You can be an “expert” in almost anything just studying the subject and then practicing a little bit what you have learned, but there are some exceptions…
In order to get proficiency in English you must act (talk/write/read/THINK). In order to be good in Martial Arts you have to practice (a lot). In order to enjoy the benefits of Yoga you have to practice (everyday). To create the new disruptive mobile app application you have to write code, discover bugs, refactor it when it is necessary. In all these abilities (Live in another language, develop your own software, martial arts, Yoga…) one hour of practice is better than 1,000 of theory.
Do you think that Yield /Revenue Management is part of this set? Sure, it is! Maybe for that reason I fell in love with it long time ago.
Yield/Revenue management has something in common with developing software that make them absolutely different from the other abilities that I mention previously!
Do you think that Internet change how to become an expert in English, Martial Arts or Yoga?
Do you think that Internet change how do you develop software? Do you think that cloud services are important? Do you think that Web Services and Web Scraping are important? Do you think that document oriented databases or graph databases are more important thanks to Internet?
Last question! Do you think that Yield /Revenue Management have changed because Internet?
Let’s see a few examples:
A) Segmentation is one of the flavor of the month in Yield /Revenue management. Nowadays, it is so easy to get information about our customers. To know where they meet to share what it is important to them. To know their SUBJECTIVE opinion about our services… By the way, I’m talking about REAL segmentation, not Sociology experiments like Millennials or BOBOS OR using as a variables of segmentation random information from my Property Management System (PMS): Do early reservations, like double breakfast, they are from…, they have … years old…
B) Customization is another flavor of the month in our favorite technique/philosophy... It is so easy to customize what to offer, when, where, the servuction process… everything! We have information about the segment, a group inside this segment, even individual customers. We can know their different “Versions of Me” based on with whom they are traveling OR based on their mood. We have ALL this information at our fingertips. Do we have the skills to transform it into KNOWLEDGE??? Using Business Intelligence OR Intelligent Systems (that was more popular when I got my PhD.) OR Big Data (that today is the most popular word and I’m sure will be changed for another word in a few years!!!)
Only people with no experience whatsoever in Internet (neither in the new business model nor in the new technological schemes) won’t see the big impact of Internet in Yield/Revenue Management.
Do you want advice about Yield/Revenue Management? Be sure that you talk with any of my Touristologists!
They can apply Yield/Revenue Management from the beginning to the end of the trip!
They can apply Yield/Revenue Management making all departments and all members of the chain of value work as a single ecosystem!
They can design and apply the best web 2.0 business model and using the most appropriate technological schemes, make this ecosystem possible!
They see crystal clear that OUR business is NOT selling rooms or F&B… OUR business is to satisfy OUR customer, providing what they need, when they need it, in the way they need it!
Experience in Yield/Revenue Management? Be sure that you choose someone that doesn’t repeat the same year, the same techniques, the same lack of segmentation, the same lack of customization, the same lack of new business model Internet adapted!
ENJOY YOUR HOLYDAYS!