While the amount of pricing and forecasting data might be overwhelming to revenue managers, experts suggest simplifying it and making data-driven decisions.
Andrew Kraemer's insight:
I had a general manager that would challenge me (I was the FOM) to prove my gut feelings about price increases or decreases with data. He would ask to see the PMS forecast reports by market segment and the previous years comparables. I quickly learned to come prepared with this information and used it as the "proof" for my guy feelings. Over the years, I've learned to base many different decisions (not just revenue) on the data. The attached article talks about the plethora of data we have today when making rate strategy decisions. Here's a quote that exemplifies what my gm was teaching me, "Make data-based decisions and keep emotions out,”