While the pandemic has left many aspects of our hotel operations open to uncertainty, one thing is pretty much guaranteed. The importance of revenue management in recovery strategies.
Revenue and pricing decisions have been heavily dependent on the analysis of historic data. Even the most basic revenue strategy could rely on planning around long-established periods of peak and low demand. However, the last year has seen this turned on its head, as tried and tested year on year data has been rendered meaningless. Embedded travel routines have long been forgotten as lockdowns, quarantines and Zoom have driven new, and sometimes fragile, patterns of demand.
Conversations need to change in response to this. New data sets require new analysis. Old practices are redundant. And as we look to new ways of doing things both operationally and commercially, with no precedent to guide us, there is a wider responsibility for commercial teams to understand revenue drivers as they unify to plan their exit strategies. It is no longer the preserve of the revenue team. The importance of sales and marketing, operations, and revenue, coming together to drive and optimise demand and profitability is needed more than ever.
It is more critical than ever for all to understand what the data is telling you to inform your decisions and recovery strategies.
The conversation is changing. Don’t get left behind.