What We Do
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)
How We Can Help You
| Accommodation: | For most hospitality organisations, the largest opportunity lies within the successful implementation of a revenue management culture to achieve optimal returns from their bedrooms or other accommodation. |
| Conference and Events: | In recent years the development of total revenue management has encouraged the growth of Revenue Management within this key area of the business. |
| Restaurant and Bars: | The principles of Revenue Management can be applied to Food and Beverage businesses. The introduction of a few simple principles can have considerable positive impact. |
| Leisure and Golf: | Few companies have successfully applied Revenue Management techniques into the areas of spa, golf tee times and leisure/golf club membership. |
"The greatest challenge to any thinker is stating the problem in a way that will allow a solution."
"Focus 90% of your time on solutions and only 10% of your time on problems."
"Within the problem lies the solution."
"Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it."
"To solve any problem, here are three questions to ask yourself: First, what could I do? Second, what could I read? And third, who could I ask?"
"An undefined problem has an infinite number of solutions."
"Believe it can be done. When you believe something can be done, really believe, your mind will find the ways to do it. Believing a solution paves the way to solution."
"You won't find a solution by saying there is no problem."
"It is a commonplace of modern technology that problems have solutions before there is knowledge of how they are to be solved."