{"id":9747,"date":"2021-08-06T11:14:42","date_gmt":"2021-08-06T11:14:42","guid":{"rendered":"https:\/\/www.limoanywhere.com\/?p=9747"},"modified":"2025-08-29T14:25:40","modified_gmt":"2025-08-29T14:25:40","slug":"5-key-steps-to-enable-revenue-management-rm","status":"publish","type":"post","link":"https:\/\/www.limoanywhere.com\/2021\/08\/06\/5-key-steps-to-enable-revenue-management-rm\/","title":{"rendered":"5 Key Steps to Enable Revenue Management (RM)"},"content":{"rendered":"\n<p>First, before you begin with the following steps below, it is essential to note that the practice of revenue management (RM) is not a one-time endeavor, nor is it is not a one-size-fits-all. It requires continuous analysis, trial and error, and refinement to facilitate a process of constant improvement through continuous feedback. It is not a philosophy, it is a discipline and requires a culture of curiosity and accountability.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Not surprisingly, there are many similarities between ground transportation and other travel verticals (in RM) such as airlines, hotels, rental cars, cruise lines, and ferry lines. They are:<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All perishable products<\/li>\n\n\n\n<li>Multiple service types\/levels<\/li>\n\n\n\n<li>Identical or similar distribution channels<\/li>\n\n\n\n<li>Identical or similar types of buyers (leisure, corporate)<\/li>\n\n\n\n<li>Identical or similar demand influencers (e.g., special events, seasonality, etc.)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>However, there are also many challenges in employing RM with ground transportation companies:<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Due to heavy reliance upon affiliate networks, actual capacity can be hard to ascertain (e.g., asynchronous or opaque supply in affiliate networks)<\/li>\n\n\n\n<li>Traveler behavior in this product line skews towards last-minute window (unlike other travel product lines that have already been booked)1<\/li>\n\n\n\n<li>Competitive benchmarks are not always easy to assemble quickly, nor might it be representative of the actual market rate (limited by their own sophistication).<\/li>\n\n\n\n<li>Unlike hotels or cruise lines, inventory is frequently mobile, which can impact pricing depending on the location of demand, which therefore requires dynamic fleet positioning\/allocation planning2<\/li>\n\n\n\n<li>Unlike major hotel chains or airlines, the majority of operators lack the leverage to negotiate floating rates with TMC\u2019s corporations and therefore are limited to BAR + discount, exposing margin.<\/li>\n\n\n\n<li>Pricing models tend to be more simplistic, limiting levers to influence demand (e.g., ancillaries, cancelation policies, pre-pay discounts, etc.)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Below are the primary steps required to incorporate revenue management activities into your business:<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Define your objectives within the revenue management realm (goals)<\/li>\n\n\n\n<li>Establish a feedback loop that helps you understand buyer behavior AND what is influencing it (influencers)<\/li>\n\n\n\n<li>Build a routine for assessing performance amongst relevant metrics (levers)<\/li>\n\n\n\n<li>Create a systematic way of analyzing key performance indicators (KPI\u2019s) to assess and predict performance along with established metrics (commonly used KPI\u2019s) to gauge efficacy (metrics) continuously<\/li>\n\n\n\n<li>Audit and enable capabilities necessary to employ revenue management based upon established objectives, influencers, levers, and benchmarks (tools)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading has-text-align-left\"><strong>Analyze. Plan. Deploy. Measure. Refine. Repeat. Expand:&nbsp; <\/strong><em>Define your objectives within the revenue management realm (goals)<\/em><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Do I want to increase my upsell take rate?<\/li>\n\n\n\n<li>Do I want to increase my cross-sell take rate?<\/li>\n\n\n\n<li>Do I want to smooth demand (e.g., advanced purchase)?<\/li>\n\n\n\n<li>Do I want to steer demand (e.g., to my direct channels)?<\/li>\n\n\n\n<li>Do I want to maximize the underutilized portion of my fleet?<\/li>\n\n\n\n<li>Do I want to improve the performance of underperforming fleet types?<\/li>\n\n\n\n<li>Do I want to improve my peak time revenue?<\/li>\n\n\n\n<li>Do I want to increase penetration\/yield in the sub-segment?<\/li>\n\n\n\n<li>Do I want to align pricing with seasonality better<\/li>\n\n\n\n<li>Do I want to increase share of wallet with customers?<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Establish a feedback loop that helps you understand buyer behavior AND what can impact it (influencers)<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Seasonal demand<\/li>\n\n\n\n<li>Local activities or events<\/li>\n\n\n\n<li>Competitive pricing\/coverage<\/li>\n\n\n\n<li>Traffic\/construction<\/li>\n\n\n\n<li>Weather \/ environmental<\/li>\n\n\n\n<li>Geopolitical<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Build a routine for assessing performance amongst relevant metrics (levers)<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fleet coverage\/composite<\/li>\n\n\n\n<li>Rate structure(s)\/rules(s)<\/li>\n\n\n\n<li>Booking policies<\/li>\n\n\n\n<li>Hours of operation<\/li>\n\n\n\n<li>Maintenance schedule<\/li>\n\n\n\n<li>Ancillary offering(s)<\/li>\n\n\n\n<li>Supply (driver) availability\/constraints<\/li>\n\n\n\n<li>Vehicle positioning \/ idle time<\/li>\n\n\n\n<li>Distribution channel performance\n<ul class=\"wp-block-list\">\n<li>Call center<\/li>\n\n\n\n<li>Web site<\/li>\n\n\n\n<li>Mobile app<\/li>\n\n\n\n<li>3rd party (e.g., agents, affiliates, aggregators, TMC\u2019s\/CBT\u2019s)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Sales and Marketing channel performance\n<ul class=\"wp-block-list\">\n<li>E-mail<\/li>\n\n\n\n<li>Social<\/li>\n\n\n\n<li>Search<\/li>\n\n\n\n<li>Sales<\/li>\n\n\n\n<li>SMS<\/li>\n\n\n\n<li>Print<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Create a systematic way of analyzing the above to assess and predict performance along with established KPI\u2019s (key performance indicators) to gauge efficacy continuously (metrics)<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/www.limoanywhere.com\/wp-content\/uploads\/2021\/08\/image-28.png\"><img decoding=\"async\" width=\"1003\" height=\"862\" src=\"https:\/\/www.limoanywhere.com\/wp-content\/uploads\/2021\/08\/image-28.png\" alt=\"\" class=\"wp-image-12074\" style=\"width:1070px;height:auto\" srcset=\"https:\/\/www.limoanywhere.com\/wp-content\/uploads\/2021\/08\/image-28.png 1003w, https:\/\/www.limoanywhere.com\/wp-content\/uploads\/2021\/08\/image-28-400x344.png 400w, https:\/\/www.limoanywhere.com\/wp-content\/uploads\/2021\/08\/image-28-768x660.png 768w\" sizes=\"(max-width: 1003px) 100vw, 1003px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Additional forecasting considerations:\n<ul class=\"wp-block-list\">\n<li>Consider simplifying vehicle classes, segments, and rate types to improve forecast. [4]<\/li>\n\n\n\n<li>Understand \u201cunconstrained demand\u201d, i.e., forecast not bound by rates or fleet capacity (upper bound of theoretical demand, imperative for when demand exceeds supply)[5]<\/li>\n\n\n\n<li>Let unconstrained demand forecast \u201cinform\u201d business forecast (which is based on constrained or \u201ctruncated\u201d demand, i.e., bound by rate\/fleet limitations)[6]<\/li>\n\n\n\n<li>Frequency of updates \u2013 if\/when pricing and\/or forecast feedback generate results that appear off the mark, quickly refine and update (should be a continuous feedback\/adjustment loop).<\/li>\n\n\n\n<li>Calibrate external factors \u2013 keep a close eye on external factors, they can impact your forecasts, weed out the noise, incorporate new influencers (refine the model)<\/li>\n\n\n\n<li>Determine appropriate timescale \u2013 ensure horizon is far enough in advance to allow you to react to changes and captures breadth\/depth of booking patterns[7]<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Audit and enable capabilities necessary to employ revenue management based upon established objectives, influencers, levers, and benchmarks (tools)<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Determine what is acceptable to be performed manually vs. where automation is necessary.\n<ul class=\"wp-block-list\">\n<li>It should be noted that manual processes can, and in many cases should, be a viable approach for trial before investing in automation, or in cases where intervention required is relatively infrequent.<\/li>\n\n\n\n<li>Once levers yield anticipated results, further investment can be made, and other objectives can be pursued.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Two primary (and interrelated) areas where technology can aid revenue management:\n<ul class=\"wp-block-list\">\n<li>Reporting &amp; Analytics\n<ul class=\"wp-block-list\">\n<li>Benchmarking, KPI reports, resource\/asset management, forecasting, etc.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Pricing &amp; Promotion\n<ul class=\"wp-block-list\">\n<li>Criteria based pricing, peak time pricing, cross sell\/upsell logic, payment term enforcement, channel management, etc.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>In summary, incorporating revenue management into your business should advance incrementally, requires consistent testing and learning, and a concerted\/routine focus on internal and external metrics.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Here are a few final suggestions to tighten and optimize business practices to enable RM objectives:<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ensure you have internal accountability assigned to RM owner to spearhead the effort<\/li>\n\n\n\n<li>Planning requires cross-functional input (sales, marketing, operations, finance, etc.)<\/li>\n\n\n\n<li>Consider centralizing\/aggregating data for ease of analysis and east of access<\/li>\n\n\n\n<li>Informally poll your customers to gauge future travel intent to aid in the planning process<\/li>\n\n\n\n<li>Understand how pricing can be used as a lever to influence buyer behavior (e.g., throttling minimum ride times or increase pricing during peak times to avoid revenue dilution, decrease pricing during off-peak times to maximize fleet utilization, encourage advanced purchase through discounts to smooth demand\/booking pace). [3]<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Useful Sources\/Citations:<\/strong><\/h4>\n\n\n\n<p>[1, 2, 3, 4] Why It Is Difficult to Apply Revenue Management Techniques to the Car Rental Business and What Can Be Done About It, Robert F. Gordon, Proceedings of the Northeast Business &amp; Economics Association 42nd Annual Conference, Jamaica, New York, November 5-7, 2015, pp. 135-138<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>[5] The Key to Profitability: Understand Your Demand Forecast By Dan Skodol, VP, Data Science &amp; Analytics at Cendyn<\/li>\n\n\n\n<li>https:\/\/www.hospitalitynet.org\/opinion\/4094524.html<\/li>\n\n\n\n<li>[6]https:\/\/revenue-hub.com\/revenue-management-forecast-vs-business-forecast\/<\/li>\n\n\n\n<li>[7]https:\/\/revenue-hub.com\/revenue-stream-forecasting-trm\/<\/li>\n\n\n\n<li>https:\/\/www.readyratios.com\/reference\/analysis\/price_sensitivity.html<\/li>\n\n\n\n<li>https:\/\/gocardless.com\/en-us\/guides\/posts\/share-of-wallet-sow\/<\/li>\n\n\n\n<li>https:\/\/www.revfine.com\/what-is-revenue-management\/<\/li>\n\n\n\n<li>https:\/\/www.revfine.com\/revenue-management-kpis-hotels\/<\/li>\n\n\n\n<li>https:\/\/www.revfine.com\/hotel-kpis-upsell-marketing-performance\/<\/li>\n\n\n\n<li>https:\/\/www.revfine.com\/category\/revenue-management-kpi\/<\/li>\n\n\n\n<li>https:\/\/www.rate-wise.com\/blog\/revenue-management-terms-made-simple<\/li>\n\n\n\n<li>https:\/\/www.altexsoft.com\/blog\/revpar-occupancy-rate-adr-hotel-metrics\/<\/li>\n\n\n\n<li>https:\/\/www.altexsoft.com\/blog\/business\/hotel-revenue-management-solutions-best-practices-revenue-managers-role\/<\/li>\n\n\n\n<li>https:\/\/blog.useproof.com\/calculate-conversion-rate<\/li>\n\n\n\n<li>https:\/\/blog.hubspot.com\/service\/how-to-calculate-customer-lifetime-value<\/li>\n\n\n\n<li>https:\/\/www.profitwell.com\/recur\/all\/calculate-and-reduce-cac<\/li>\n\n\n\n<li>https:\/\/blog.smile.io\/how-to-calculate-purchase-frequency\/<\/li>\n\n\n\n<li>https:\/\/www.demandplanner.com\/five-tips-improve-demand-forecasting-accuracy\/<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>First, before you begin with the following steps below, it is essential to note that the practice of revenue management (RM) is not a one-time endeavor, nor is it is not a one-size-fits-all. It requires continuous analysis, trial and error, and refinement to facilitate a process of constant improvement through continuous feedback. It is not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>5 Key Steps to Enable Revenue Management (RM) - Limo Anywhere<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.limoanywhere.com\/2021\/08\/06\/5-key-steps-to-enable-revenue-management-rm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Key Steps to Enable Revenue Management (RM) - Limo Anywhere\" \/>\n<meta property=\"og:description\" content=\"First, before you begin with the following steps below, it is essential to note that the practice of revenue management (RM) is not a one-time endeavor, nor is it is not a one-size-fits-all. 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It requires continuous analysis, trial and error, and refinement to facilitate a process of constant improvement through continuous feedback. 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