By EyeforTravel.com Correspondent, recently in Amsterdam<br><br>During the recently held 'Revenue Management and Pri
Published: 29 Nov 2005
By EyeforTravel.com Correspondent, recently in Amsterdam
During the recently held 'Revenue Management and Pricing in Travel Europe 2005' in Amsterdam, EyeforTravel.com got information from revenue managers on what factors do they think are
Excerpts:
Gerard-Jan van Wageningen, revenue and pricing manager, P&O Ferries: The critical factors include -
- Profile of revenue management department in the company;
- empowerment of pricing decisions from sales and marketing to revenue management;
- Development of powerful revenue management KPI;
- Enhance the revenue management system from a traditional inventory, portfolio management system to a inventor and price optimisation system.
Dyan Stone, group yield and strategy director, Thistle Hotels: Even with all of today's advanced yield management systems, people are still the most important element in setting a successful yield strategy. Yes, automated systems tremendously assist with the complicated mathematical calculations, however, the output is only as good as the input. It is also essential to ensure that your data is clean, accurate and reflects your business, in order to gain the best out of yield management.
Welmer Blom, vice president pricing and revenue management, Europe, KLM: Translating fare conditions into inventory steering tools in order compete in the market where fares are more and more simplified.
Having the best in class revenue management system to optimise the revenue in the various competitive markets, also in market where low fare carriers are operating.
Carl Oldsberg, director of revenue management, Choice Hotels Scandinavia: Definitely integrate distribution with revenue management. And tie in both together. People are equally important. And that's why we are setting up different functions. At these functions or centres, one or two people in each country manage rate and inventory for multiple hotels, they sit everyday nd manage the rates, up and down, for inventory.
Lars Sandstrom, director of commercial strategies, SAS Group: With a more or less fence less structure in place you need a system that helps you minimising buy down, plus one system that supports you in measuring the willingness to pay, in order to maximise the revenues within the Economy section of the aircraft.
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