In this episode of the Decision Intelligence Lab podcast, hosts Vijay Mehrotra and Michael Watson engage with Warren Lieberman, President, Veritec Solutions, to explore the evolution of revenue optimization, particularly in the self-storage industry. Warren shares his journey from high school computer science to operations research at Yale, and his pivotal role in revenue management at American Airlines. He discusses the founding of Veritec Solutions, its transition from consulting to software development, and the unique challenges and strategies involved in pricing for self-storage. The conversation highlights the importance of understanding consumer psychology, the need for user-friendly systems, and the balance between product development and customer needs.
Chapters
0:00 - Preview
0:42 - Meet Warren Lieberman
1:28 - Warren's Journey into Optimization and Analytics
6:16 - Revenue Management at American Airlines
8:40 - The Birth of Veritec Solutions
11:35 - Transitioning to Self-Storage Revenue Management
13:10 - Innovations in Self-Storage Revenue Management
20:16 - Pricing Strategies
22:40 - Value Pricing
29:40 - User Adoption and System Integration
34:54 - Balancing Product Development and Customer Needs
37:39 - Transition from Services to Software
42:00 - Closing Thoughts and Recommendations
Key Takeaways:
- Self-storage revenue management differs significantly from traditional industries due to low transaction volumes.
- Value pricing in self-storage has transformed the industry.
- Consumer psychology plays a crucial role in pricing strategies.
- The transition from services to software requires careful consideration of customer needs.
Veritech's approach is to customize software to fit the client's business processes.
- Importance of user adoption and understanding system recommendations, continuous innovation, and enhancement of their software.
Follow the show
Apple: https://podcasts.apple.com/in/podcast/the-decision-intelligence-lab/id1811085064
Spotify: https://open.spotify.com/show/0lFoAVKqJHTYSZNpeN61ou?si=0ae973aab0174b3b
Connect with guest
Warren Lieberman: https://www.linkedin.com/in/warren-lieberman-bb783/
Connect with hosts
Prof. Vijay Mehrotra (University of San Francisco): https://www.linkedin.com/in/vijay-mehrotra-ba9498/
Prof. Michael Watson (Northwestern University): https://www.linkedin.com/in/michael-watson-07600a1
About the podcast
The Decision Intelligence Lab podcast delivers real-world insights for data professionals, business leaders, and anyone seeking to leverage data & AI for smarter decision-making & successful business outcomes.
For business inquiries, email at decisionintelligencepodcast@gmail.com