how income and room condition have changed after adjusting the pricing strategy, and then checking whether the hotel's overall data meets the initial forecast requirements.
This data can not only help to adjust the current strategy, but is also effective evidence of the subsequent development of the income trend, so each special case must be clearly recorded in its place.
When star Ctrip dealers come to stay in hotels, they prepare 5 forms including Revenue Analysis Form and Next Seven Days Occupancy Rate Monitoring Form for income, and they are detailed on monthly, weekly, daily and even hourly basis. Report to make sure every action of yours can be monitored in place.
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5. Learn to summarize
Why revenue management? Because the number of rooms in a hotel is fixed, but the market demand changes at any time, and guests book rooms at different times, through different channels, and at different rates. The cost structure of the hotel is that if you sell another room, you can make more money. On the contrary, if you do not sell enough number of rooms, the hotel must be prepared to incur losses.
Therefore, in the general business of managing hotel revenue, hoping to eventually get a relatively benign course, it is essential to have a relatively reasonable outlook for the current market. Meanwhile, by promoting on the OTA platform or by managing hotel rates, the hotel can maximize revenue.
Of course, the most important thing is that all the hotel's business around revenue management needs to go back to the prediction stage of the test, because only in this way can it form its own virtuous circle.
If you have another questions,please feel free to contact us.
Official website: https://www.hanbi-hotelsupplies.com
Contact us(WhatsApp number): +86 191 6238 7613
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