Best Revenue Management Practices for the Self Storage Industry
Join a top pricing expert to discuss how you can maximize your revenue by employing the best practices from the field of Revenue Management (RM). RM uses advanced algorithms to consistently find the optimum price for a product under multiple market conditions. This consistency enables operators to sustain long-term revenue growth. As data becomes ubiquitous, RM is becoming a sophisticated management discipline, altering the way prices are set.
There are several key considerations for any RM program. First, RM is about understanding customer preferences, not your product lineup or personal preferences. Your prices need to be properly aligned and seem sensible to your end customers. Secondly, RM does not provide dynamic pricing just for the sake of being dynamic; you must be able to justify why prices should change. Every decision, every algorithm, should be backed up by science and make business sense. Thirdly, RM is not about blindly following your competitors’ prices; you need to measure the impact of competitive price changes on your demand. Most of the time, the best decision is to lead, not follow. Finally, moving forward with revenue management requires leaving the past behind. What just happened at your self-storage facility is less relevant than what is about to happen. You need to forecast demand and proactively price your units accordingly.
About the speakers
Dr Ahmet Kuyumcu
Founder and CEO
Prorize
Ahmet Kuyumcu, Ph.D., is the Founder and CEO of Prorize, which is the global leader in AI-based RM solutions and now serving self-storage operators in 13 countries across 5 continents. The only RM company to ever win the world’s top prize for advanced analytics, the Franz Edelman Award, Prorize’s proprietary software and pricing consultants help clients capture maximum revenue from their assets. Ahmet has pioneered RM solutions for many industries including self-storage, apartment, senior housing, and hotel/gaming.
Dan Morisaku
Head of Business Promotion
ICHIGO Inc
Dan joined Ichigo in 2017 and has focused on its business development including international business and investment in self-storage, amongst others. Before Ichigo, Dan was with financial institutions in Japan and US, with more than 14 years of combined experiences in corporate finance, structured finance, US financial regulations, new business development, etc. He is originally from Los Angeles and has spent significant time alternating between Japan and North America. He received M.A. at Elliott School of International Affairs of George Washington University.
Details
Date: 11 Nov 2021 (Thu)
Seminar Time: 5:00pm - 6:00pm (HK time, GMT+8)
Format: Online
Tickets: HK$50 for Members
HK$150 for Non-members
For any queries, contact Heily Lai (heilylai@selfstorageasia.org).
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