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. . Revenue Management for Hotel GMs - What You Don�t Know Can Jump Up and Bite You! |
by Carol Verret, July 2006
General Managers have vastly different levels of understanding the revenue management process. In this year of opportunity, what a general manager doesn�t know and understand can jump up and bite him or her you know where. The levels of understanding tends to range from �I don�t really know what the Revenue Manager does all day� to those GMs whose background was revenue management. If you as a GM fall into the first category or anywhere close (and you know who you are), a speedy ramp up on revenue management is critical to your property maximizing the revenue that ultimately becomes the basis for your bonus or incentive. The gaps in your RM skill set can jump up and bite you in the wallet � how�s that for a WIIFM* factor! There is a feeling on the part of many GMs that Revenue Management is simply the old yield management concept repackaged. Yield management is part of it but it is far more complex than that and advances in the discipline are morphing at light speed. Revenue Management is more complex than ever and changes in the discipline are morphing at light speed. RM not only manages demand during peak periods but also has a huge impact on stimulating demand in shoulder seasons. RM no longer only applies to room revenue but to managing the potential revenue for all profit centers. It enables a smart Customer Relationship Management strategy that has the potential to stimulate demand from the most valuable guests. The position of the General Manager is one of juggling competing priorities, keeping the department heads from seriously hurting each other and at the same time trying to produce an exceptional guest experience. What�s a GM to do to ramp up the Revenue Management IQ? Below are a few areas to test your RM IQ.
Carol Verret And Associates Consulting and Training offers training services and consulting in the areas of sales, revenue management and customer service primarily but not exclusively to the hospitality industry. To find out more about the company click on www.carolverret.com. To contact carol send her an email at [email protected] or she can be reached by cell phone (303) 618-4065. copyright © Carol Verret, 2002-2003 -2004 -2005 - 2006 |
Carol Verret 5910 S. University #C-18, PMB 374 Greenwood Village, CO 80121 Telephone: (303) 618-4065 [email protected] Web Site: http://www.carolverret.com/ Email: [email protected] |