Revenue management isn’t just about doing daily price adjustments and pickup reports.
It’s about selling the right product, to the right customer, at the right time, for the right price, on the right channel.
If you want to improve your business’s bottom line, you need to harness the power of data to build revenue management and distribution strategies that work together.
In our new ebook Reinventing Revenue Management, we share the latest advice that vacation rental revenue management experts swear by, so you can turn your business into a profit machine this year.
Why do we need a new approach to revenue management?
If you’ve been involved in revenue management in the past couple of years, you’re probably aware that the pandemic has completely redefined the industry.
The strategies revenue managers used before COVID-19 no longer work; old KPIs are losing their relevance.
That’s why all short-term rental property managers need to rethink what revenue management means and adopt a new, reactive approach.
Use advanced Dynamic Pricing Tools.
Trying to make decisions about the future from solely historical data is no longer an option. We’re in a new era of revenue management that requires dynamically reacting to the rapid changes in the market and experimenting with rates.
It all starts with data
Incorporate creative Short Term Rental Pricing Hacks.
Harmonize pricing across channels like Airbnb.
When it comes to revenue management, there is no tool more powerful than data.
In this new age, using distribution data to inform your revenue decisions is the key to increasing your profits.
Utilize Dynamic Pricing Tools.
Data allows you to navigate your listing composition, booking performance pickup, booking windows, cancellation details and more so you can fine-tune your product, react to changes in the market and capture demand.
Using distribution data, you can identify the outliers, both positive and negative. Then, you can course-correct listings that are not meeting expectations and replicate the successes of ones that are exceeding expectations.
Rentals United has developed a revenue success platform (RU Data Studio) to help you do this – and in our new ebook, we explain how.
What’s in this ebook?
In Reinventing Revenue Management, you’ll find a whole host of actionable tips from Doug Truitt, Head of Revenue Success at Rentals United.
In chapter one, Doug explains what revenue success management means and how it’s different from traditional revenue management.
He goes into detail about why revenue management and distribution should go hand-in-hand and offers a list of questions to ask yourself when building your integrated revenue management and distribution strategies.
In chapter two, Doug covers channel management hot topics that revenue managers should know about, including how to quickly adapt to new channel functionalities, how to deal with commission changes and how to take advantage of Google as a lucrative channel.
He also talks about the revenue success KPIs property managers should be looking at right now and explains how distribution health affects your revenue. He even touches on how to price and distribute multi-unit listings.
Automate via AI Solutions.
Drive an effective overall Pricing Strategy.
Finally, in chapter three, Doug introduces Rentals United’s new revenue success management product, RU Data Studio. He explains why we developed this tool and how property managers can use it to optimise their revenue strategies and blend distribution data into the mix for optimal results.
Next steps
If you want to improve your business’s bottom line in 2021, it’s crucial to make your revenue management and distribution strategies work together.
In our ebook Reinventing Revenue Management, we give you all the advice you need to change your approach and finally start seeing the results you’re looking for.
To get started, download the ebook now.
Are you ready to build a tech-based distribution strategy? Discover how our enterprise-level Channel Manager can get you more bookings.