Is it really possible to enact a true cultural shift? The answer is “yes, but…”
When it comes to fostering a healthy culture around revenue management, good technology is critical, but it’s not everything. A business culture focused on positive revenue performance must be instilled across an entire organization to help improve operational efficiency, increase asset value, and attract and retain top talent.
When a revenue strategy becomes systemic and second nature through cultural acceptance and proliferation, these practices can be put in place for other revenue streams to optimize all business and revenue generated, which leads to stronger quarterly earnings and more interested investors.
Developing an organization-wide culture focused on revenue optimization, however, is no simple undertaking—but it can be done. Think about those who have experienced a new culture living in another country or city. They didn’t change overnight, but those who assimilate well take the time and effort to understand, learn, and adapt to a new culture.
Let’s explore five steps you can take to develop a healthier revenue culture in your organization:
- Assemble Your Team: In your organization, it is likely the revenue leader has taken the role of developing the culture; however, developing this culture is difficult and requires more than one person to help it along. Engaging others and forming a team is the first step.
- Pump People Up: Ensure you have recruited enthusiastic team members who are strong advocates and believers in the revenue management discipline and who can communicate and engage other team members across the organization. Their current role or background is not as important as their impact and influence.
- Chart a Course: The revenue culture team needs to define a clear vision of what the culture looks like, what the key principles, beliefs, and values are, and essentially agree upon the new way of revenue life should be for the entire organization.
- Know Your Goals: Set milestones and specific actions to achieve your vision. These milestones can be anything from enhancing revenue management understanding across the organization, reviewing and updating processes supporting the new culture, as well as improving the tools and roles different people will play within this culture.
- Track Results: Start executing while keeping in mind you may need to adjust and modify as you go along. Don’t forget to set up a process to ensure you maintain a fresh approach to revenue management as a discipline. We all know revenue management is continuously changing, so it is important to consistently review the efficiency of your operations to ensure a sustainable, long-term, and effective revenue culture across your organization.
The vision can be different from organization to organization, but a strong revenue culture should enable optimal revenue growth through a collaborative and supportive network of people, processes, and technology. It’s important every person knows their place in the equation. When the whole team is driving, supporting, and working together to achieve maximum revenue, you will have a higher probability of achieving your goals in a shorter and less painful way.