If your revenue management team is falling short of expectations, they are likely guilty of one or more of the six deadly sins of revenue management
For many businesses, COVID-19 has highlighted the need for business continuity planning (BCP), to enable ongoing operations during and through the uncertainty of an emergency of this calibre.
Working in the field of pricing and revenue management, one of the most common questions I get is, "Where should I set my price?" Although it might seem like a relatively straight forward question, the underlying answer is anything but. There are three common pricing strategies and pricing models typically employed when setting a price.
Revenue management initiatives often fail despite good intentions because companies employ one of the following 3 scenarios
Chances are that you will not get the right price right away; as such, it is best to first establish a range and continually narrow until you reach an optimal point.
Imagine that you are a manager at a consumer-packaged-goods company. You have excess capacity, year over year flat revenues and aggressive competitors. Your goal is to retain market share. In this situation, a manager’s first reaction is to implement price changes, decreasing price without a proper evaluation of the following potentially detrimental consequences: A 1%...
If you’re looking for help to solve business problems using analytics, you’ll find yourself surrounded by hundreds of vendors, technologies and services. All of them claiming to use analytics to help your business succeed. But how do you decide what the right solution is for your business? We’re here to help. To reduce risk and...