How Revenue Management Professionals Can Help You
Revenue management is the use of analytics to predict consumer behavior at the micro-market level and is essential to optimize product availability and price to maximize revenue growth for a business. The main goal of revenue management is selling the right product to the right customer at the right time for the right price and with the right deal. The most important aspect of this discipline is being able to understand a customers' perception of product value and accurately raising or lowering product prices, location and availability with each customer segment. Revenue management is the ability to sell any particular product at the most efficient level in order to maximize profit margins.
All businesses face important decisions regarding what to sell, when to sell, to whom to sell, and for how much. Revenue management uses data-driven tactics and strategy to answer these questions in order to increase revenue. The discipline of revenue management combines data mining and operations research with strategy, understanding of customer behavior, and partnering with the sales force. Today, the revenue management practitioner must be analytical and detail oriented, yet capable of thinking strategically and managing the relationship with sales. Without a revenue manager, a large amount of money is wasted on products that will not sell to a customer for long periods of time, and not for the right price. This lowers a profit margin significantly. In order to avoid this problem, look no further than Guru.com, where a freelance revenue manager can be hired for a negotiable price.