Golf Benchmarking and Golf Industry Reports
Benchmarking is creating a standard or reference by which others can be measured or judged. Benchmarking can apply to the golf club as a whole (food and beverage, employee compensation, utility costs, etc.) or benchmark can be more segmented and focus only on rounds and revenue
Benchmarking works with industries that have a these key performance indicators: fixed capacity, perishable product, time-variable demand, and customer-segmented demand among other factors. Understanding all of this revenue-tracked data helps maximize yield and strengthen tee time prices and is considered revenue management.
Golf Revenue Management
Golf revenue management is more than maximizing profits, it's about getting the right golfer to your golf course for right price, at the right time, and through the right purchasing channel. Golf courses have a fixed capacity of rounds available and every dollar counts, similar to a hotel or airline. Once a tee time passes, that revenue opportunity is lost. Therefore, understanding what days and times are most valued by customers will help golf courses price these tee times more efficiently and manage their 3rd party tee time barter relationships.
When golf courses understand their historical data, they can begin to forecast how many employees they need for specific months, when the prices should increase of their rounds and their merchandising goals. Understanding the demand of the commodities offered at a golf course will help prepare golf courses for the future with limited waste. Past results are the determining factor for anticipating future behavior.
Comprehending the worth of tee times and what customers are willing to pay can be a long process. But once golf courses understand their data, they regain control of their tee sheet with 3rd Party Barter avenues. Golf courses will be able to dynamically price their tee times based on facts not guessing. Most golf courses don’t realize that over half of the rounds of golf booked by 3rd parties are Friday, Saturday, and Sunday.
But how do golf courses track their historical data and equate what their data says?
Revenue Management and Golf Benchmarking
Evaluating golf course rounds and revenue historical data is not easy, but what is easy is participating in a golf benchmark. A golf industry benchmark report will not only help golf courses understand where their rounds are booked, on what specific days they're booked, how much customers are willing to pay for a tee time but will also provide key insight to the golf market performance as a whole. Participating in golf benchmarking brings clarity to how each individual golf market operates as a whole as well as compares you to your competitve set.
Golf benchmarking is the revenue management "cheat sheet" and gives owners and operators data that has never before been accessible.
Are you interested in learning more about golf benchmarking?
Golf benchmarking is the golf technology tool of the future. Benchmark to maximize yield, improve 3rd party barter relationships, and garner key data for owners, operators, and golf management companies. The ORCA Report is currently the only independent, validated, and trusted rounds and revenue golf benchmarking report in the United States.