The Pavlov Effect: FOMO Anxiety in Revenue Management
Fabian Bartnick
Revenue Management the right way | Founded 2 companies that optimize hotel & restaurant/bar profits through software, consulting & coaching | 50,000+ took my Revenue Management training
Is Your Phone Your Pavlov’s Bell?
Before we spill the beans on Rafa and Hayden's latest saga, let's share a quick coffee, virtually. Imagine this:
I step away for a minute, and there you are—reaching for your phone faster than a squirrel on espresso. Guilty? Comment with your confession: Me / Yes / Caught Red-Handed.
Congratulations, we've just been initiated into the Pavlov's Dog Club. A bit of a jolt? Perhaps.
But stick with me, my Paw Patrol pals, as we explore the uncanny parallels between our reflexes and the bustling world of revenue management.
Rafa’s Digital Dilemma
Rafa, all of ten and brimming with zeal, stepped into the gymnasium with a spring in her step and a twinkle in her eye—only to be greeted by the digital embrace of the smartphone era. New friends, new groups, and a volley of messages that never seems to end. One hour alone, and she’s playing catch-up with 156 messages. (Wtf right?!?!)
The morning mantra has morphed from sleepy greetings to “I need to check my phone.”
The Fear of Missing Out (FOMO) is real, folks.
Hayden’s Amazonian Adventure
Not to be outdone, Hayden, at the ripe age of eight, is now convinced he too needs a lifeline to the digital world.
His reason? “Just to check Amazon.”
Simple, innocent, yet it marks the beginning of his own tryst with FOMO and the relentless need to stay updated—or risk being left behind.
The Revenue Manager’s Dilemma: Critical Thought vs. Pavlovian Impulse
Now, let's pan back to the sphere where we, the revenue managers, dwell. Our realm isn’t so different from Rafa and Hayden’s digital escapades. Here, real-time data isn’t just a stream; it’s a raging river that we navigate each day.
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This torrent of occupancy rates, pick-up patterns, and competitive pricing is the lifeblood of our trade, instigating a FOMO that keeps our eyes peeled and fingers ready to pounce.
Take, for example, a sudden spike in pick-up rates. It hits, and we’re salivating not over food, but over potential revenue spikes, driven to react swiftly. We adjust rates almost instinctively, compelled by the digital ding that signals a shift in demand.
Or consider a competitor’s rate change—a siren call that sends us scrambling to match or outdo, often without pausing to ponder the strategic nuances.
It's a relentless pursuit, one where the market's pace doesn't just dictate the rhythm—it becomes our own.
The peril lies in this: the once reflective and strategic revenue manager runs the risk of becoming a creature of reflex, a modern-day Pavlov's dog, responding to each alert and signal with conditioned haste rather than deliberate analysis.
In this high-stakes game where algorithms know no rest, the question stands:
Are we controlling the data, or is it controlling us?
The Hack to End the Cycle
As for me, proud papa of Rafa and Hayden's lives, I've found a little trick to break the cycle. Simply leaving my phone in another room doesn't cut it; my brain’s too clever for that. But putting it on airplane mode? That’s the ticket. It convinces my brain that even if I succumb to the itch to check, there'll be nothing new awaiting me. It’s a small change, but it brings a monumental sigh of relief.
So, dear reader, as we navigate the choppy waters of revenue management and life, what’s your hack to outsmart the FOMO and keep your inner Pavlov’s dog at bay?
Share your life hacks, and let’s break the bell together.
Love,
Fabi
Revenue Management | Revenue Manager | Outsourced Revenue Management ?? Founder & Chief Revenue Officer at MavREV ??
1 年So much truth in what you’ve wrote here Fabian Bartnick! I think your analogy of “real-time data isn’t just a stream; it’s a raging river that we navigate each day.” is my personal favourite though! I tried (and failed with) a few different hacks before finding my preference by switching on ‘Do Not Disturb’ mode, which is definitely my go-to when doing what I would describe as ‘deep work’ for my clients. During this time, my phone will only disturb me if I am receiving a call from one of a handful of people that are most important to me and who subsequently make my ‘Favourites’ list. If anybody else calls and it’s important, in my experience, they’ll leave a voicemail ??
Customer Technical Support (Level 2) at Verisk with expertise in Technical Writing
1 年When I was last doing revenue management, I had to put my phone into do not disturb mode when it was time to sleep, otherwise I'd find myself awake at 2:30 am when all the night audit reports started flowing into my email every morning.
Area Director of Revenue Management
1 年I try not to but what if that notification is important? What if my hotel is oversold by 50? What if somebody I know was hurt or too drunk to drive and needed a ride home. The phone might be the bell but my anxiety would cause me to lose my mind as I thought the worst possible thing that text could be without me checking it
I help hoteliers discover their true revenue potential - #revenuemanagement #hotelmarketing #ecommerce #datalover
1 年Great one! Love the anology to the endless data streams. Altough I am definitly guilty of looking on my phone way too often I was never caught up on it in RM. I guess having a defined daily schedule helps. When working multy property I checked changes in Pace, Occupancy, compset prices etc. twice a day: first thing in the morning and in sometime in the afternoon. The rest of the day was dedicated to strategy and daily tasks. Maybe this approach would also help in the private world? Only allow yourself 15 minutes every two hours for checking the phone
Revenue Management Leadership l Revenue Optimization I Market Analysis l Distribution l Business Development
1 年Definitely Yes ????♂? in FOMO group , Especially operating manually on channel manager, every outlook notification is followed by squirrel on espresso reach out for 6.4” screen. What keeps my inner Pavlov’s dog at bay ? Without doubt has to heavily distored 6 string sounds with a good bike ride !