Have you ever heard of Hotel Revenue Managers?
Do you know that this is a “hot” career not only in Vietnam but also in the world?
Do you know that there have been many Vietnam luxury hotels dealing with difficulties when seeking young talents for this position because there is not enough qualified people fit it?
Do you know that Revenue Manager is an important position at hotel? Do you know that this is a stable and high salary – earned job?
Nowadays, because Vietnam does not have enough qualified people meeting the demands of market; many international hotels have to have foreign people taken responsibility for this position. However, in fact, Vietnamese people can also do it well.
So, who is Revenue Manager and what are his responsibilities?
In order to answer this question, firstly we have to look thoroughly to the definition of Revenue Management and its role with businesses, especially with enterprises in hospitality industry.
Theoretically, revenue management is the method of using analytical technique so as to predict customers’ behaviors at micro level, optimizing products and prices in order to maximize hotels’ revenue and profits. The priority goal of Revenue Management is to sell hotels’ products to the right targeted customers with right price, at right time and through the right distribution channel, helping to optimize revenue and reach the business goals of hotels.
In reality, Hotel Revenue Management is quite a new career in Vietnam. Presently, there have been only international four and five – star hotels adopting Revenue Management. However, it can not be denied that Revenue Management holds a crucial role in businesses.
Revenue Management will help owners and managers to control hotels’ operations effectively. Hotel Revenue Management will support General Manager, Director of Sales and Marketing, CFO to orient hotel business, to prepare business plan, to set out appropriate business objectives, to predict future business conditions so as to prepare suitable reactions, aiming to build a solid foundation with clear goal and objectives.
Who will hold the responsibility of Hotel Revenue Management?
The person in charge of Hotel Revenue Management is called Revenue Manager or Director of Revenue Management.
Why do hotels need Revenue Manager?
Many people think that Revenue Management and Director of Sales and Marketing are the same, but in fact, these two careers are apparently different. More specifically, in international luxurious hotels, responsibilities of these two people will be like this:
Revenue Manager and related staffs will be in charge of analyzing, working out the strategic selling plan and pricing plan for different customer segmentation and different distribution channels, controlling funds, and forecasting business in order to optimize revenue, aiming to reach the hotels’ objectives. The Revenue Manager must understand hotel business operations. For example, what is his hotel’s business objective? Who is his hotel’s targeted customer? Who are potential competitors? What are his hotels’ strength and weakness? How can the hotel build the suitable selling price?, etc.
Otherwise, the Director of Sales and Marketing will spend most of his time on organizing and implementing marketing and sales activities, on meeting customers and on expanding business network. This director has more direct interactions with customers than do Revenue Manager, while Revenue Manager will work with plan more than Director of Sales and Marketing do. However, two of them will cooperate closely and work towards the hotels’ objectives.
How is Revenue Management potential in Vietnam?
Revenue Management can be applied in all hotels, not just in luxurious ones. Nevertheless, as this career is quite new in Vietnam, not many people know about it. Do you know that revenue management knowledge and tactics will help hotel owners and hotel managers reach business goals easier?
Thus, Revenue Managers and related positions are potential as Vietnam is lacking qualified human resource for this career. Moreover, in the future, there will be more hotels in Vietnam. That’s why we are so confident to say that there is much room for improvement in this career.