The Pavlov Effect: FOMO Anxiety in Revenue Management
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.
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.
