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According to Golf Datatech, golf in St. Louis was down 11% vs. last year. In our first full year of revenue management of several properties in the market we saw increases in revenues in this down market. How you may ask? Revenue Management by Dynamic Revenue Services.
We are seeing the similar results to what the St. Louis Cardinals saw when they implemented dynamic pricing in 2011. According to a Sports Business Journal interview with Joe Strohm, VP of ticket sales for the St. Louis Cardinals, the Cards sold 200,000 less tickets than in 2010 and saw ticket revenue increase by 2%! (Source)
As you can see in this case study we are achieving very similar results. With 3% less rounds we grew greens fee and cart fee revenue by 6%. We all know golf isn’t growing so it’s imperative to capitalize on the rounds you have. With DRS working for you this is possible!
“Changing your habits is not easy. But you’ve got to trust the data” – Joe Strohm
Dynamic pricing has been around for years and, as usual the golf industry has been slow to react to the powerful pricing strategy. Every course has day parts, or segments of their day where they see high demand. But instead of taking advantage of those instances they just set their rate and forget it. “It’s almost spring, time to set our rates for the next 9 months”, sound familiar? Well no more, imagine a world where your rates can fluctuate as much as demand… up and down. Imagine a team dedicated to evaluating demand every day, multiple times per day, and setting your prices accordingly. Your number one revenue source is greens fees and cart fees, it deserves the proper attention, not just focus a couple times a year.
When you have a team focused on selling your golf, not just waiting for golf to sell the sky is the limit.
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