But tools aren't the answer on their own - you need a strategy, and you need to measure your results. In terms of developing a price strategy, we're always happy to help and Quick18 has a role at the upcoming Golf Business Forum to talk about developing price strategies.
So let's talk measurement!
Quick18 has many reports on board, and today we're looking at the PURRA report - no, it's not milk, it's Price, Utilisation, Rounds and Revenue & Advance days. PURRA takes the key information you need to know and puts it in one report. Take a look here (we've blocked the name of the facility):
When you compare this to prior periods, you can start to identify key periods that drive your revenue and behave differently.
But let's dig deeper, select the "+" next to the course and see what you get:
Revenue management requires attention to detail, and this is how you get it. Managing promotions to target specific periods is a great way to drive revenue, provided you are crafting the offer to offer discounts or bundles at the right times, for the right days.
Still not enough data? Try hitting the "+" above Average Price:
- See how your concession rates perform compared to your standard rates
- Identify differences in advance booking periods for your promotional prices
- See how your main 18 hole rate performs on different days of the week, and adapt your prices for periods of high demand
PURRA is a key report and worth some of your time today. It's accessible to clients under the "Reports" tab, and can be configured for any date range (be patient if you want a whole year). You can restrict access too, just let us know.
As always, reach out if you would like to discuss Quick18, pricing strategy, or just chew the fat on matters golf business.