Career Focus : Revenue Manager - Hotel George V (France)
- Sandor Kadar explains how to do a job of quality as Revenue Manager - |
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Career Focus : Revenue Manager - Hotel George V (France)
- Sandor Kadar explains how to do a job of quality as Revenue Manager - |
Category: Europe - France - Industry economy -
Trends / Expert's advice
This is a press release selected by our editorial committee and published online for free on 2015-03-02
Filed by Excel Place
Sandor Kadar, Director of Revenue at the prestigious George V since 2010, tells us about its work experience and its vision of the Revenue Manager’s job.
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Excel Place: Can you explain what your tasks are as Director of Revenue at the hotel George V?
Sandor Kadar: As the Director of Revenue, my primary responsibility is to analyze the business data and convert the analytics into tactical strategy.
Today everyone has access to data, however the key is to be able to translate it into meaningful information so that it allows me to guide and direct the hotel Revenue Team through effective and measurable revenue management initiatives.
Among many elements, a very important one is demand forecasting. It allows proactive decisions in managing rates and inventory in all distribution channels, and helps to identify what we call the "optimal mix of business" among leisure transient, corporate, and group clients. The goal is to convert the right customer at the right price, at the right time, and through the right booking channel. It’s a real challenge as we are dealing with a highly perishable product. Knowing how much volume you can expect every day in the future allows you to build lower rated segments (such as groups) in advance. A room that remained unsold today is gone forever, cannot be sold tomorrow. Therefore it is very important to closely follow the dynamics of demand, initiate pricing analysis regularly to understand the "demand versus price" equation for every market segment, controlling availability and restrictions in order to achieve a perfect fill and as a result optimize revenue.
E.P.: It is a very challenging position which decisions have direct consequences on the hotel. How do you handle this situation?
S.K.: The challenge comes from the fact that it is a very dynamic environment, requiring you to make literally hundreds of decisions every day. I believe the key is communication. The teams - both sales and marketing or operations - need to understand the reasons behind the decisions and the big part they play in them. Similarly to a philharmonic orchestra, revenue management needs a conductor, however it is still very much a team work.
E.P.: Which are the most important qualities to become a good Revenue Manager?
S.K.: To become a good Revenue Manager it is important to have strong communication skills, and the ability to present complex data in an easily understandable format. The job is not just about numbers, half of the time is spent on interactions with the team but having excellent analytical, organizational and problem solving skills are a must.
Because of the decisions that he needs to take every day, a Revenue Manager must be inquisitive, curious, and not afraid to take risks. Moreover, he needs to be able to work under pressure, to manage time effectively and to meet deadlines in a fast paced environment.
He should be flexible to adapt to business needs, and be able to work independently without supervision, which does not mean without accountability. Last, but not least, it helps to be an expert in working with Excel spreadsheets.
The ability to negotiate well is also one of the main competences required, as well as the capacity to influence key members of the team at all levels, and the willingness to reach consensus.
E.P.: How the Revenue Management impacts on the quality service of an establishment?
S.K.: In the high end luxury segment we are working in, I see it as a virtuous circle. The higher price points create more demanding clients, which in turn motivates us to keep improving the quality of service, and as a result help to further drive prices. The quality of service and revenue management walk hand in hand.
EXCEL PLACE
Source : Interview with Sandor Kadar
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