World Panel
Viewpoint 8 April 2020

A Post-Crisis Top-3 Revenue Management Action Plan

Revenue Optimization

— 14 experts shared their view

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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
Ari Andricopoulos
CEO of RoomPriceGenie

I would suggest that a great idea at this time is to use the enforced break to re-envisage what you want your hotel to be. Whilst the operations are running, it is often difficult to stop and think about this vision. More than that, it is hard to put things in place on a moving vehicle. To use this time for learning, if you are not a revenue management professional, I can recommend this course from ESSEC on Coursera.

Also, for smaller hotels, I have written this book that summarizes some of the best ideas from various experts.

In particular, now could be the time to look at the software stack. What PMS would you really like to have? I would say that unless you have an open, cloud-based PMS you are storing up problems for yourselves in the future. Now seems the perfect opportunity to change. Which booking engine, which marketing, which upselling software do you ideally want? Many will have offers for new clients now. At RoomPriceGenie, we make simple Dynamic-Pricing/Revenue-Management Software. The algorithm is unique in that it works mainly on market-positioning. It will be perfect for coming out of this crisis, where you don't want to go too low (ruin the market) or too high (not get bookings). And to help the hotel industry bounce back, we are offering a totally free service until the end of the year. Contact us for details. Previously, good times enabled hotels to become complacent. But in these times, coming back better than ever will be crucial. Now is the time to think about how to achieve that. 

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