Page 46 - GBC Spring 2017 eng

Tee Time Distribution: Means knowing where each of your tee time sales are being generated. It is very important to know how many tee times are coming from your website engine vs. your mobile APP and from the 3rd party distributors.
This information will help you determine the demand and conversion from each source. Once these items are known, you can adjust your pricing based upon demand of each distribution channel, how many times you release to those channels, etc.
Local Events: Each course has specific local events that can positively or negatively affect the demand at their golf course. Knowing when each of these events takes place in advance and understanding how these events will affect your sales will allow you to have a specific plan in place to maximize the revenue from every possible round.
IMplEMENTATIoN
Now that you understand the key metrics and have your goals in place, you will need to set aside the time, and acquire the technology and training in order to adjust your rates correctly.
• Time: We suggest that you make a minimum of four updates per day for at least seven days in advance. Each update will take approximately one hour to extract the applicable data needed, and then adjust your pricing across your different distribution channels.
• Technology: The minimum require- ments are a booking engine that allows rate adjustments, a mobile friendly website and booking engine, and an electronic tee sheet and point of sale that provide all of the important information to calculate key metrics.
“...our clients are averaging a 225% improvement in online tee revenue. Of this revenue, approximately 62% has been true additional revenue gains to the top line.“
TRAINING
Calculating the appropriate rate is not something to take lightly. You can easily over or under value your product leaving thousands of dollars of revenue on the table. When creating your strategy and goals, make sure to read related articles and dive deep into your specific operation to learn what variables cause demand to shift for your club.
CoNSISTENCy IS KEy
Revenue management can generate additional top line revenue that dynamic pricing leaves behind. Once you have a good strategy in place, you can manage your tee times correctly every single day and you will eventually sell more golf and generate more revenue than ever before. Consistency is key, so implement your strategy daily, review the results, make adjustments to the plan and then implement again for the best results.
RESUlTS
During the first year of revenue management implementation, we find that our clients are averaging a 225% improvement in online tee revenue. Of this revenue, approximately 62% has been true additional revenue gains to the top line. So if you can increase your online tee time revenue from $30,000 to $100,000 this year, it will add an extra $43,000 to your bottom line.
Applying true revenue management strategies for your business is not a quick and easy process however the results can be substantial to your bottom line. So you are now left with a simple choice: Do you want to continue to manage your online tee times the same way you have been over the years, or do you want to put in some extra work and see results beyond your wildest dreams in 2017?
Golf Business Canada
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Golf Business Canada
62%
Avg Revenue