A Post-Crisis Top-3 Revenue Management Action Plan
Revenue Optimization
— 14 experts shared their view
Principal | Revenue Generation, LLC.
As a revenue manager, it is important to keep close tabs on pace data and more specifically where the pace is coming from. The demand may not be from the traditional channels as business and group travel may be further delayed in the recovery. I would also ensure you look for opportunities in your backyard. Perhaps there is an extended stay package you can put in place for those that have been exposed and want to ensure they do not expose their family. Finally, having keep your eye on pricing and channel production. You can get creative with value add or packaging without dramatically dropping your overall ADR.
As far as out-of-the-box thinking it will be important to work closely with the marketing and sales folks in identifying specific customer segments that will be more likely to come back sooner, then put action plans in place to ensure you attract those customers. Example: When it is safe, I would imagine there will be plenty of pent up demand for families wanting to reunite. Creating a "safe" reunion package would be an attractive option to have in your arsenal.