The purpose of Revenue Management
Implementing effective business strategies designed to optimize revenues is crucial for each organisation. It is crucial for a variety of reasons, however it is not easy. The purpose of professional revenue management is to significantly increase company profits and owner's ROI through advanced revenue management and strategic pricing techniques. These techniques are always customer-needs driven, not company-needs driven.
The overall purpose of successful revenue managers is to recognize their role in helping businesses succeed by ensuring that customers receive true value in every transaction made with that business. It means employing pricing strategies that result in charging prices that informed customers will willingly pay for the right product, in the right quantities, through the right channels, and at the right time.
The Revenue Management Training and Consultancy at HGE International works with the Revenue Leader as well as the Revenue Team in the organisation to:
- Understand and embrace the importance of revenue management
- Understand the many complex factors that influence revenue management strategies and tactics
- Become better at making revenue management decisions than their competitors.
Our Approach to the Revenue Management Process
We work with our clients systematically through this process, training and mentoring the team members through each step, evaluating existing practices.
We use existing practices and apply the Design Thinking Methodology to identify areas and processes of improvement with the team and develop tools for each step.
The benefit of this approach is that the team will identify the issues themselves and work together to improve them.
What We Do
Fundamentals of Revenue Management:
A combination of training and hands-on workshops is tailored to all levels of the organisation. These workshops are recommended as generic introductions to Revenue Management for the leadership and/or sales teams of the organisation and a first training for aspiring future Revenue Managers.
Revenue Management Reviews:
Revenue Strategy workshop: