Taktikons Blog about Revenue Management

Taktikons Blog about Revenue Management

Revenue Management

In this blogg I aim to give a background on Revenue Management and Distribution. It discusses both organizational issues as well as lectures regarding Revenue Management and Distribution. Many of the blogs can be used as preparation to the Courses and Workshops in Revenue Management and Distribution that Taktikon organizes.

Revenue Management Outsourcing should be more than just Outsourcing!

OrganizationPosted by Annemarie Gubanski Jun 23, 2015 11:35:12

A Revenue Management Outsourcing program can mean so much more than just outsourcing, it should always give you a long term solution.

A proper outsourcing program should not only mean that you hire an expert in Revenue- and Distribution Management, you also hire a mentor; someone to interact and be creative with. An external Revenue Manager might also give you a different view to your usual routines and commercial actions. Your situation will be seen with fresh and objective eyes that might bring new opportunities.

Another important benefit of a well working Revenue Management outsourcing program is that it gives you a chance to understand how you can increase your profit margin and be able to take over the Revenue- and Distribution Management function in the future.

As each property is unique, Outsourcing programs mostly are individually adapted to the individual goals and needs of the customer. The services Taktikon offers are various starting from Light (around 10-15 hours per month) to Full Revenue Outsourcing (around 20-25 hours per week) with a duration of a few months to a few years. Whatever the level or duration, we always aim to increase the level of knowledge so that our clients are able to stand on their own Revenue Feet in the future.

When a Revenue Outsourcing Program is tailor made, it is ideal for a broad kind of properties; individual hotels as well as mid sized chains, for organisations that would like to start with Revenue Management and Distribution/E-Commerce as well as hotels or resorts that do have a Revenue- and Distribution team in place but would like to have a mentor or are without a Revenue Manager for a period of time.

In our opinion, programs should start with a full Revenue Audit, which forms the basis of outsourcing services. An audit is aimed to find the revenue opportunities within each company and should result in a report with clear action points so that properties can start working together with their Revenue Expert. In the Audit that Taktikon performs, we focus to achieve the optimal Marketing Mix, Distribution Strategies, Rate Structure and Revenue Organisation. Our Outsourcing Program is aimed to help hoteliers implement our findings and achieve an improved profit margin.



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The Rise of the Metasearch

DistributionPosted by Annemarie Gubanski Jun 16, 2014 10:00:53

The Rise of the Metasearch
Metasearch Sites are the fastest growing distribution channels of todays travel industry. A study by PhoCusWright from december 2013 shows that 36% of the holiday planners now are using metasearch sites to book their holiday. During the HSMAI event in London february 2014, there was talk that Metasearch sites twere behind 20% of all web reservations in London and Berlin. There is no doubt that Metasearch will continue to grow.

Metasearches can help to cut our commissions that otherwise would be paid to the distribution channels and lead guests straight to the hotel website. This can mean that the hospitality industry that is struggeling with increased commission fees, can take advantage and drive traffic to their website. The question is; Are you ready?

What is Metasearch?
Metasearch sites are so called “hybrid” websites that compare rates and availability from different sources, making them very popular with consumers. Sites shown on the Metasearches are mainly OTA’s, some of which get their availability and rates through the Wholesalers. Examples of Metasearch Sites are Google Hotel Finder, Trivago, TripAdvisor and Kayak.

Many of the large online travel companies are currently investing heavily in advertising on Metasearch to increase production and revenue. Recent events are TripAdvisor launching a hotel metasearch, Expedia becoming majority stakeholder to the German Metasearch leader Trivago and Priceline acquiring Kayak Software, which accounts for 90% for domestic airlines' Metasearch traffic.

Can you take advantage of Metasearch?
You can make sure that your Brand Website appears on the Metasearch Sites and this way get the opportunity to gain market share from the OTA’s. In order for your website to appear on these sites, you will need to fix connection and advertisement. The several Metasearch Sites work in different ways but most Meatsearch works on a cost-per-click (CPC) basis. Furthermore, the Metasearches promote the lowest selling rate, which means that you will need to keep a very close eye on which rates you sell at your site in comparison to the OTA’s.

Make Metasearch part of your Marketing Strategy
Metasearch development means that there is a huge potential for the hospitality industry to increase direct bookings to the Hotel Websites directly. Make Metasearch part of your Marketing and E-Commerce Strategy and increase your chance to decrease commission fees!


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The future Revenue Management Organization

OrganizationPosted by Annemarie Gubanski May 22, 2014 14:16:13

The future Revenue Management Organization
The increasing importance from Social Media as well as the move towards Total Revenue
Management and Profit Management has an effect on the organization. In the near future we will see that the different departments will work more closely together.

Having an effective Revenue Management oriented organization will be more vital than ever. In this article I will try to highlight which effects are behind the necessity to work more closely together and what impact it has on your organization.

The Social Media effect
Social Media was, from the beginning, seen as “the thing for the Marketing people”. Fortunately, organizations are now acknowledging the effect it has on the entire organization.

A study that Micros published in april 2013 showed that a high position on TripAdvisor can lead to an increased amount of reservations through the hotels website. Cornell published in november 2012 a study on The Impact of Social Media on Lodging Performance where they stated that a hotel can increase their price by 11,2% and still maintain MPI if it increases its review scores by 1 point on a 5-point scale. This is confirmed by Expedia, who find that “good reviews of 4.0 or 5.0 generate more than double the conversion of a review of 1.0 – 2.9.”

So, Social Media can help increase both occupancy and rate. This means that these media are important tools for the hotel industry and for Revenue Management in order to increase result. And what are our guests talking about? Apart from the size of the room and location of the property, the comments mainly involve Operations oriented issues, such as cleanliness, friendliness, quality of food, etc. This means that one of the most important marketing channels; Social Media, actually is influenced by your operational departments. The better they function, the higher the rate and better the chance you get to increase your result.

We are moving towards a more individualized world, certainly helped with the increase of Social Media. We are so used to being talked to individually on the net, that we no longer are attracted by marketing campaigns directed to a broader group. We want to feel like a company is talking to us directly. This forces us to have a different approach towards our Market Segmentation. In a more individualized world, we can no longer group our market segmentation mainly depending on booking pattern and rate impact. We need to work with segments that enable us to send individualized marketing campaigns to our clients. You can read more about this in my earlier blog regarding Client segmentation.

So, Social Media has an immediate impact on our result as it has a positive effect on both rate and number of reservations. Furthermore, they are excellent channels that enable us to talk to our guests individually. The departments that ensure an increase can be achieved are the Operations Departments, the departments handling Social Media and the departments handling the brand website.

The Total Revenue Management effect
A clear trend within Revenue Management is the step towards Total Revenue Management. This means that we are no longer “only” focusing on Room- and/or Conference Revenue Management but apply this on all revenue increasing departments, such as F&B outlets, minibar, spa, parking, sport, etc.

Applying Revenue Management on different departments is interesting, as each department has its conditions to take into account. The Time factor is different on Room Revenue as it is on most of the other departments, as hotel rooms usually are booked per night, whereas the other departments can face multiple requests that can differ from a few hours to a few days. Menu Engineering is frequently used within Spa- and Restaurant Revenue Management and is an excellent tool that enables properties to maximize profit. I will write more on that in a later blog.

Smart scheduling can help optimize the use of the spa facilities, as Smart Menus are used to attract the highest-margined dishes. At its turn, all departments have the possibility to create highly commercial packages and can calculate which impact the different package elements should have on the different departments in order to create the optimized result.

This means that, besides increased knowledge in Total Revenue Management, an organization needs to establish Who Does What and have a close look into the different job descriptions and commission schemes for the individual departments in order to make sure that all departments are willing to work together to get the best total result for the property.

The Profit Management effect
With the move to Total Revenue Management, we see a further swift towards Profit Management. This means that we not only look at the revenue generated by the different departments, but even at the different margins from each reservation. This involves both flexible and fixed cost such as distribution, labor, rent, cleaning, purchasing, travel expenses and allowances.

This means that we will need to have a different approach when it comes to mapping the different financial department codes towards the revenue streams. Finance will need to have an increased cooperation with the Revenue Management department in order to get the best picture. If done right, we are able to calculate the exact net impact per reservation type or market segment and with this obtain the best profit possible.

Are you ready for the future?

All commercial departments, operational departments and Finance will be working together more closely in the future and if done right, properties have the possibility to increase their net result drastically. The question is; are you ready for the future?



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Rethinking Market Segmentation

Revenue ManagementPosted by Annemarie Gubanski Apr 28, 2014 07:44:50

Rethinking Market Segmentation
Market Segmentation has always been one of the most powerful tools to identify which client groups to target during which periods. By understanding which segments have the most impact on your result, strategic decisions can be made in when, where and how to target your customer groups. Traditionally, segmentation is chosen by:

- Type of clients, for instance corporate- and leisure individuals or corporate- and leisure groups
- Type of Rate Products, for instance negotiated-, public-, meeting-, spa- or campaign rates
- Type of Channel, for instance Merchant, Retail, GDS, Brand Website
- Extra Revenue, for instance meetings, F&B, Spa, Minibar
- Origin, which country or region
- Booking pace, when do these customers book and where

In an individualized world, adapting your communication as well as your offers and products towards your individual customer is more vital than it ever has been. As all individual guests have individual needs, hotels see themselves forced to rethink the way they set up their segmentation and go over to Customer Segmentation, which not only diverts type of customer but places them in groups depending on their needs.

Customer Segmentation in Action
Applying customer segmentation means that you will have to start understanding the needs of customers and what makes them decide between one offer and another. When you know this, you can start to form groups of customers who share the same or very similar values. This enables your property to determine which groups of customers are best suited for which product and service.

Traditionally your corporate customers like efficiency. Furthermore, they care about their expence bill but quite often would like to compensate themselves for spending a night away from home for business purposes. The offers they might like to see from you can include

- Highspeed breakfast
- Highspeed internet
- Highspeed check-in and check-out
- Dining credits, drink vouchers

Your leisure guests however might appreciate anything that makes their stay more memorable. They could be interested in:

- Early checkin and late checkout
- Tickets to attractions
- Tourist information

At it’s turn, each market segmentation consists of different groups that have different needs and different booking patterns. Why keep them whithin one group? For instance; leisure individuals can consist of both couples and families, though their needs and booking pace is completely different. Furthermore, you would need to keep in mind that corporate customers might come back to your property for leisure purposes and your leisure guests might partly be using their leisure trip working. This means that different offers might apply on different occasions and a specific guest might fall into several segments.

This is not a new way of segmenting your business. It can be seen as a sign to what is happening within the business at the moment; a much closer internal communication where departments work more closely together. Social Media has from the beginning been seen as a “Thing for the Marketing Department” but has an increasing influence on Revenue Management as positive ratings can influence our pricing when potential guests might be willing to pay a bit more if they see that we outperform our competitors. What is written on Social Media mostly relates to the operational departments. This means that these departments have an increasing influence on pricing. This means that we no longer can look at our business consisting of different departments working together on their individual goals. I will write more on the changes in the organizational schedule in my next blog.

Rethinking in Practice
Your customers are already telling you what they would like you to offer. Social Media is a source of information.

· List all the comments your guests have regarding your facilities and services. This does include the services and facilities they are lacking

· Involve your guests. Ask them what they are interested in and how they would like to see your property in the future. What services and facilities do they appreciate?

· Determine which services/facilities you might want to add or change and group the different services/facilities.

· Now group the customers that share the same interests and values. Adapt your marketing communication to their needs.

Most likely you will find that you would need to devide your segmentation in different segment groups and you will need to look into the handling of your guest profiles. As more detailed information per customer is stored on your profiles and this information is used for marketing purposes, duplicate profiles can cause even more challenges in the future.

Need help?
External help always makes it easier to Think Outside The Box (don’t you also hate that expression?) as they have a possibility to view your property from the outside in they can offer you a new level of looking at your own business. Taktikon, as a number of other experts in Revenue Management, does offer a number of services that might help you increase your result. If you would like to contact me, you can do so by tel: +46 (0)73 9044 222 or +31 (0)6 55 81 00 86, or send me an email at: annemarie.gubanski@taktikon.com and tell me what you would need help with. I would gladly like to see if I could help you. When in doubt, you can always visit my website for more information: www.taktikon.com


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The power of a Compliment

OrganizationPosted by Annemarie Gubanski Mar 01, 2014 13:22:01

The Power of Giving Compliments

In my neighborhood lives a man I have given the somewhat non-original name; Compliments Man. It has happened to me a few times; when he meets me on the street, he comes up to me, looks me in the eye and says; “I just want to tell you, you look great”. I am far from exclusive, as most days he just walks straight past me and goes to another girl, looks her in the eye and says something. I know he tells her the same thing, as the reaction is exactly the same as the way I react. A big smile. A happy face. I must admit that I feel just a bit better and happier, the days I meet Compliments Man.

This reminds me about World Compliment Day, which is a non-commercial initiative, held on the 1st of March every year.

From a commercial perspective; giving compliments is about the best way to keep your staff and colleagues motivated and loyal. Showing appreciation actually is far better and has a longer lasting effect than pay raises, as these tend to be best only the first month. And why stop at the working space? When was the last time you gave any of your friends and family a spontaneous compliment? Think about how good it feels to receive one. Then think about how great it feels to give one.

Support Compliment Day and give at least one earnest compliment to any one of your friends, family, colleagues or innocent by passers. I promise you that both parties will feel a lot better the whole day. And with that said; why stop at Compliments Day? There are 365 days in a year, you know?

Related links

http://www.worldcomplimentday.info/

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Total Revenue Management, the future Revenue Management?

Revenue ManagementPosted by Annemarie Gubanski Feb 11, 2014 14:04:07

Total Revenue Management, the future Revenue Management?
Cheryl Kimes conducted a study in 2010 regarding the future of Revenue Management, which concluded that “In the future, Hotel Revenue Management would be more strategic in nature, would be more technology-enabled and that it would encompass all parts of the hotel. The respondents identified function space and restaurants as the most likely candidates for future applications of Revenue Management”. I agree with this point of view; a good way to make sure to achieve the optimal result is to focus on all departments that create Revenue. This conclusion is also strengthened by the survey that HSMAI recently conducted and which was presented by Carl Oldsberg during the HSMAI conference in London on the 6th of February 2014.

Some hotels and hotel chains are starting to extend the responsibility of Revenue Management to the Function Spaces. However; there is no massive movement in applying Revenue Management to other departments such as; Restaurants, Minibars, Spa, Shops, etc. This might be so because these departments are considered to be a service and a loss or Break Even is therewith acceptable. Basically properties are missing out on a potential growth of 30% per department.


The Six C’s in Revenue Management on different departments
Previously we talked about 4 C’s (Capacity, Calendar, Clock, Cost) with a fifth binding factor; Customer. The sixth factor increases in importance; Channel.

Capacity: There are many similarities to the "traditional" Room Revenue Management, conducted by most hotels, though the time factor is even more important when it comes to Conference-, Spa- and Restaurant Revenue Management, as these facilities can be rented by the hour, part of day or whole day. Also Space Management is an important factor to keep in mind as many times space, such as swimming pools and floor space, can be limited compared to, for instance, the treatment- and hotel rooms available.

Calendar: Calculating Total Demand is a vital parameter in determining the right price. On the same day and time, the demand may vary from department to department, which might be challenging, but can mainly be seen as a great opportunity to achieve the optimal effect, as all departments can benefit from each other and pricing can be adapted strategically. This does mean that the various departments should be able to co-operate well and trust each other’s judgement.

Clock: Knowing your booking pattern, such as time of booking, expected length of stay and the pick-up levels that can be expected are also important factors to calculate Total Demand. When applying Revenue Management on Conference, understanding your customers booking pattern is one of the most important parameters in determining the probability to expect the most profitable requests and which requests to say No to.

Cost: Every sale comes with a cost. This does not only concern Cost Of Sale on your distribution channels, but even operational- and personnel costs. How do we relate cost towards revenue and achieve the best margins on all departments? Do we work with Dynamic Rates and how do we sell this practically? How does Menu Engineering work and how can we use this tool to increase profitability?

Customer: How do we define the optimal Marketing Mix and what is the Total Revenue per Market Segment? Do we need to break this down to Customer Level in order to be able to offer customer adapted packages? How can we make sure we know the Total Margin per Segment and how do we make sure we can offer availability to our most loyal and profitable customer? Furthermore, how do we find the systems that support us in these questions?

Channel: This factor is increasingly important. Which channels do our customers use and which customers do we need to attract in order to find new markets and new possibilities? How do we make sure we can find the packages our customers want to buy and to which rate? Furthermore, what are the possibilities the different channels create to offer packages and which channels are best adapted to our needs?


Challenges and Opportunities in the implementation process
There are basically three main challenges, that all are related:

Organization: There usually is a fear factor involved; department heads can be unsure if they will be able to handle an increased responsibility on an already overloaded schedule or might be afraid to delegate a certain responsibility to somebody else. It is not always easy to have a person from a different department determining which rates to sell to. Trust is an important factor and it is vital to know all involved know what to do in order to increase result. This leads directly to the second challenge/opportunity;

Knowledge: Not only training is of an essence; staff members from all departments will have to be aware of the implications on their daily tasks. In many cases, a Revenue Management project on a property starts with making sure that all heads of department are aware of the changes of the impact the implementation of Revenue Management will have on their department. By the end of the day, all involved will achieve increased knowledge and new challenges. With knowledge comes the demand for good statistics and tools to analyze. This relates to the next challenge;

System Solutions: Where can we find the Systems that help us know the Total Revenue per customer or per Market Segment? Will we be able to offer the possibility to offer a booking engine that enables our customers to book all our departments directly through our website and are there any systems available, or being developed, that will help us yield all Revenue generated?


Related Articles:
Cheryl Kimes article on Total Revenue Management: http://hotelexecutive.com/business_review/3620/total-hotel-revenue-management

HSMAI Survey: RM%20succession%20planning_1.pdf (attached)


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The power of Loyalty

SalesPosted by Annemarie Gubanski Jan 28, 2014 17:29:57

The power of Loyalty
In an article that Cornell University published recently, the implementation of loyalty programs for two groups of independent hotels showed a positive effect. Both ADR (between 1-5%) and number of room nights (nearly 50%), booked by the loyalty program guests, increased. Interestingly enough, the analysis included even the hotels’ best customers.

November 2013, I listened to Tom Savigar from The Future laboratory who held an excellent talk about the implications of a changing demography on the Hotel Industry. He predicts the end of Business-To-Business (B2B) and says that the hospitality industry should have a direct dialogue with the guest. This is even in line with the recent article from Bryan Kramer “There Is No More B2B or B2C: There Is only Human to Human (H2H)”, where he states that “Marketing increasingly strives to become one-to-one, with solutions to collect and wrangle the big data about us to serve up more personalized offers and experiences.”

In a world where direct contact with the guests is increasingly important, what is the most effective way to create loyal guests?

The impact of Loyalty
As Cornell University’s study shows; a loyal guest can be a profitable one and having a direct dialogue with each individual guest is a powerful factor to create loyalty. Loyalty is even an important factor in the negotiation process, as companies should and would like to offer discounted contracted rates to their most loyal corporate accounts.

In my role as a consultant, I often come across companies that would like to discuss the best way to increase loyalty and the need for a loyalty program is often raised. This is a very important question as not only such a program obviously can increase Total Revenue (as Cornell University’s study showed), it can also be used to encourage guests to book directly with the property. However, the cost of such a program should be taken into account as well, as the benefits to the guests come with a cost.

Karin Eriksson from hotel chain Scandic recently spoke on the first Hotel Market Seminars on Distribution and Social Media held in Stockholm. She says that especially Hotels and Restaurants have a big potential in using Social Media as many of their potential guests are using these types media and would like to tell that they are staying at a specific hotel and are eating a fantastic dinner. I would like to add that, in my opinion, this counts for the whole hospitality industry. Social Media offers a great opportunity to create direct contact with your guests and increase loyalty. Yes, it does mean a high level of involvement, but it is fun and offers the possibility to increase result.

To identify a profitable loyal customer
In a world where many of our guests carry a number of Loyalty Program Cards; how do we know which of these guests are really loyal to our brand? In a commercial world, it is important to identify the loyal customers that impact result positively, as many times these customers are usually the ones that are paying the lowest rate. I often hear hotels identifying their best customers by the number of times they visit the bar or restaurant, with which they see prove that their loyal guests also are profitable guests. This might be true; it might also be compared to my favorite clothing store. It has clothes that match my taste and is located within five minutes walking distance from home, which means that my husband and I visit the shop regularly. The shop owner identifies us as one of his most loyal customers and often gives us an additional discount when we do make a purchase. Though, I doubt that we are the most profitable customers, as we usually only buy the articles the shop offers on Sale.

The ultimate way to identify a profitable loyal customer is to have your statistics in order. This gives you the opportunity to not only calculate the Total Revenue per customer and per Market Segment, it also gives you the opportunity to match your offer to each individual market segment, right down to matching it to each individual customer. What does a certain group of customers value the most? What are they willing to pay for this? How can I make sure that I offer what they want?

Conclusions
Loyalty programs can be used, but make sure that these types of programs do give you the additional loyal guests and increased revenue you desire. Take into account the fact that there is a cost involved.

  • Involve your guests by using Social Media strategically. Do not only use these platforms to only inform your customers about your offers. Involve them by asking them questions and to encourage them to write reviews about all your products. Make sure to react on all reviews.
  • Make sure you have your statistics in order and find out how to create profitable customers.


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The art of Recruitment

RecruitmentPosted by Annemarie Gubanski Dec 12, 2013 18:02:58

The art of Recruitment

Recruiting is vital for the success of your business, it is not always too easy as you not only are looking for the perfect candidate; the perfect candidate will have to be looking for new challenges at the right time as well. Recruiting a Revenue Manager is extra challenging, as the image of what a Revenue Manager does can differ from hotel to hotel. Many recruiting companies find Revenue Management recruitment to be one of the most challenging requests they receive, as the job description differs from customer to customer. Also, a Revenue Manager should ideally be strong on four competences; Analytical, Commercial, Technical and Communication, though not all these four competences are vital for all properties

Your Revenue Manager’s Competences

Yes, the ideal Revenue Manager has a strong development on all four competences, depending on the property; your new employee could have a different Skill Package. The following factors can be taken into account

- Why are you looking for a Revenue Manager? Is it a new position or is it a replacement from a previous Revenue Manager?

- What are your expectations? Are you expecting to be able to increase your result and if so; what is your budget?

- What are the strengths and weaknesses of the rest of the teams your Revenue Manager will take part in? The four competences are vital for all members within the Management Team but each individual has his/her own strengths and development areas. Which competences should the new candidate have for the team to be in perfect balance?

- What is the level of knowledge you require from your Revenue Manager? Are you looking for an experienced Revenue Manager or would you prefer your new employee to be more junior and take care of his/her development yourself?

The personal skills

Anyone that likes their profession has the possibility to be great at it. In the recruitment processes I perform, finding this enthusiasm is one of the first things I look for. This usually is combined with connecting the right type of property to the candidates. Does the Revenue Manager want to work for a chain or a privately held property and which of these choices is best for his/her personal development? What is the atmosphere within the team and does this fit both personal skills as personal preferences of the new employee? What are the expectations does the new employer have and how do the candidates strengths and weaknesses correspond to these expectations? In order to make sure that recruitment is done properly, I find that an assessment is the best option to find the right candidate. This is an investment that usually makes sense as the candidate can be tested both on knowledge as well as on personal skills.

The Experience Level

Many properties choose a less experienced Revenue Manager or perform an internal recruitment as this might save expenses on wages as well as obtain the possibility to “form” the Revenue Manager and create a base of knowledge and experience that the Revenue Manager will benefit from. The Time Factor needs to be taken into account. Both time spent on personal training and development of the candidate as well as the time it takes to benefit from the full capacity of your Revenue Manager has to be seen as an investment.

Another factor is that properties often find themselves forced to look for a less experienced Revenue Manager is the fact that it is much more challenging to find an experienced Revenue Manager. The higher the level, the smaller the choice of candidates gets. Furthermore, from this small group of perfect candidates, the new employer should hope to find a Revenue Manager that happens to be looking for new challenges. Mostly these candidates are not found in the regular base of Recruitment Companies, but often come from personal networks and specialized Head Hunting’s.

The Role of a General Manager

The absolute best Revenue Managers I have come across in my career all have one thing in common; a great General Manager with a solid knowledge of what Revenue Management means. No matter how experienced a Revenue Manager is, they all need personal development and a sounding board from their immediate superior. As the correct place for a Revenue Manager is within the Management Team, this is most likely to be the General Manager.

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