How to figure out what metrics matter most: “First, conduct a segment or account prioritization,” said Shah, ZS’s travel and transportation lead and associate partner. “It’s important to prioritize your limited resources, but it’s also important to remember that strategy equals tradeoffs, and it is equally important to determine what segments not to pursue as what to pursue. The next step is to determine what your objectives for that segment are, then determine your KPIs to help achieve those objectives. Finally, and most importantly, determine what activities will help you hit your KPIs and corresponding driver metrics to measure success. It’s as important to identify and measure these key activities as it is to measure the KPIs and the results. This is straightforward in theory, but rarely do companies systematically identify, measure, and manage performance against these.”
Recovery Connections is a weekly program with sales, marketing, and revenue optimization tracks that mix best-practices presentations with interactive small-group discussions. Sign up to watch this session, access an on-demand library — and register for the next session, “Winning With Multi-Property Revenue Management,” at 2 p.m. EST on Nov. 11.