In the competitive hospitality industry, revenue managers play a crucial role in driving business growth by providing valuable insights and support to sales teams. By working together as a commercial team, hotel revenue management and sales teams can book more revenue for the hotel.
Here are 5 ways Revenue Managers can help sales teams.
1. Provide Accurate and Timely Forecast Data
Revenue managers can provide sales teams with accurate and timely forecast data that helps them make informed decisions. By analyzing historical data and current market trends, revenue managers can forecast future demand and help sales teams to target the right customers at the right time. This can help hotels to maximize revenue and profitability.
2. Develop Strategic Pricing Strategies
Revenue managers can work with sales teams to create effective pricing strategies that maximize revenue. This may involve creating dynamic pricing models that adjust rates based on demand or offering special promotions and discounts to specific customer segments. By working together, revenue managers and sales teams can develop pricing strategies that are tailored to the needs of each customer segment and that maximize revenue for the hotel.
3. Assist Sales Teams with Group Pricing
Revenue managers can assist sales teams with group pricing by leveraging technology to optimize revenue and inventory. By working with sales teams to identify opportunities for group bookings, revenue managers can help to drive revenue growth and improve profitability. Revenue management technology can be used to create customized pricing strategies that are tailored to the needs of each group and market segment, such as adjusting rates based on group size, length of stay, and other factors.
4. Collaborate on Targeted Marketing Campaigns
Revenue managers can collaborate with sales teams to create targeted marketing campaigns that are tailored to different customer segments. By working together, revenue managers and sales teams can identify the most effective channels for reaching specific customer segments and create promotions and messaging that resonate with those customers. This can help to increase brand awareness and drive more bookings for the hotel.
5. Ensure the Right Business at the Right Time
Revenue managers can help block rooms and map blocks, run pickup reports, and run displacement for select groups. This helps to ensure that the hotel has enough inventory to meet demand and maximize revenue. It also helps to prevent overselling and free upgrades, which can negatively impact profitability.
Revenue managers play a crucial role in helping hotel sales teams to drive business growth. By providing strategic insights and support, revenue managers can assist sales teams in creating effective pricing strategies, optimizing channel management, developing targeted marketing campaigns, and monitoring performance metrics. As hotel teams move away from working independently in their own silos and adopt a commercial team mentality, the role of revenue managers working together with sales and marketing to identify new opportunities for growth is essential for staying ahead of the curve and driving business success.