How to manage revenue and pricing through the Covid-19 health crisis
12 March 2020, Written by Business News Australia
As bonds tying the global marketplace together start to break free while authorities take precautionary measures to ride out the coronavirus outbreak, knowing how to respond is a great challenge for managers and business leaders.
According to the International Air Transport Association (IATA), the air transport industry alone could lose US$113 billion in passenger revenue if the virus spreads more broadly.
In this context, the Australian Revenue Management Association (ARMA) notes booking pace has slipped for the next few months, and urges companies to prepare regular forecasts and daily pick-up reports.
The ARMA has compiled the following list for businesses to consider before making any drastic changes to their pricing, despite any slow-down observed in revenue and forward bookings:
The association explains revenue management always requires constant attention, monitoring and very regular communication across executive and revenue strategy teams.
This is even more important in times of uncertainty and with many factors out of a company's control.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Author: Business News Australia