Is Revenue Management a tool worth having for a Touristologist? YES! But it’s not a tool it’s a way to manage hotels focusing on PROFITS and coordinating all the departments of the hotel and all the members of the chain of value! At least this is my vision for Revenue Management!
And YES it is worth to learn because you will get a complete vision of hotel’s operations and processes and you will consolidate your business model and technological schemes internet orientated!
But be aware! Revenue Management is not a job/task/opportunity for everyone, you have to be an A+ player (paraphrasing Steve Jobs) and surround yourself with other A+ players. In the case, of Revenue Management you will be an A+ player if you meet these requirements:
To be Self-assured: You have to study, analyze data (normal data and BIG data ) and then take your decision. Don’t let be yourself be paralyzed by analysis! OR Don’t let “analysis paralysis” happens
Not to be afraid of risk. At the end of the day, you have to take the risk BUT…. with scientific background! Remember leaders need certain level of risk tolerance!
To have swing. To be able to show flexibility. In just a matter of days (sometimes hours) the reality can change and you have to react… fast… faster… the fastest!!!
Just a minute Jordi! How can I be Self-assured and have swing at the same time? Good question! I said to you that Revenue Management is a good opportunity for you as a Touristologist…. I don’t remember saying it would be easy!!!
Let’s study the usual situation that a Revenue Manager has to face, for someone a nightmare, for real Revenue Managers… HOME!
The D-Day is here you have to react! Time to remember your Economy classes and the concept of Opportunity Cost. You have to lose something… if you sell now you lose the opportunity to sell later at a higher price BUT what if later there is not a customer?
You have to take proposals of the customer you have to make your own proposals. Who to? What with? Do you know what necessities you can fulfill with your services or the services offered by your chain of value? When? Do you know the different sense of time for each one of your segments, for some of them a reservation 15 days in advance is an early booking, for others is a last minute! Where? Do you know the different channels that the same segment can use? Do you know the one which has the most probability today?
To me, nothing as Pavarotti signing Nessum Dorma represents the right attitude in this situation. At the end of the day in your hotel, or chain of hotels because maybe you are already the Revenue Manager Director of a big chain of hotels (My Touristologists go so fast in their ascending career that it’s difficult to cope with it!!!), you make your decisions select this group and not this one, put this price and the other, emphasize this channel versus the other… you go to sleep and are worried about your decisions. If you are a real Revenue Manager, if you have what it takes, you will say “all’alba vincerò” ( when the sun rises I shall overcome)! Remember, you have to repeat this sentence three times and then fall in a deep sleep state!

Do you think you have what it takes to be one? If your answer is yes… Stay tuned. I will try to keep you up to date!