Objectives and Key Deliverables
A Fares Specialist is required to lead and develop our Pricing and Product Strategy, developing initiatives which meet the requirements of the DfT, RDG and wider stakeholders. Proposals and initiatives underpinning this strategy will actively contribute to our Ticketing, Customer Experience and overall bid-winning strategies making it a pivotal role within the bidding team.
With the Secretary of State’s vision ‘every customer should have the ability to make their journey by smart,’ the rail industry is making progress in delivering a digital ticketing future which better meets the needs of passengers. These changes will inevitably impact which fares and products are made available to passengers compared to today. We require our Fares Specialist to work with the wider Commercial and Customer Experience teams to understand the opportunities that digital ticketing brings and develop a Pricing and Product Strategy that delivers this vision.
Objectives and Key deliverables:
1. Gain a detailed understanding of current pricing structures, evaluating fare differentials and existing relationships between products.
2. Develop pricing and product proposals which meet the requirements of the ITT, in line with RDG’s emerging fares strategy and industry trends.
3. Develop our pricing and product strategy including proposals which supports the wider ticketing and customer experience vision.
4. Assist in developing a compliant fares model, modelling regulated and unregulated fare increases in line with overall proposals.
5. Model the revenue benefit of fare changes including the degree of movement between ticket types and the degree of abstraction. Evaluate options which best meet the requirements whilst providing revenue generation.
6. With the wider team, contribute to evaluating competition risks including the development of potential CMA fares/product remedies.
7. Model the benefit of revenue management systems, processes and activities, including the potential increase of Advance Purchase products being sold on the day of departure.
8. Assist in modelling the revenue and wider benefits of digital ticketing and SMART initiatives.
9. Support in understanding how fares and revenue management can mitigate crowding.
10. Consider the impact of a changing landscape including the movement towards a new industry reservation system and the potential opportunities that this may bring.
Support the wider Commercial and Revenue teams with analysis.