Routine vs Agility. A quest for the optimal Revenue meeting

Our family's regulation of TV time echoes the principles of revenue management. The "sweets for screen time" exchange Rafa and Hayden participate in, mirrors the trade-offs businesses encounter daily. While the standard decree during weekdays is a firm "get a book, no TV", weekends usher in a family tradition reminiscent of my childhood: Family Movie Time.

During my formative years, TV was a gateway to a vibrant world, albeit with rigid schedules. The anticipation for Friday night movies was akin to a weekly ritual, where the family convened to decide the night's cinematic adventure amidst a scant six-channel universe.

I can't help but draw a parallel of traditional TV to revenue management meetings. Did you know that 80 odd % have revenue meeting same day EVERY week. Check out the stats: HERE (and vote /comment of course)!

Much like how my family relied on the TV program to plan our evenings, revenue managers helm the daily tasks to morph into the weekly meetings that steer the revenue narrative.

But what is better: On demand agile meetings or sticking to a routine?

The memory aka the Bali lesson about agility & on demand

We went to Bali for a weekend trip five years ago. Arriving at the hotel, the kids were tired after the trip — if you have a five and a three-year-old you know that tired, hungry kids coupled with unfamiliar environment is a highly explosive emotional environment to be in.

We decided to switch on the TV as a reward for being amazing little travelers. However, try and explain to a five-year-old the concept of TV channels / programs in a world of on demand on device Netflix streaming that they are used to from home.

We decided to give a phone to Rafa (5) and the iPad to Hayden (3) …oh boy — my Netflix subscription did not cover enough devices which left Rafa empty handed (Hayden was just a bit faster on the Peppa Pig).

Remember: Tired, Hungry, don’t get what I want = tantrum.

In that moment I received an email asking me if I want to upgrade to 4 devices for only 2 dollars a month....done! Up until then was I the guy who say: and who is dumb enough to buy 4 devices..... ???? A lesson in agility and on demand!

The entire world is moving on-demand, everything needs to be faster and quicker at our fingertips. And yet Revenue Management has stuck to routines, revenue meetings stuck to a predictable pattern.

But what is better: On demand agile meetings or sticking to a routine?

The Routine Chronicles

The same day, same agenda ritual provides a sense of stability and predictability.

The essence of routine is rooted in our primal need for stability and predictability. It provides a framework that houses our activities, allowing us to automate habitual actions and free up mental space for more complex endeavours. This routine-centric approach creates a comfortable rhythm, reducing anxiety and bolstering our efficiency.

However, the downside mirrors the stifling sensation Rafa experiences when ushered to change spots - a lack of spontaneity and adaptability to ever-evolving circumstances.

The Agility Arena

The essence of agility is embodied in teenagers spontaneous rebellious streaks, pushing boundaries to discover more or in our case: Netflix . Transitioning our revenue meetings to different days with varying focal points instills a dose of agility, allowing a more responsive approach to market dynamics.

The human spirit thrives on agility as it fosters a culture of curiosity, adaptability, and continuous learning. It’s the fuel for our inherent drive to explore, solve problems, and adapt to new situations. This ability to pivot quickly in response to changing circumstances is crucial, more so in the fast-paced business environment we navigate daily.

Yet, the downside is a potential loss of consistency, which could lead to a lack of in-depth understanding or follow-through on certain issues.

Striking The Balance

There is no right or wrong, there is only a try and see, a mix and match....just like being a parent :-) We need a balanced approach in revenue management meetings.

A concoction of routine for stability and agility for responsiveness might just be the cocktail to smoother sail through the turbulent revenue waters.

Here are some of my pointers:

Scheduled Innovation: Allocate a portion of every meeting to address new ideas, keeping the agenda fresh yet structured.

Flexible Timing: Rotate meeting days or times to accommodate different challenges and perspectives, fostering a culture of adaptability. Just imagine looking at pace and pick up on a Wednesday vs a Friday.....wooooaaahhhhh

Engage & Reflect: Allow for self-discovery, encourage team reflections on past strategies, celebrating successes, and learning from missteps.

Debate vs decision meeting: Make clear that some meetings are for debating only and others are for decisions only. Kinda like the "let me sleep on it".

But above all: Nothing was was ever created in extremes, it's collaboration where magic happens

Love,

Fabi