When you’re trying to get your team on board to purchase a revenue management system (RMS), there are a few key things you’ll need to keep in mind. Of course, you already know the benefits of utilizing an RMS. Your company will earn more revenue, become more efficient, free up time, and make better-informed decisions.
You’re already on board. Now it’s time to get the rest of your team on board, too. How do you go about pitching it to the rest of the team?
10 Tips in Building a Business Case for an RMS
Below you’ll find ten steps to get your team on board to purchase a revenue management system.
1. Identify and Recruit a Persuasive Advocate
First, you’ll need to identify and recruit a persuasive advocate who would likely support investing in an RMS. This person will serve as your sponsor and direct line of contact with the leaders in charge of purchasing. Having an influential advocate on your side is your leverage when you are recruiting other colleagues and ultimately pitching your case.
2. Identify and Recruit Colleagues
Once you have your sponsor, identify and recruit colleagues who benefit from the RMS. Are there people on your team whose jobs will immediately improve with the help of an RMS? These individuals are the easiest to rally behind your case. There is strength in numbers.
3. Prove the Need, Not the Desire
Once you have a good team on your side, you’ll need to prove why purchasing an RMS is a need, not a want. If you can lay out the problems your company is facing and exactly how an RMS would provide solutions, you are establishing reasonable cause for your request. Use case studies and company surveys as concrete evidence.
4. Navigate the Fit
Plan and navigate how an RMS will realistically fit into your property. Ask yourself how an RMS fits into your business strategy. What goals does your organization have, and how does RMS help you achieve those goals? Then specify what the deliverables from an RMS will look like. What do you want from RMS, and what will you be looking for?
5. Define Success
Determine what goals you aim to reach with your deliverables. Outlining success ensures your investment works how you want it to and provides concrete goal markers to persuade decision-makers. You are more than likely to be asked why an RMS is better than other solutions to the abovementioned problem. Do your homework and rank your other options against an RMS.
6. Develop a Timeline
A timeline is crucial when presenting your case. Plan out how long it will likely be before the RMS is rolled out, everyone is trained, and ultimately how long it will be until you start seeing a return on your investment. This question is inevitable, too.
7. Address the Obstacles
To convince your company to invest fully, you’ll need to show that you’ve thought through any obstacle. Identify issues that may arise when you start using an RMS and how you plan to combat them. Become the RMS expert and plan how you will address all hurdles.
8. Be Transparent about Costs
The most important part of pitching your case to decision-makers is being transparent about the cost. It’s only natural to face hesitation about the cost, but this is where a calculated ROI comes into play. A revenue management system can increase a company’s profit margins between 2%-7% within 12 months. That translates to an ROI between 200% and 350% (Deloitte).
9. Sum it Up
It’s always a good idea to summarize your pitch for those interested but who don’t have the time to listen. People are busy, so find a way to boil down your case and pique their interest, almost like an elevator pitch.
10. The Final Step
Present your case with confidence. You’ve prepared for all the hard-hitting questions. You’ve done your research. You know purchasing an RMS is the right choice. Get out there and get your team on board!