Profession hospitality revenue manager
Hospitality revenue managers maximise revenue generated from facilities such as hotels, holiday resorts and camping grounds by analysing trends and competition. They assist establishment managers in strategic decisions. Hospitality revenue managers analyse and optimise the financial potential of facilities and manage the corresponding staff.
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Revenue manager - Career Profile
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- Perform market research
Gather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.
- Manage hospitality revenue
Oversee a hospitality revenue by understanding, monitoring, predicting and reacting to consumer behaviour, in order to maximise revenue or profits, maintain budgeted gross profit and minimise expenditures.
- Produce statistical financial records
Review and analyse individual and company financial data in order to produce statistical reports or records.
- Ensure cross-department cooperation
Guarantee communication and cooperation with all the entities and teams in a given organisation, according to the company strategy.
- Forecast occupancy demand
Predict the number of hotel rooms that will be booked, schedule occupancies and estimate demand forecast.
- Inspect data
Analyse, transform and model data in order to discover useful information and to support decision-making.
- Implement sales strategies
Carry out the plan to gain competitive advantage on the market by positioning the company's brand or product and by targeting the right audience to sell this brand or product to.
- Think analytically
Produce thoughts using logic and reasoning in order to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Develop business case
Gather relevant information in order to come up with a well-written and well-structured document that provides the trajectory of a given project.
- Plan medium to long term objectives
Schedule long term objectives and immediate to short term objectives through effective medium-term planning and reconciliation processes.
- Manage staff
Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
- Comply with food safety and hygiene
Respect optimal food safety and hygiene during preparation, manufacturing, processing, storage, distribution and delivery of food products.
- Develop financial statistics reports
Create financial and statistical reports based on collected data which are to be presented to managing bodies of an organisation.
- Monitor financial accounts
Handle financial administration of your department, keep the costs down to only necessary expenses and maximise the revenues of your organisation.
- Apply numeracy skills
Practise reasoning and apply simple or complex numerical concepts and calculations.
- Ensure price competitiveness
Guarantee price competitiveness by setting the highest achievable revenue of your product or service while observing prices of competitors and studying market strategies, conditions and evolutions.
- Implement marketing strategies
Implement strategies which aim to promote a specific product or service, using the developed marketing strategies.
- Develop revenue generation strategies
Elaborate methodologies through which a company markets and sells a product or service to generate income.
- Analyse booking patterns
Study, understand and predict recurring patterns and behaviours in booking.
Optional knowledge and skillshandle customer complaints maintain customer service coach employees develop working procedures train employees conduct financial audits quote prices
Source: Sisyphus ODB