Revenue management (RM) is not just a buzz word or “fancy math’s” it is an actual commercial business discipline and a process made up of many elements that are both science and art. Understanding it is the key to your success.
Revenue Management is the process of maximising revenue and profits through the strategic management of occupancy and average rate strategies, that optimise your perishable space.
Using predictive analytics, understanding the market and customer segment demand patterns analysts can deploy strategies that optimise your most profitable mix of customers from your existing demand base both in the short term and long term.
Property owners invest in an asset so they can generate a return on their investment. Revenue management techniques are critical to gain maximum return on investment for perishable assets such as accommodation rooms,conferencing space, airline seats, car parking spaces and cruise ships.
Missed opportunities cost industries millions of dollars in revenue and profit every year.
Upskill your teams today and study revenue management