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.

Choose a Social Network!

The social network you are looking for is not available.

Close

Hotel Newswire Headlines Feed  

James Downey
Laurence Bernstein
Mark Simpson
David Lund
Georgi Bohrod
Paul van Meerendonk
Paul West
Robert King
Tyler Tatum
Carl Rizzo
Coming up in April 2019...

Guest Service: A Culture of YES

In a recent global consumers report, 97% of the participants said that customer service is a major factor in their loyalty to a brand, and 76% said they view customer service as the true test of how much a company values them. And since there is no industry more reliant on customer satisfaction than the hotel industry, managers must be unrelenting in their determination to hire, train and empower the very best people, and to create a culture of exceptional customer service within their organization. Of course, this begins with hiring the right people. There are people who are naturally service-oriented; people who are warm, empathetic, enthusiastic, pleasant, thoughtful and optimistic; people who take pride in their ability to solve problems for the hotel guests they are serving. Then, those same employees must be empowered to solve problems using their own judgment, without having to track down a manager to do it. This is how seamless problem solving and conflict resolution are achieved in guest service. This willingness to empower employees is part of creating a Culture of Yes within an organization.  The goal is to create an environment in which everyone is striving to say “Yes”, rather than figuring out ways to say, “No”. It is essential that this attitude be instilled in all frontline, customer-facing, employees. Finally, in order to ensure that the hotel can generate a consistent level of performance across a wide variety of situations, management must also put in place well-defined systems and standards, and then educate their employees about them. Every employee must be aware of and responsible for every standard that applies in their department. The April issue of the Hotel Business Review will document what some leading hotels are doing to cultivate and manage guest satisfaction in their operations.