Within the hotel industry, the concept of revenue management involves optimising the price and availability of rooms and services, based on the use of analytics which predict consumer behaviour, in order to maximise revenue. It can be an extremely effective discipline, but specialist knowledge is required to make the most of it.
For this reason, many hotel managers opt to use the skills and services of freelance revenue managers and here, we look at five reasons why your business may benefit from doing so too.
1. They have knowledge and experience
Perhaps the most obvious advantage of working with a freelance revenue manager is that they are experts in the field of revenue management. This means they know exactly what they are doing and already have experience in various different companies similar to your own. In most cases, they will also be able to provide you with references, so you can speak to people who have benefited from their expertise in the past.
In addition to knowing exactly what they are doing, which will ensure they do the job well, a freelance revenue manager will not require expensive training and will not need to be closely monitored. This will, in turn, provide you with more time to spend on your own tasks around the hotel or resort.
2. They are cheaper than you think
Many hotel owners think of freelance workers as being expensive and this would obviously be somewhat counter-productive when your aim is to maximise revenue to increase profits. However, in reality, a freelance revenue manager may not only be cheaper than you think; they may be significantly cheaper than hiring somebody full-time.
Freelance workers are paid for the work they do, so you have less risk of them wasting time with non-work activities. Moreover, there are none of the costs associated with workplace absenteeism, because you will not be required to provide any freelance workers you use with things like sick pay and maternity pay.
3. They offer excellent flexibility
Most freelancers enjoy the flexibility that their work provides and your hotel can also benefit from this kind of flexible working. Essentially, you have the ability to offer freelance revenue managers work when you need them, without needing to employ them as a full-time member of staff.
This means that, for example, you could use them to set up your revenue management strategy, and then only offer them additional work if you need major changes. Freelancers will typically operate in that way for several years, so if you maintain a good relationship with them, they will likely be available for any future work.
4. They will usually get to work quickly
As a general rule, freelancers receive work offers with strict deadlines and are used to getting the job done as quickly as possible, so that those deadlines are met. After all, freelancers know that the amount of money they take home depends entirely on how much work they actually get through.
The swift nature of freelance work is a major plus point from your perspective, because it means less of a wait before you get to benefit from the freelance revenue manager’s expertise and insight.
5. They are both driven and innovative
Finally, a freelance revenue manager knows that he or she must compete with all other freelance revenue managers for work offers. As a result, they know they must offer a service that is not only worth paying for, but worth passing up on the services of other people working in the field of revenue management.
For this reason, the typical freelance worker is likely to be extremely resourceful, will take great pride in their work and may even be able to introduce genuine innovation, in order to stand out. For all intents and purposes, freelance revenue managers are entrepreneurs and their dedication and drive can be of great value.
When looking to implement or maintain a revenue management strategy, there are a number of advantages to hiring a freelance revenue manager. Freelancers are already armed with the knowledge and experience to get the job done and tend to get to work quickly. Furthermore, there are financial and logistical benefits as well.