World Panel
Viewpoint 8 April 2020

A Post-Crisis Top-3 Revenue Management Action Plan

Revenue Optimization

— 14 experts shared their view

share this viewpoint
A Post-Crisis Top-3 Revenue Management Action Plan
This viewpoint was created by
Scott Dahl, Program Director, Master’s Degree in Hospitality Strategy and Digital Transformation at Les Roches Global Hospitality Education
Harald Bindeus
Task Force Director of Sales & Marketing and Revenue Management Consultant

While none of us have any idea when the virus outbreak will be contained and when currently closed hotels will be allowed to open again, we can and should get ready for the day which will eventually come. At the same time, we can't plan too early without proper data and information.

  • Action A: Resist the temptation to hand over your inventory, promotions and rate strategy to the OTAs. In past downturns, the industry has used the distribution power of the OTAs to capture as much business as possible as quickly as possible. The current situation could provide the chance for a reset of that dependency. Make sure that ownership has approved that strategy, is willing to wait for a longer return. Watch the behavior of competitors to not get left behind.
  • Action B: Forget your knowledge of booking pace, seasonality of your market in the short-term. Historic trends no longer apply. Discuss with RMS providers on how they are going to change the algorithms driving their systems.
  • Action C: Focus on local/ drive markets while consumer confidence builds over time. Expect that group business and corporate travel will take longer to recover. Maximize your CRM. Ensure that your Sales & Marketing teams shine - while recovery will take a while, IBT, Wholesale Sales can drive revenue that is fenced to a certain degree
see 13 more views

Advertisements