Revenue managers optimize the financial growth of their companies by gathering data on consumer behavior and applying that data to “levers” like product price, availability, timing, and customer demographics. This data and its application (often called analytics), can serve as a central driver of company success, and in an age when consumer data is more available and more valuable than ever, the demand for revenue managers is rising fast. So is this career right for you? And do you have what it takes to build your reputation from the ground up?
Becoming a Revenue Manager
This position is vital to company growth, but the definition and parameters of the role are still relatively new. So at this point, there are multiple paths up the revenue management ladder. Most candidates start by earning a bachelor’s degree in business, finance, accounting, or marketing. CPA certification or an MBA (or both) can increase your odds of landing a high paying position, but at the core, the goals of your education should focus on understanding consumer markets and how they work.
When you’re ready to start searching for a position in this field, your options will be almost limitless, since revenue management is essential to multiple business models across a wide range of industries. Some companies categorize analytics and revenue management as a marketing effort, while others consider this a branch of finance. Some firms are actually developing a new C-level position known as the CRO, or chief revenue officer, and in the future, the overlap between consumer marketing and revenue management may become a new department in most business structures.
In all cases, successful revenue managers will need to understand the principles of market segmentation, forecasting, and optimization, which will mean pairing the right customer with the right product at the right time. This understanding will help revenue managers develop product rollouts, ad campaigns, and pricing structures that can make the best possible use of capital and company resources.
Revenue Manager Salaries
Since this field is still new and not clearly defined, salaries can vary widely depending on the industry and experience level of a given employee. On average, revenue managers in Arlington, VA earn about $57,000 per year plus standard benefits. At the senior level in high budget industries, this rate can rise well into six figures over the course of a long career.
For more information about what it takes to become a revenue manager, and for leads and guidance that can help you pursue this path, reach out to the VA financial staffing experts at Cordia. If you are looking for revenue manager jobs in DC, contact our team today.