The Important Role of Emotional Intelligence In Revenue Management

By Nicholas Tsabourakis Founder & Managing Director, Bespoke Revenue Management | September 30, 2018

In previous articles we discussed the importance of Total Revenue Management in-depth, and today I would like to explore a topic that is very important for the progression of any Revenue Management role: emotional intelligence.

As we've seen by now, today's revenue managers have to deal with a lot more than just systems, rate management and reporting. More than analytical skills, revenue managers need to possess communication skills, leadership skills, and they also have to strive to be influential and motivational.

This is where emotional intelligence plays a central role in the career of a revenue manager. If a person in such a position is incapable of being empathic about the challenges of others, and if they're unable to convey how valuable they are & the importance of their contribution, then they're at risk of failing to help others unleash their full potential, which directly affects their success and the performance of the hotel business as a whole.

To understand Emotional Quotient or Emotional Intelligence, let's dive deeper into the subject and see why it's so vital for revenue managers to develop this essential skill.

What Exactly Is Emotional Quotient/Intelligence?

Emotional Quotient, most commonly known as Emotional Intelligence, also referred to as Emotional Intelligence Quotient, in its simplest terms, is the ability that individuals have to both recognise their own emotions and those of others.

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Coming up in February 2019...

Social Media: Getting Personal

There Social media platforms have revolutionized the hotel industry. Popular sites such as Facebook, Twitter, Pinterest, Instagram, Snapchat, YouTube and Tumblr now account for 2.3 billion active users, and this phenomenon has forever transformed how businesses interact with consumers. Given that social media allows for two-way communication between businesses and consumers, the emphasis of any marketing strategy must be to positively and personally engage the customer, and there are innumerable ways to accomplish that goal. One popular strategy is to encourage hotel guests to create their own personal content - typically videos and photos -which can be shared via their personal social media networks, reaching a sizeable audience. In addition, geo-locational tags and brand hashtags can be embedded in such posts which allow them to be found via metadata searches, substantially enlarging their scope. Influencer marketing is another prevalent social media strategy. Some hotels are paying popular social media stars and bloggers to endorse their brand on social media platforms. These kinds of endorsements generally elicit a strong response because the influencers are perceived as being trustworthy by their followers, and because an influencer's followers are likely to share similar psychographic and demographic traits. Travel review sites have also become vitally important in reputation management. Travelers consistently use social media to express pleasure or frustration about their guest experiences, so it is essential that every review be attended to personally. Assuming the responsibility to address and correct customer service concerns quickly is a way to mitigate complaints and to build brand loyalty. Plus, whether reviews are favorable or unfavorable, they are a vital source of information to managers about a hotel's operational performance.  The February Hotel Business Review will document what some hotels are doing to effectively incorporate social media strategies into their businesses.