Following the publication of our thoughts on ‘What we have learnt in 2020′ blog, industry experts worldwide shared with us their views on how 2020 shaped up for revenue management and those in the discipline. These are now available in one document for you to download, featuring over 50 tips on how to drive a revenue management strategy during a pandemic.
Not surprisingly much of the feedback has been related to the bigger picture- the business model, the cost base, and the market. All elements that revenue management needs to consider prior to implementing strategies and tactics and in many cases prior to COVID not seen by a revenue manager. Thoughts also focus on the role, the skills, the strategies, and the technology. Little surfaces relating to tactics, perhaps because these all stem from the leadership being demanded from the role today. Step back, think, explore, get the data, let go of fear – and then implement.
Working from top-down strategies to granular tactics here is the playbook of how Revenue Management responded to a pandemic. We hope you don’t have to reference this too frequently, but if you do, we hope it will be relevant, stimulate ideas and help you remember what you, and others have done to survive, and come out of the other side leaner, more successful and more committed to making Hospitality the great industry it is. Our thanks to the many that contributed their experience to this. Welcome to our review of what we learnt in revenue management in 2020.
To download the report please use this link