How to develop a revenue management mindset
Summary
This article discusses revenue management in short-term rentals, highlighting the importance of looking beyond pricing. It emphasizes the need to consider operations, distribution, and marketing to maximize revenue, and mentions the value of pricing tools when used strategically.
Key Insights
- •Revenue management is more than just pricing; it involves optimizing all aspects of the business to maximize revenue.
- •Pricing tools are valuable for analyzing the market and making real-time adjustments, but they should be used in conjunction with a revenue management strategy.
- •Considering factors like operations, distribution, and marketing is essential for effective revenue management.
Action Items
- ✓Think like a revenue manager and be strategic in creating incentives and promotions to help attract bookings and increase revenue.Effort: mediumImpact: medium
- ✓Systematize revenue management processes to help scale the strategy and make it easier to replicate.Effort: mediumImpact: medium
Tools & Resources
- →5 Most Common Airbnb Revenue Management Mistakes: FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes
- →Revenue Management training: Watch their free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay(getpaidforyourpad.com/cfm-replay)
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Curated by Learn STR by GoStudioM