{"id":8782,"date":"2021-05-30T10:53:38","date_gmt":"2021-05-30T14:53:38","guid":{"rendered":"http:\/\/www.atyourbusiness.com\/blog\/?p=8782"},"modified":"2021-05-30T10:53:57","modified_gmt":"2021-05-30T14:53:57","slug":"how-to-build-a-revenue-management-strategy-for-your-business","status":"publish","type":"post","link":"https:\/\/www.atyourbusiness.com\/blog\/how-to-build-a-revenue-management-strategy-for-your-business\/","title":{"rendered":"How to Build a Revenue Management Strategy for Your Business"},"content":{"rendered":"\n

Variable revenue across the year creates perennial challenges for seasonal businesses<\/a>, in particular, but also for less seasonal businesses. For example, a sudden drop in revenue from a natural disaster paired with an abrupt uptick in variable costs can leave your business in dire straights.<\/p>\n\n\n\n

Assuming you don’t operate in a disaster-prone area, you still need some kind of structure in place to help you balance revenue across peak and low seasons. This is where a revenue management strategy enters the picture. Never encountered the idea before?<\/p>\n\n\n\n

Keep reading for some key tips on building a revenue management strategy for your business.<\/p>\n\n\n\n\n\n

Know Your Market<\/h2>\n\n\n\n

Business owners often focus almost exclusively on what their business is and offers to customers. Yet, many don’t consider their businesses in the context of their market. Seasonal drops don’t spring from a vacuum.<\/p>\n\n\n\n

Before you can worry about tracking business revenue or fixing revenue management mistakes, you must understand what drives your customers and why.<\/p>\n\n\n\n

Consider Secondary Products or Services<\/h2>\n\n\n\n

Once you understand the things that drive your customers, you can consider options for expanding your sources of revenue. Let’s say you run a bed & breakfast, a business that’s often beset by seasonal revenue shifts.<\/p>\n\n\n\n

On the surface, you’re in the business of renting rooms. Instead, you can go into the business of offering experiences.<\/p>\n\n\n\n

For example, you can partner with other local businesses to create experience packages that are unique to your area. Ideally, these experiences will prove attractive regardless of the season.<\/p>\n\n\n\n

Leverage Technology<\/h2>\n\n\n\n

When it comes to managing your revenue, there really is no substitute for technology. You can invest in technology that frees you from mundane but time-consuming tasks and lets you focus on revenue-building activities. For example, recurring billing should fall almost entirely on the shoulders of technology, with the possible exception of a quality control check from time to time.<\/p>\n\n\n\n

You can even find tech that is centered entirely on revenue management strategy and tasks. You can head over here to read more<\/a>.<\/p>\n\n\n\n

Hire a Pro<\/h2>\n\n\n\n

The idea of hiring revenue managers isn’t appropriate for every business. It can prove the right solution for medium-sized and large businesses. While everyone wants to make money, there often isn’t any single person assigned the job of managing revenue.<\/p>\n\n\n\n

The owners or management will discuss revenue, but frequently in the context of something else. Giving someone responsibility for revenue management makes creating and executing a strategy a priority.<\/p>\n\n\n\n

Revenue Management Strategy and You<\/h2>\n\n\n\n

A good revenue management strategy begins with understanding your market as it stands. It also means maintaining a good grasp on where your revenue comes from now.<\/p>\n\n\n\n

Once you know that, you can consider options for product or service offerings that make your business less prone to seasonal ups and downs. You can also consider bringing in a pro for a revenue management position.<\/p>\n\n\n\n

Looking for more ways you can improve your revenue management or management in general? Check out more of the posts in our articles section.<\/p>\n","protected":false},"excerpt":{"rendered":"

Variable revenue across the year creates perennial challenges for seasonal businesses, in particular, but also for less seasonal businesses. For example, a sudden drop in revenue from a natural disaster paired with an abrupt uptick in variable costs can leave your business in dire straights. Assuming you don’t operate in a disaster-prone area, you still […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,5],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/8782"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=8782"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/8782\/revisions"}],"predecessor-version":[{"id":8784,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/8782\/revisions\/8784"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=8782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=8782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=8782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}