What do we do? Making sure our clients sell the Right Product, to the Right Customer at the Right Time, for the Right Price. (It’s officially called Revenue Management!)
How do we do it? Working across a wide range of functions to provide Project Management, Strategic Commercial Reviews, Product Development, Distribution and Channel Management, Process and Efficiency Evaluation, Systems Implementation and Support. In many instances we build a dedicated project team around your needs allowing us to manage the most complex projects from start to finish.
Where do we do it? Within the hospitality and leisure sectors we have significant experience within the following areas: Hotels and ResortsConference and Events Venue Management Food and Beverage OperatorsLeisure Clubs and Spa’sGolf Courses Theme ParksTour OperationsTravel AgenciesDestination Management
What is Revenue Management?
[Noun]The process of understanding, anticipating and influencing consumer behaviour in order to maximise revenue and profit.Managing the demand for a perishable product through the control of price and inventory.
Whilst this is the theoretical explanation of the principles of revenue management, Total Revenue Solutions focus on the practical application in your business. Systems alone cannot drive a successful revenue management strategy, which is why we focus on enabling businesses to create a revenue management culture through the development of your most valuable asset – your team.
In order to be successful, Revenue Management needs to be more than simply applying the theory of yield management. For this is only one piece of the puzzle: it must also take into account the wider total commercial management of driving demand through the understanding of market trends and the resulting impact on consumer behaviour.
How you apply revenue management is unique to your market conditions, business strategy, company goals and vision. Total Revenue Solutions will work with you to find the best approach and which elements of Revenue Management to apply.
“Traditional revenue or yield management is morphing into a more expansive activity: demand management. To at least some degree, most hoteliers, airlines, and car rental firms already practice yield management activities. Expanding those activities to demand management could enhance profitability and long-run sustainability."
Dr. Bill Carroll - Journal of Revenue and Pricing Management (2007)