Today's Revenue Management thought:-

An student from the Copenhagen Hospitality School called me this morning, and asked me to sum up the essence of Revenue Management in five sentences…..

A challenge, in that Revenue management is the application of analytic disciplines that attempt to predict consumer behaviour in order to optimise product availability, and thereby identifying the right price to maximise growth and ultimately, profit.

The primary aim of revenue management is selling the right product to the right customer at the right time for the right price.

The essence of this discipline is in understanding the customers' perception of product value and accurately aligning product, prices and availability with each customer segment.

The shear volume of data, entails that we need to use technology to make the life of a Revenue Manager easier.

At the end of the day….. it’s an art form, a discipline, a numbers game… where there is no one fit solution or final result.

Have a profitable week.

✌🏼