Outlook: Full Revenue Management (FRM)Full revenue management (FRM)

In recent years, scientists and practitioners thought the future of revenue management would be more data, faster processing capability, more revenue streams optimized and more properties managed by one revenue professional. Now that the second decade of the twenty-first century is nearing its final year, we can see that the “more” and “faster” will give way to something slightly different. Existing marketing tools like the marketing mix or the strategic triangle concept will still be in use and will serve as settlement to achieve strategic revenue management objectives. The revenue profession, which was developed in the aviation and hospitality sectors, has further developed to an extremely sophisticated concept and method to increase revenues across company activities and in all areas of the value chain. TRM has also triggered the need for the optimal combination of competencies. There are nowadays revenue analysts, revenue managers, directors of revenue, even vice presidents and other executives. It is fair to say the revenue profession is emerging as a champion of progress and a key to profitable growth in businesses that understand how mission-critical it is to drive revenues.