[EN] Revenue Management: The Art of Selling More and Better
Some sales teams, as well as some business owners and directors, often spend a lot of time thinking about "how to sell more". It's something we've all seen countless times: those with more resources often choose to invest based on instinct rather than science, while those with limited resources end up sacrificing other resources, such as time, to achieve it.
However, there's a question that isn't asked often enough: "how to sell better?". There's an old and proven strategy that is generally applied by companies related to tourism or large consumer corporations to be more profitable, and that many overlook: Revenue Management.
What is Revenue Management?
Revenue Management is a practice that seeks to optimize revenue and profitability from a commercial perspective. The idea is to make it more efficient without needing to invest large sums of money to increase sales.
Some of the main elements of Revenue Management are:
- Price optimization: adjusting prices to maximize revenue or profitability considering factors such as competitor pricing, customer willingness to pay, costs, and others.
- Demand forecasting: anticipating future demand using predictive models, market trends, and external factors to adjust operations and prices in a timely manner.
- Market segmentation: dividing customers or the market into different groups based on purchasing behavior, willingness to pay, and other characteristics, to offer personalized pricing and communication.
In addition to these, there are more elements and techniques that make commercial tasks more efficient. At datalemons 🍋, we standardize and automate a large number of these to centralize commercial analytics in one tool, streamline work, and help you discover new opportunities to make your business more profitable.
In this video, Ignacio, co-founder of datalemons, explains all about Revenue Management and how you can implement it to improve the profitability of your business. Play it!
