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In chapter 2 I read with interest about Yield Management and how it relates to the hotel industry and our property.
Yield Management is very important. Our own Revenue Manager plays such a large part in the daily success of our property. She takes care of reservations and plays a part in assisting the Sales Department with duties such as rooming lists, deposits, and helping us to figure out if we are able to take groups on certain days and what rates to quote to maximize sales and drive occupancy. She does all of this on top of her regular duties such as working with the General Manager as to where we stand for the month and year for our budget. She looks at our rates compared to other properties in the area to determine if we need to make our rate lower or even comparable with the competition. She also regulates GDS rates, Expedia, Travelocity and so many more. Another important role she handles is figuring out the transient and group market breakdown per month. She is able to track all of this to show our Sales Team and General Manager where we are each month. She even knows our numbers so well that she can look ahead at a month and determine if we will make or break our numbers. She is very well respected by everyone on the team and our General Manager depends on her in a pinch to give up to date and accurate numbers. She interacts with so many different departments and makes time in her schedule for everyone.
Again, having a Yield Management/Revenue Manager as part of your team would definitely be beneficial to any high-end property. Last year being such a tough year we broke records in the history of our hotel in occupancy.