Revenue Management Audit
The three phases
The goal of a Revenue Management Audit is to find Revenue opportunities within your company. This goal is achieved through an analysis of revenues, expenses, pricing decisions, commercial strategies, etc. Our Revenue Audit is partly performed on-site, and partly externally. The duration of a Revenue Audit depends on your company’s wishes, needs, and goals.
- Revenue Audit Phase
In the Revenue Audit, an evaluation is done to find your unique revenue opportunities. The evaluation includes Review Scores, Revenue Management- and Commercial Organization, Pricing Strategies, and Distribution opportunities. The Revenue Audit is partly carried out on-site and results in a report with concrete objectives applicable procedures, structure, pricing, and revenue opportunities. Such an evaluation usually includes: Detailed market analysis including benchmarking reports (where available)
– Competitor analysis and SWOT
– Evaluation of online sales and distribution strategies
– Analysis of existing and potential Marketing Mix
– Analysis of existing reports and tools (forecasting, budgeting, sales, etc.)
– Establishment of IT needs and access to all the necessary system - Budget Phase
To understand how to meet next year’s goals, a study needs to be done into Competitor’s strategies, the markets to target, and the distribution strategy that gives the best net result. Together with a Budget, a Marketing & Sales Plan can be written. These studies are time-consuming but necessary and can give you the possibility to meet your goals. A Revenue Audit can therewith be a very good base. - The Implementation Phase
This consists of Tailor Made Courses, Discussions, and Meetings as well as Practical Applications and System updates. To ensure that the Revenue Audit results in Long Term Revenue Increase, staff members are involved in all stages of the implementation. If needed, part of the implementation can be done on an Outsourcing basis in which one of Taktikon’s Consultants makes sure that systems are being updated and Revenue Management Practices are implemented as quickly as possible. Read more about Taktikons Revenue Management Outsourcing programs here. Depending on the need, the Implementation Phase can take from one week up to several months. Taktikon’s Revenue Audit is followed up six months after the Implementation Phase is closed. This is to ensure that long-term goals are being met.