Revenue Manager

JOB SUMMARY

 

Responsible for managing and coordinating the revenue management functions (pricing, competitive assessments, etc.) and inventory strategy for hotels across all brands. This includes all room segments (transient, group, and contract). Responsible for understanding and communicating various Revenue Management philosophies as they pertain to brand and/or geographic strategies. Communicates and educates the hotels on proper pricing, competitive positioning and restrictions and the impact that they may have on the hotels’ revenue strategies.

 

CANDIDATE PROFILE

 

Education and Experience

 

· 3 years’ experience in front office, sales and marketing, management operations, finance, e-commerce or related professional area.

OR

· 2-year degree from an accredited university in a relevant business discipline and 2 years’ experience in Revenue Management

 

CORE WORK ACTIVITIES

 

Executing Revenue Management Projects and Strategy

 

· Manages room authorizations, rates and restrictions

· Analyzes competitive performance through the use of market share tools and make recommendations to the hotel

· Analyzes reports and available information to make long term pricing recommendations with brand initiatives as a key focus

· Develops and implements with the General Manager and Sales, strategies that will maintain and/or increase the hotel’s RevPAR

· Utilizes Marriott’s revenue management systems and tools to ensure that revenue and profit are maximized

· Conducts Sales Strategy meetings with General Manager and key property staff to educate and evaluate pricing and inventory strategies

· Verifies that the hotel(s) sales strategies are effectively implemented in the inventory systems

· Prepares sales strategy critique.

· Validates that sales strategies and rate restrictions are communicated, implemented and modified as market conditions fluctuate.

· Uses reservations system and demand forecasting systems to determine, implement and control selling strategies.

· Verifies compliance and participation in company promotions and eCommerce channels

· Understands the working relationship between sales, reservations and property management systems.

· Determines optimal contract mix and monitors its value to overall property strategy

· Evaluates and executes eChannel/on-line travel agent (OTA) strategy

· Evaluates and executes special events and holiday strategies

· Evaluates trends and executes changes in the group strategy

· Evaluates trends and executes changes related to market share

· Evaluates market level changes and their impact to property strategy

· Completes monthly revenue projections

· Executes promotions, programs, and packages

· Critiques property revenue performance

· Executes property strategy conference calls

· Manages room authorizations, rates and restrictions

· Evaluates transient segmentation, including demand and booking pace by segment

· Evaluate transient source markets and customer buying behavior for each segment

· Monitors and adjusts for optimal mix

· Validates that retail rates are evaluated through One Yield’s Retail Pricing Optimizer and updated based on changes in demand, product, or competitive positioning

· Evaluates premium room type pricing and premium paid occupancy

· Verifies that retail price parity is executed across all booking channels

· Executes pricing through High Performance Pricing

· Utilizes the Special Corporate Pricing Tool to analyze production, grades, and recommendations to establish account pricing

· Evaluates the Special Corporate segment, including evaluating new accounts and account performance.

· Evaluates the Wholesale segment, including evaluating new accounts and account production

· Collaborates with Sales to complete annual Special Corporate and Wholesale pricing

Building Successful Relationships

 

· Proactively develops constructive and cooperative working relationships with stakeholders and maintains them over time.

· Acts as a liaison, when necessary, between property and regional/corporate systems support.

· Informs and/or updates the executives and peers on relevant information in a timely manner.

 

MANAGEMENT COMPETENICES

 

Leadership

· Adaptability - Maintains performance level under pressure or when experiencing changes or challenges in

the workplace.

· Communication - Conveys information and ideas to others in a convincing and engaging manner through a

variety of methods.

· Problem Solving and Decision Making - Identifies and understands issues, problems, and opportunities;

obtains and compares information from different sources to draw conclusions, develop and evaluate

alternatives and solutions, solve problems, and choose a course of action.

· Professional Demeanor - Exhibits behavioral styles that convey confidence and command respect from

others; makes a good first impression and represents the company in alignment with its values.

Managing Execution

· Building and Contributing to Teams - Actively participates as a member of a team to move the team

toward the completion of goals.

· Driving for Results - Sets high standards of performance for self and/or others; assumes responsibility for

work objectives; initiates, focuses, and monitors the efforts of self and/or others toward the accomplishment

goals; proactively takes action and goes beyond what is required.

· Planning and Organizing - Gathers information and resources required to set a plan of action for self and/or

others; prioritizes and arranges work requirements to accomplish goals and ensure work is completed.

Building Relationships

· Coworker Relationships - Interacts with others in a way that builds openness, trust, and confidence in the

pursuit of organizational goals and lasting relationships.

· Customer Relationships - Develops and sustains relationships based on an understanding of customer

needs and actions consistent with the company’s service standards.

· Global Mindset - Supports employees and business partners with diverse styles, abilities, motivations,

and/or cultural perspectives; utilizes differences to drive innovation, engagement and enhance business

results; and ensures employees are given the opportunity to contribute to their full potential.

Generating Talent and Organizational Capability

· Organizational Capability - Evaluates and adapts the structure of own assignments and suggests

improvements to work processes to best fit the needs and/or support the goals of an organizational unit.

· Talent Management - Provides support and feedback to help individuals develop and strengthen skills and

abilities needed to accomplish work objectives.

Learning and Applying Professional Expertise

· Applied Learning - Seeks and makes the most of learning opportunities to improve performance of self

and/or others.

· Business Acumen - Understands and utilizes business information to manage everyday operations.

· Technical Acumen - Understands and utilizes professional skills and knowledge in a specific functional area

to conduct.

o Revenue Management - Knowledge of revenue management concepts, processes and strategies

such as average daily rate, revenue per available room, sales cycles and trends, account

management, pricing and inventory management. Skill in using a Yield Management system and

interpreting pricing and inventory reports.

Analysis - The ability to analyze and summarize detailed data to make inferences and

recommendations. Included is the creation and maintenance of spreadsheets for storing data.

o Research - Skill in collecting information from a variety of sources relating to market data, historical

cycles, travel and tourism trends, and real estate market dynamics. The ability to know when to

seek addition information and where to look to find it.

o Inventory Management - The ability to manage rooms and function space restrictions and

thresholds using systems or manually in order to maximize revenue/profit across all segments.

o Computer Skills - The willingness to learn and ability to use computer systems and software

packages to input, access, modify, store, or output information or to execute programs and

analyses. This includes the ability to enter and retrieve data from computer systems using a

keyboard, mouse, or trackball

o Economics and Finance - Knowledge of economic principles and practices, P&L statements,

operating budgets, forecasting and scheduling, and the reporting of financial data.

o Sales and Marketing - Knowledge of sales and marketing concepts including principles and

methods for showing, promoting and selling products or services as well as marketing strategies

and tactics.

· Basic Competencies - Fundamental competencies required for accomplishing basic work activities.

o Basic Computer Skills - Uses basic computer hardware and software (e.g., personal computers,

word processing software, Internet browsers, etc.).

o Mathematical Reasoning - Demonstrates ability to add, subtract, multiply, or divide quickly,

correctly, and in a way that allows one to solve work-related issues.

o Oral Comprehension - Demonstrates ability to listen to and understand information and ideas

presented through spoken words and sentences.

o Reading Comprehension - Demonstrates understanding of written sentences and paragraphs in

work-related documents.

o Writing - Communicates effectively in writing as appropriate for the needs of the audience.