Ten years ago, the global lodging industry returned to positive profit growth after three years of declining revenues. Hotels began their four year ride (2004-2008) to historic levels of revenue and profit. In 2004, TripAdvisor, HomeAway and dozens of OTAs launched to capture the new opportunities in travel that became available in a market flush with cheap commercial and consumer capital. That perfect storm led to the explosion of the newest profession in the hospitality industry – the hotel revenue manager. Their role, primarily, was to take advantage of expanding opportunities in a growing market by getting the property well distributed through a complex web of channels which were all doing well. Ten years later, the global travel market is very different. Growth is a lot slower and unpredictable. OTA bookings have slowed dramatically to about 1% year-over-year growth and the effectiveness of traditional promotional and discounting tactics has deteriorated. So the question then becomes, what is the role of the RM profession, that was born during easy times, in today’s more challenging business environment? I think the best way to answer that question is to look at how the best revenue managers have redefined their job description. From my interactions with hundreds of RMs, this is what I notice that the most sophisticated are now doing. Get the full story at Tambourine