The three things that every revenue strategy leader needs to be successful, according to Jennifer Hill, VP of Client Engagement at Kalibri Labs, are:
Access to granular data
Time to strategize
Collaboration with colleagues
Let’s dig in.
Access to Granular Data
Having detailed data segmented by Channel, Rate Category, and Cost of Acquisition allows the revenue strategy team to take specific actions with confidence that they are precisely targeting where the demand is coming from for their hotel, or for their competitors, in order to shift the most profitable business that exists in the market to their hotel.
Time to Strategize
It is critical for a revenue strategy leader to have time to analyze and implement those strategies in order to avoid being reactionary and stay on the front foot taking a proactive approach to their revenue strategy.
Lastly, collaboration amongst the different revenue strategy disciplines and breaking down the silos between them is really important. Learning from your colleagues market experience and having a forum to review the strategies, discuss the insights and ideas and collaborate to operationalize those strategies will be crucial to a revenue strategy team’s success.