What is the meaning / definition of Revenue Generation in the hospitality industry?
The term Revenue Generation, refers to the process of creating sales of products and services, with the goal of creating income.
For example, a company wants to generate a hundred thousand euros of revenue this year. Then, the company needs to set up a strategy to reach this objective.
Different tactics exist, according to each business. These tactics include every department, not only sales and marketing. Indeed, to be competitive, you have to stand up from your competitors.
Here some examples of tactics:
– generate more prospects
– increase your conversion rate (through website, live chat, promotion, etc)
– develop an ideal customer profile
– implementing best practices to guide the implementation of your revenue strategy
– increase the average price per sale