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An Revenue Manager is someone that helps an establishment to predict consumer demand to optimize inventory and price availability in order to maximize revenue growth. The purpose of Revenue Management is not selling a room today at a low price to sell it tomorrow at a higher price. Revenue Management also means selling a room at low price today if you do not expect higher demand.
While taking a strategic overview and planning ahead to maximise profits, the Revenue Manager must also pay attention to the details, setting the example for staff to deliver a standard of service and presentation that meets guests’ needs and expectations. Business and people management are equally important elements.
Revenue Managers work primarily for hotels, motels, spas and resorts.
Developing pricing strategies and forecasting revenue for hotels and other lodging establishments are the main activities of a Revenue Manager. Revenue Managers work closely with sales teams, reception desk employees and the hotel general manager in areas of promotion, business planning and reservation costs. They might conduct analyses of prices offered by other hotels to develop competitive prices and discounts.
Creating pricing strategies
Revenue Managers play a leading role in determining and setting room rates and other prices in order to keep the business competitive and earn revenue.
Conduct and supervise competition analyses
Revenue Managers play a key role in determining competitive prices for the establishment they are working for. To do so, they periodically evaluate the prices of the competition. hey will also analyze economic trends to determine the demand for hotel reservations based on tourism and business travel.
Manage hotel revenue
Revenue Managers will work with various departments within a hotel to create a budget and use accounting processes to determine the hotel’s revenue after expenditures. They will report financial information to general managers and make suggestions for increasing revenue through changes in pricing and efforts in generating more business.
What can you expect to earn being a Revenue Manager? The position of Revenue Manager has a great deal of responsibilities and as a key part of the team you will spend most of your time working with the team and clients.
Revenue Manager salaries will vary depending on experience in management, but will typically be in the region of £24,000 to £40,000 per year depending on experience. As of September 2017, the average salary for a Revenue Manager in the UK is £30,223 (Source: PayScale). If you have lots of experience you will be in high demand and hit the higher end of the salary bracket. It also depends largely on the type of hotel you are working for and the available budget they have.