Aug 18, 2020
Top Hotel Revenue Management Strategies to adopt post COVID -19
The Hotels are shut for months now. Revenue is practically reduced to zero. Hoteliers need to plan the strategies for Revenue Management to be adopted post COVID 19 once the restrictions are lifted up and stop their business from dwindling. Below are given some Hotel Revenue Management Strategies which are not only for temporary basis for the COVID 19 but these will also be beneficial in long term.
1. Right Distribution Channels Since it is said that Domestic Business will pick up the pace faster than international business, therefore along with international OTAs, select more of regional OTAs as of now. Also adopt a uniform distribution method which means instead of listing fixed inventory for a particular channel, go for complete listing of inventory over all the channels. This will increase the chances for more revenue.
2. Right Target Demographics As estimated post COVID 19 restrictions, there will be a surge of revenge travellers. So, targeting the right customers and planning services for them is crucial. Hoteliers must work on guest segmentation and pitch the right set of guests. Guest segmentation on the basis of reason of travel is the most important. Work on the strategies as of how you can attract that particular group.
3. Competition Analysis Analyse where you stand in the market. What all you lack and what all you are good at. What needs to incorporated and what’s useless. Form the competition set. Keep in the mind that not everyone is not your competition. No of rooms, room types, accommodation, size of the property etc matters when start comparing.
4. Emphasise more on Direct Bookings In these times of low revenue, you can dodge those expensive OTAs fees when you get direct bookings more. Work on your website, make it user friendly and optimize it as per SEO standards. Get listed on metasearch engines, run online competitions, email marketing, highlighting amenities on your website, keeping track of online reviews and comments, adding features like chatbots will fetch you more direct bookings.
5. Pricing Strategies Try multiple pricing strategies like segmented rates, rates as per the Length of Stay or different offer packages. See what fetch you highest revenues. Pricing strategies also varies according week days, season or if there is any special occasion. Post COVID there will be low occupancy so your prices should be low enough to attract customers but high enough to cover the cost and make profit.
6. Upselling and Cross Selling Amazing guest services can lead you to upsell and cross sell your products. With COVID 19 it will be easy to upsell your rooms which will be providing greater safety measures or better spacing etc. You can also work on services which can be easily used for cross selling like additional products to ensure more safety.
7. Food and Drinks When occupancy level is at alarming low time low, you can collaborate with services like Uber eats or some local businesses to get a steady source of income. Depending upon the local government restrictions you can also create pick up services or something.
8. Adopt Latest Technology You can not remain outdated in this era of cut throat competition. IOT and AI is becoming the mainstream in hospitality industry. With predictive analysis becoming easy ;quick, efficient and streamlined processes you can definitely increase your revenues through amazing guest experience. OneMenu helps you with streamlined processes, reduced costs, increased revenue and improved customer experience. With In room Guest Experience, In room Dining Experience, Smooth Check In and Check Outs , Local Attractions in the comfort of your room, Book Cabs, Digitalized Menu, Suggestive ordering, Informed Decision making, Inventory Management, Upsell Hotel Amenities, Order Management, Facilities Integration, Housekeeping Management, Increased Savings, Reduces Man Power and Printable; it is the app you need today.