Today's Revenue Management thought:-
Strategy plans can be viewed as “clean”, but implementation often fails to meet its full potential since crucial ingredients for success are often lacking or overseen.
Here are a number of key success factors to implement your pricing strategy successfully.
Make price strategy a top management priority
Set an ambitious pricing roadmap
Select an experienced revenue manager to steer
Implement the new price structure in relevant systems to ensure automation
Define clear responsibilities between different functions and departments
Train your sales staff
Define KPI’s, monitor results, and steer accordingly
Communicate early results within the organization
Start small and aim for continuous improvement
Remember - a price implementation project is a marathon, not a sprint (with almost immediate results).
Have a profitable week.
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