Revenue Management

 

Have you ever wondered how to optimise your sales? Think no more, as the Revenue Management is the solution. In short, revenue management is selling the right product to the right customer at the right time for the right price and with the right deal. It is a way to boost your sales, occupancy rates and length of stay, just naming a few. 

By diving deeper into the world of revenue management you will learn from different types of revenue management. For example, choice-based network-, quantity-based-, and price based revenue management.  Through choice-based networking you can control demand by product availability. With quantity-based optimizing you should allocate resources based on demand. Whereas price-based revenue management is forecasting the market and then adjusting the price or promotions. 

So, how to start the revenue management thinking? You might be surprised to hear that you already have! Such as special events, discount campaigns and diversifications of product availability are tools of revenue management. They are a good place to start but there are also many more ways to utilise revenue management if you are just brave enough to get yourself fully involved with it. 

Cheers!