The roadmap to long-term, positive revenue performance can be achieved strategically and tactically with several key steps and considerations in place.
Here are six considerations for mapping out your revenue roadmap:
Obtain Executive Buy-In & Vision
Effective revenue management starts at the top and its vision and goals must be shared by the executive team and board of directors. Presenting your RM strategies at an upcoming meeting? Use key terms such as returns on investment and profitability that resonate with the executive audience. Highlight examples where revenues are being left on the table and educate revenue management for those unfamiliar with its relevant day-to-day activities.
Create a concrete roadmap outlining your objectives and corresponding deliverables. Once everyone is on the same strategic path, you have the commitment and resources needed to start out strong.
Create Your Roadmap
A development roadmap for your revenues ensures you can work effectively toward achieving your goals and objectives and look back for tangible and measurable results. Use key milestones that are relevant to the executive team to outline the roadmap. Review it thoroughly with the executive team for an official sign-off, which ensures your organization is working toward mutual goals.
Build Culture with Education
Total Revenue Performance goes beyond the RM to permeate every department at different levels of focus and intensity. Create focused sessions or workgroups not only for RMs and general managers, but also for directors of sales and marketing, and others in the organization who would benefit from increased knowledge and awareness of revenue management principles.