Low-cost Carriers Pose a “Massive Challenge” to Revenue Management
Revenue management today is at the cutting edge and must be closely aligned across all aspects of a travel business. This requires people with traditional technical skill, an understanding of the markets they operate in and, not least, a willingness to challenge the status quo.
Do
- Think more commercially. Sell revenue management as a commercial concept at every given opportunity
- Understand that long-term business requirements sometime offset short-term revenue spill
- Walk the streets. Understand what goes on at the floor level
- Constantly update yourself on the technology front
Don’t
- Play God!
- Always think in black and white. There are always two sides to a story.
- Stop trying new things. Just because it didn’t work last time doesn’t mean we shouldn’t try again in a different competing environment
- Close yourself to the commercial world
- Don’t be afraid to challenge norms
More info: Eyefortravel