The Value of Monthly Data
- Jul 11, 2019 3 min read
Here at The Revenue Club we have always tried to base our pricing decisions on data and thus take the emotion out of any green fee pricing decisions.
Unfortunately, not all data is created equal, and having a trusted source is only part of it. Data is only as good as it is timely. For means of demonstrating this point, consider cryptanalysis, or codebreaking. During World War II, the Allied forces used cryptanalysis to decode radio communications that had been enciphered by the Axis powers. Intercepting and decrypting these communications was fundamental to the Allied victory.
Imagine that this data was collected, but, rather than made actionable in a timely fashion, was only shared and consulted once a year. The arc of history could have bent in a different direction.
Data is only valuable if it is acted upon.
In the golf industry, accurate data about anything is tough to get, tough to verify and tough to compare across the market, this is particularly true when it comes to green fee data. For example do members guests count as visitor green fee income? How do you slice and dice the allocation of green fees in society packages? Is it all recorded accurately across the tee sheet and till?
Like any business, a golf course’s success or failure is measured by profit and loss: the ability to maximise revenues while simultaneously containing costs. In the case of members clubs any surplus is often re-invested into the facilities. Regardless of the type of golf club the owners, operators and committees need detailed, robust and actionable data that they can use to make the right decisions.
In the case of green fee benchmarking, it is not enough to see annual results. It is only by examining monthly numbers that golf courses can make decisions that will impact the bottom line before the golfing season slips away. At The Revenue Club we compile regular forecasts which helps us decide on the best strategy to take. At the end of each month we complete an in depth analysis of green fee related KPI’s, ranging from average booking value to analytics of the golf course’s website and booking engine. If the values aren’t hitting the projected levels, we take the necessary action in order to meet the desired goals.
More than a century ago, oil became the hottest commodity to sweep the globe. It powered much of everyday life and continues to help drive modern society. Like the oil boom, a new digital era gave rise to today’s most transformative and valuable resource: data. It powers our decisions, helping to remove guesswork from the equation. Data is the new oil. But you have to tap the well more than once a year to extract its true value.
Here at The Revenue Club we have developed an in depth report which gives you access to the vital data you need to enable you to make informed decisions about your green fee business. This is currently only available to our existing customers so give us a call and find out how our innovative approach can help you.
