Revenue management strategies to help your hotel recover from COVID-19
Coronavirus has hit the hotel industry hard, with most operators grinding to a halt and hotels across the globe closing their doors. Now that we are seeing some green shoots across some markets, hotel owners are actively listening to Government guidelines to get plans in place ready for re-opening, when the time is right.
There are many areas to consider prior to opening, the financial feasibility of re-opening, how many rooms you can operate with and what pricing stratgegy to follow, this alongside the operational and safety aspects means that this is by no means an easy task.
The steps you take now will help you on your road to recovery.
If you're not sure where to start, then let us help you to plan and implement revenue management strategies to get your hotel back on the road to recovery. Our hotel recovery package provides practical revenue management support in key areas of your business that you may need to consider, adapt and re-implement in the early days of re-opening.
Break Even Analysis
- Support to build a break-even analysis for your initial 3 months trading, to understand key variables and ensure you plan effective controls.
- A review of your bed stock and re-configure where necessary to enable your property to optimise room types.
- Conduct competitor research within the local market.
- A commercial review of your pricing strategy for the next 12-18 months ahead. This will include a review of all products and rate plans, along with system reconfigurations where applicable via any or all the following: the hotels property management system, booking engine and all associated online travel agents.
- Post opening, this will also include the ongoing management of rates and inventory controls for the next 12-18 months book window.
- Formulate a plan by market segment for demand generation to include both short-term and long-term revenue management strategies.
Website and Digital
- A general health check on the hotel’s website including web-site traffic analysis, keyword research, content review and functionality of the site, with recommendations for improvement. Actively create and manage targeted digital campaigns*
Reporting, Communication and Revenue Management Tools
- Create a reporting framework to include pace report, a simple rooms’ forecast for a rolling 3 months ahead, month end reporting including revenue and channel analysis with recommendations for improvement.
- Weekly revenue meeting (via Zoom)
- In order to help monitor and track your rooms performance, we have also included; access to benchmarking data for your specific competitor set for 3 months via STR, and, rate shopping insights and data, again for your specific competitor set for 2 months via OTA Insight. (Applicable to new customers only and not existing customers of STR and OTA Insight)
The above package is available from June to November 2020, is for a minimum of 3 months, monthly cost from £699.00 (+VAT), or local currency equivalent. T&C's apply. (*For any digital campaigns, the hotel will be required to provide a marketing budget, which we can advise on, if necessary)
The above work will be carried out off-site, via remote access, which means that we can service hotels world-wide.
Contact us for more information, and let us help, support and guide you through these uncertain times.
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