How to Become a Revenue Manager

About Revenue Manager

Revenue Manager is a person who is responsible for forecasting the revenue and developing pricing strategies for hotels and organizations. He works closely with the reception desk employees, sales team and hotel managers for preparing business strategies and reservation costs. Some of the major tasks performed by revenue managers are planning promotional campaigns such as coupons, giveaways and contests, Negotiating advertising contracts, conducting meetings with the clients to offer technical and marketing advice, developing pricing strategies for services or products marketed to the target customers of a firm. 

A good revenue manager is always updated with current marketing trends and changes. Revenue managers are mostly hired by hotels, motels, spas and resorts. Candidates who are interested in managing revenue and cost-related activities can opt for a career as a revenue manager. Apart from this, they must have a good understanding of generating marking reports, creating promotional strategies to increase revenue. 

Eligibility to become Revenue Manager

Candidates must meet the minimum eligibility criteria given below:

Education: The minimum qualification for job as a revenue manager varies for all type of industries. Most of the companies hire candidates who hold a bachelor's degree or a master's degree. Candidates who have a degree in management, economics, finance, business law, computer science, mathematics, and statistics will be preferred. 

Experience: A minimum work experience of 1 experience is required while looking for a job as a revenue manager. Candidates can apply for a part-time job or internship to gain some experience. Besides this, they can also look for companies that hire candidates with 1 or 0 years of work experience. 

Skills: Since the competition for a career as a revenue manager has increased, companies are hiring candidates with some additional skills. Some of the skills required for this profile are:

• Analytical Skills
• Leadership skills
• Creative thinking
• Organizational skills
• Interpersonal skills
• Decisionmaking skills
• Communication Skills
• Time management

Types of Job Roles Revenue Manager

A career as a revenue manager requires good management and marketing skills. There are many job roles in the market for a revenue manager depending on the type of industry and work. Some of the job roles are listed below. 

• Accounting Manager
• Accounting Director
• Cost Accounting Manager
• Revenue Analyst
• Project Accounting Manager
• Revenue Accountant

Employment Opportunities for Revenue Manager

Candidates can apply for a job in any industry as per their interest and skills. Some of the sectors where they can apply are :

• Healthcare
• Insurance companies
• Media
• Telecom
• Software and networking
• Internet
• Banking and finance
• Marketing

Top Recruiting Agencies for Revenue Manager

Some of the major recruiting companies hiring Revenue Managers are

• Hertz
• Market my Hotel 
• Associate Hotels India 
• Internet Mughal
• Marriott International
• Hilton Worldwide Holdings Inc.
• McKesson
• Holiday Inn Express
• Hyatt
• AT&T
• John Q Hammons Hotels & Resorts

Pay Scale/Salary of Revenue Manager

The average salary of the revenue manager will depend on their skills and educational qualification. Candidates can check the average salary of revenue manager from the table provided below.

Books & Study Material to Become Revenue Manager

Revenue marketers should be well updated with current market trends and business strategies. There are many books in the market which can help the revenue managers learn some new techniques and concepts related to revenue management. Some of the recommendations are listed below.

• Revenue Management for the Hospitality Industry by Allisha A. Miller and David Hayes
• The Cornell School of Hotel Administration on Hospitality: Cutting Edge Thinking and Practice by Michael Craig Sturman, Rohit Verma, Jack B. Corgel
• Revenue Superstar! The Simple Rules of Hotel Revenue Management by Johan Hammer
• Hotel Revenue Management by Shane Lambert
• Hotel Pricing in a Social World: Driving Value in the Digital Economy by Kelly A. McGuire
• Hotel Revenue Management: Maximize Your Profitability by Imran Umar
• Introduction to Revenue Management for the Hospitality Industry by Juston Parker, Kimberly A. Tranter, and Trevor Stuart-Hill
• Revenue Management (AHLEI) by Gabor Forgacs
• Pricing and Revenue Optimization by Robert Phillips

Pros of becoming a Revenue Manager

• The average salary of the revenue manager is good.
• Individuals from all educational background have the potential to become a successful revenue manager
• Companies from many sectors hire revenue managers. You can apply in any type of industry.
• A career as a revenue manager helps improve the decision making and analytical skills.

Cons of becoming a Revenue Manager

• You will have to plan strategies to generate maximum revenue.
• A career as a revenue manager requires good leadership and creative thinking ability.
• You will have to coordinate with the sales team and hotel managers for cost planning and management.
• You will be responsible for generating revenue reports.