Are You Tracking the Right Metrics in Revenue Management?
Summary
“Then decide if that one-day rental is priced enough to take that.” To start, Emmanuel Scuto emphasized the importance of education and organization to help develop strategies for revenue management. But if you have less time and more responsibilities, you could use a third-party company that can pull those rates for you.” When determining a long-term revenue management strategy, Kinnaird recommended looking at rental market research and your customers’ behaviors. “If we failed at this, we would have less bookings, but we decided to try this strategy.” With a strategy of trying to be more efficient and profitable, the company ended up making more money with a lower volume of rentals. Luckily, it worked out in our favor.” When the panel asked the audience if they had a dedicated person for revenue management and pricing, only about a third of attendees raised their hands. “The low season is a great period to step back and analyze what hasn’t been done correctly in the past, how we could have improved, and what should be changed to prepare in the future,” said Scuto.