Job Summary:
As a Revenue Manager you are responsible for maximizing room revenue through the development and implementation of effective pricing and inventory strategies, measure results with the objective to increase rev PAR market share and Revenue Generation Index (RGI) growth.
General Duties and Responsibilities:
· Drive Market share and Revenue Performance through proper pricing and business mix management; develop overall pricing strategy to include all market segments and distribution channels; provide guidance on corporate transient negotiated pricing as well as group pricing; ensure Group Selective Sell Guidelines (Group rates and Sales allowance) are updated on a regular basis ensuring effective pricing strategies are in place that reflect product positioning and strength relative to the competition in each market
· Produce accurate forecast on weekly and monthly basis; by day by segment; distribute forecasts promptly; the monthly forecast include 30/60/90 day forecast with an update of YTD performance, and the rolling 12-month update; ensure high degree of revenue forecast accuracy as detailed on the Revenue Management standards
· Effectively manage inventory and pricing strategy in all distribution channels including Brand website, focus on lowering distribution costs and driving room nights to branded web
· Work with ADRM, to conduct regular price elasticity tests in various market conditions, measure results, and share key learning's; validate comp set RevPAR forecast by month to ensure effective soft spot calendar planning; develop and update Strategic Sales Plan with the Area/Director of Sales
· Review and analyze STR data on a weekly and monthly basis with hotel; closely monitor competitive pricing and understand impact of relative pricing decisions on property performance.
· Compile weekly performance report to analyze key drivers to market share performance and understand overall effectiveness of strategies
· Chair weekly Revenue Management meetings; clearly communicate to team strategic vision and objectives on how to drive revenues and improve performance; provide team with regular updates on hotel performance to include market share, market segment, channel metrics (channel contribution)
Job Title Revenue Manager
Department Revenue
Report to (Direct) General Manager.
· Responsible for effective implementation and compliance with Company Revenue Management Standards; complete understanding and effective execution of current and new RM tools, includes PMS, CRS, Third party extranets, Channel Manager, Rate Shopper, Smith Travel reports, Hotelligence Reports, Channel Reports, Pace reports
· Contribute and provide Revenue Management Strategic Vision during all Area and Corporate Property Reviews and/or Pricing Meetings
· Recruit, train, and mentor if applicable Reservations Manager, Revenue Manager, and other employees