Tim Wiersma, founder and principal at Revenue Generation LLC and chair of HSMAI’s Revenue Optimization Advisory Board, led a breakout session on “Revenue Strategies for Recovery” as part of the HSMAI Washington, D.C. Chapter’s State of the Industry event on Sept. 24. Wiersma highlighted the following points:
- CONSUMER SENTIMENT: Consumer uncertainty has increased since COVID-19 began. More than one-third of Americans do not believe that COVID will be over until the end of 2021 or later.
- FOCUS ON THE RIGHT MARKETS: Drive traffic is a crucial segment of business. Consumers are willing to drive longer distances instead of traveling via airplane. They are particularly interested in visiting outdoor attractions such as national parks. It’s crucial to home in on the most qualified audience with relevant, sensitive messaging related to those consumers’ behavior.
- CUSTOMER NEEDS: While pricing will always be important, customers are more focused on assurances of safety, flexibility, and experience when making buying decisions these days.
- ELIMINATION OF SILOS: Departmental silos should not exist any longer. Revenue optimization provides strategic analysis and communicating opportunities to sales and marketing as the three areas align their strategies.
- DATA: Data needs to guide all recovery plans. Analysts should utilize market data as well as researching what competitors are doing to promote themselves.
For additional information, insights, and tools, visit HSMAI’s Global Coronavirus Recovery Resources page.