Revenue managers are facing a data overload: competitor analysis, channel production, distribution costs, booking information, customer data and much more. How can they know where to look, what to get out of their data and how to apply it? Help is at hand as this report will guide revenue managers in data collection, interpreting their findings and building strategies to increase profitability
Progress is a double-edged sword for revenue managers: with increased information comes more opportunities and the possibility of better accuracy. However, datasets become more complex, workloads increase and knowing where to look and what to measure can be harder.
Not only this, but revenue managers are increasingly required to cross into other business areas and disciplines. Now a revenue manager can only succeed in cooperation with other departments, including, but not limited to, marketing, distribution, sales, analytics, e-commerce, and senior management to achieve their objectives.
In this challenging environment revenue managers need to be on top of the changing inputs that are influencing their forecasts and ready to interpret and act on the data faster than ever before. In this report we aim to help the revenue manager embrace their growing influence and equip them with an overview of the major challenges and how to deal with them. In particular, we will be discussing:
• The effect of competitors on pricing, how to account for them and what strategies to take to get a competitive edge.
• Understanding and constructing predictive analytics.
• Understanding the costs of a business’s channel mix and how to win direct bookings.
• The state of the industry’s approach to ancillary revenues.
• The key metrics every revenue manager should be working toward.
• The future of a revenue manager’s role and the skills they will require.