How to be a revenue leader of the 21st century

What century are we in? The 20th or the 21st? No longer can we in the industry use antiquated approaches and attitudes to manage demand.

What exactly is the role of the revenue manager today? Tactician? Strategist? Mediator? Leader? Innovator? Software Expert?

The truth is that, ideally, the revenue manager has to be all of the above. He or she has to be an Excel guru and be able to master complex business intelligence tools. Revenue managers have to be demand managers and demand creators. They have to stand up to the juggernaut of marketing & sales (sell the dream, service the nightmare) and speak their mind to multiple stakeholders at all levels—hotel, corporate, third party, asset, and ownership.

Yes, the role of the revenue manager is ever evolving. It is not enough today to be a good tactician. It’s not even enough to be a good traditional revenue manager. Today’s complex markets and rapidly changing consumer-buying behavior challenge the revenue manager to wear many hats.

At the same time, if revenue managers are to make it to the next iteration of revenue management expertise, they have to “embrace work scope creep,” according to Sloan Dean of Ashford Hospitality Trust.

Read More

By: Bonnie Buckhiester (Principal of Buckhiester Management the leading Revenue Management consulting firm in North America for the hospitality industry.)

The above is an extract of the original article available at: HNN

Advertisements

About RezNext

RezNext is the world’s only true Real-Time Distribution Management Solution provider. It empowers hotels to adopt a distribution strategy that simplifies the complex global distribution environment and makes it understandable and manageable. It is integrated with revenue management, operating intelligence and powered with reputation management insights. RezNext’s portfolio of offerings include Rate & Channel Manager, Revenue Management, Online Reputation Management, Website Designing and Web Booking Engine, Mobile solutions, Central Reservation System, Business Intelligence, Property Management System (PMS) two-way connect, GDS and OTA Interface and Loyalty & Feedback Management. Our growing range of solutions can be access by hospitality properties across market segment and size, such as independent hotels, chain hotels, business hotels, resorts, clubs, service and limited service apartments, spas, restaurants and others.
This entry was posted in Hospitality, Hospitality Industry, Travel and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s