Revenue management is one of the most crucial roles in an organization. It deals with the planning, management, and execution of financial strategies of the organization in order to meet their financial goals. Revenue managers are the indispensable cogs of the organization’s wheel. They are what keeps the organization working through times of financial crunch and economic crises.
Want to know what being a revenue manager involves? Read on.
Roles and responsibilities
Revenue managers are primarily the support system for finance and sales managers. They are an integral part of strategic planning, budgeting, forecasting, and delivering the revenue goals of the organization. They also have to remove obstacles and strategize in order to ensure the flow of revenue is always as expected/good. Other responsibilities include,
- Analyse customer/guest traffic
- Strategize to improve occupancy during off-season
- Provide competitive rates for rooms in order to stay afloat in the market
- Forecast long-term revenue based on data patterns and analysis
Revenue management involves a great deal of financial management and planning. As such, you should possess impeccable analytical skills, inculcate out-of-the-box thinking, be a risk-taker, have excellent customer service and leadership skills, and be an amicable team player.
Entry-level positions could be those of Revenue Consultants or Revenue Analysts. These are the roles you can expect with a Bachelor’s degree. A Master of Business Administration (MBA) degree can take it up a notch higher with job roles such as Revenue Manager. The Master’s will obviously give you a significant edge over the Bachelor’s. But a Bachelor’s degree is the minimum qualification you need to set foot into the field.
Additionally, you should have tremendous experience in the industry. It is especially useful if you are from a sales background. Since the position is quite challenging and has a high responsibility associated with it, organizations usually look for someone with a proven track record of delivering positive results. Internships and part-time work experience can help you in the long run in your quest to become a revenue manager.
Revenue managers typically make about INR 6,87,273 per year on average. The salary usually ranges from INR 3,06,000 to INR 12,00,000. When it comes to employer profiles Hilton and Marriott hotels emerge on top with an average pay of $58,249 and $52,620 respectively. This, of course, is the average worldwide salary for these two hotels.
Salary range varies according to different parameters such as experience, job title, location, and other requirements that may be specific to the establishment or organization. Revenue management is an exciting and dynamic career path that will keep you on your toes. There’s never a dull moment with revenue management as you have to be on top of the finances of the organization irrespective of the season, number of guests/customers, etc.
Revenue management is part of the curriculum of MBA ESG’s Hospitality Management program. If you are interested in pursuing a career as a revenue manager, then MBA ESG’s program is the right fit for you.
Salary source: Payscale [dot] com