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This Week in Consulting

Wednesday, June 26th, 2019

The Future of Revenue Management equals Total Revenue Management.

THIS WEEK’S MUST READ

“Total Revenue Management is a much-discussed concept in hospitality, but in reality, it has produced a great deal of confusion. Put simply, it is the revenue management of all revenue sources in a hotel.”

The starting point to optimizing your revenue management system is a thorough review of your revenue sources. What metrics did you put in place to track your revenues? Are you staying current on the latest industry developments?

This Week’s Must Read is an insight piece from Patrick Landman, Xotels who conduce you on a reflection on how to maximize all your revenue streams, develop a company-wide total revenue management culture and optimize guest spend.

Read on to Find out More: “The Future of Revenue Management equal Total Revenue Management


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THIS WEEK’S VIDEO:

As Sherri Kimes discusses, pricing has changed over the years—it’s become an even more an integral and analytical part of revenue management.

THOUGHT LEADERSHIP

  • Yield Management In the Airline Industry– “The concepts of yield management in the airline industry are known to have an impact on customer feelings of price fairness and it also affects customer loyalty.” If you ever wondered what yield management was and how it works, this article is made for you.  | Travel, Technology & Solutions
  • How to Calculate Willingness to Pay and use it to inform Subscription Pricing– Willingness to pay (WTP) is a concept taught in every business school. But it gets often confused with the willingness to accept (WTA), even though they are significantly different metrics. “Knowing what your customers are willing to pay for your product or service is necessary to build an effective and competitive pricing strategy. Without this information, you’re simply guessing.” This article explores how to use WTP to your advantage and gives practical examples showing how companies can use WTP. | Patrick Campbell, ProfitWell
  • Enterprise Value of Pricing® (EVP): New Metric to Explain the value created through Pricing Achievements to Financial Analysts– “Until now, even the best of equity stories have failed to include one meaningful indicator for pricing.” Simon-Kucher introduces a new approach inspired by the Gordon Growth model (that values a company’s stock value). It is an interesting reconciliation of pricing and market value.  | Kai Bandilla, Simon-Kucher & Partners
  • Price Increase Letter: How To Explain Price Increases To Costumers?– Increasing prices every year is not an easy exercise. It is not enough to define the right pricing, you should also communicate the rationale to your clients. “If your customers don’t understand (or have forgotten temporarily) the value you deliver them; then they will not take a price rise well – even if you have a well-crafted price rise letter.” The article presents how to increase your price in a mature market using a real-life example.  | Taylor Wells
  • Rethinking Pricing Strategies in Commoditized Markets:Network-based Best Alternative Pricing-Companies are now rethinking many of their core business processes including pricing, capacity, network footprint, product mix, channel priorities, capital investment and production levels. L.E.K.’s NBBA’s pricing approach can help accelerate margin recovery and position your company to realize the maximum benefits in a growing market.  | L.E.K. Consulting

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