We are playing a “game” without realizing it!

Good revenue management requires knowledge of the market players of course and the value and price of the service should be in line, but something more is needed. Finding the balance, i.e. avoiding under- or overpricing, is not an easy task, almost an art, I think. It can help to monitor your competitors, serious software applications have been developed to monitor demand (how many people are looking at the room rates at a given time, from which countries, etc.), but the fixing of the final price and the responsibility for it still remains in human hands. Hotel Revenue Managers are playing this “poker game” and mainly manually adjust prices when needed based on their extensive analyses. 

A Revenue Manager tries to develop an ideal and realistic price strategy to optimize the expected revenue, but in many cases the reality may be different, then change is needed and, often a switch to tactical pricing. So, determining the final rate is difficult, it is certain that a Revenue Manager must like numbers and has to have good analytical skills.  

I would like to share a tip from one insider: “Don't wait until the last minute to book! The best time is March to book your summer holiday, you can get the best prices then!” Not sure, if this is true in all cases, but I'll try it out next year and we’ll see.

Moór-Germus Orsolya 
Consultant
TARGET Executive Search

I would categorize “the research” into three main types:

1. Basic Research:
   
   • Company Website: Explore the company’s website to learn about its history, mission statement, values, and vision. Take a look at the products or services section to understand what the company offers.
   • Reviews: Basic Google reviews can reveal insights into the company’s culture. These reviews are not only written by customers but also by employees and former employees, providing valuable perspectives.
2.  Standard Research:
   
   • Financial Results: Check the company’s financial health. Is it profitable? How have the financial results changed over the years? Websites like Yahoo Finance, Bloomberg, or Finstat in Slovakia offer financial statements, stock performance data, and analyst reports.
   • Social Media: Investigate the company’s presence on platforms like LinkedIn, Facebook, and Instagram. Observe their communication style and the content they share. Some companies even provide glimpses of their recruitment process through posts, photos, and videos.
3. Detective Work:
   
   • Employees: While searching on LinkedIn, explore profiles of people working in the company. How long have they been with the company? What is their background? Does the company promote employees over time? Are there frequent position changes due to rotation? If the position you’re applying for is part of a team, examine team profiles and seniority.
   • Reference Checks: Just as companies conduct reference checks, candidates should do the same. If you know someone working in the same sector or connected to the company, consider reaching out for inside information.

Remember that your research should be tailored to the specific position you’re applying for. For example, a Social Media Manager position should dive deeper into social media posts. Analyze reactions, shares, and posting frequency. Consider how you could enhance the company’s social impact. While applying for the Financial Manager position you should focus on the company’s financial results and annual reports. On the other hand, sales positions should examine product catalogues in detail.

Conducting thorough research before meeting a potential employer significantly increases your chances of being hired. A well-prepared and informed presentation not only demonstrates professionalism but also ensures you are confident throughout the application process.

Katarína Melišek
Consultant
TARGET Executive Search