For those with little or no experience in revenue management, formulating a revenue strategy can seem daunting. A practice seemingly loaded with spreadsheets and acronyms can overwhelm – and how do you even know if you are doing well anyway? It can be bewildering.
But that doesn’t have to be the case.
Pricing strategies are not the result of a weird wizard-like algorithm only privy to those with the word ’revenue’ in their job title. They start, quite simply, with a suite of information particular to your property. Attributes and data such as location, star rating, demand patterns, and competitor activity all come into play and will play their part in driving your pricing decisions. All this is information you have access to. The first step is to uncover what information is of relevance and will impact the success of any decisions you make.
‘Step by Step to Success’ is Module 2 in our recently launched online learning resource Revenue Academy . It has been designed to breakdown the overwhelm starting out on your revenue management journey can bring. In addition to online tutorials that uncover the essentials required to build a revenue strategy for success, the module contains a downloadable step by step checklist to ensure you never have to make a pricing decision again without all the information required to hand. It provides a framework to add clarity to your decision making and prevent you from making make costly pricing mistakes, running the risk of leaving rooms empty or money on the table.