Hello hoteliers and hotel owners – The ‘wait and watch approach’ times are over – it’s time to act and fast. Power your Hotel’s comeback with strategy, intent, and execution – get your fair share of the market pie.
As the hospitality businesses get ready to take off and return to normalcy, it’s time for hotels to evaluate their preparedness and comeback plans.
Building visitors’ trust is one of the important items in this vital phase but it is a long march to recuperation and creating success.
In this section:
- Act Fast Act Right – Why Waiting May Not Be Fruitful Anymore
- Outsource – Evaluate And Get It Done
- Managing Costs
- Evaluate Assets
- HR Readiness
- Evaluation Of Distribution Channels
- Positioning
- Improve Lead Time
- Leverage Local Market
- Maximization Is The Key
- Discard Previous Data
- Set New Benchmark Threshold
Every business needs a strategic plan to guide them to a power comeback and profits post-Covid-19. We bring specific tips and tricks that a hotel should follow to get back in the game with power!
Act Fast Act Right – Don’t Wait
Our first advice
- Check your options,
- look at revenue before cost,
- quality before cost and
- expertise before cost.
All three pay back in the long run. Check your non-revenue generating areas, personnel, and departments – balance those out to put the money in. Always remember – time and money both are of the essence.
Outsource – Evaluate your options and get them done
Keep it simple – hire experts and save long-term costs. Standalone hotels, independent hotel chains & boutique hotels should never rely on individual brilliance, rather opt for a company’s collective intelligence.
A case in point is outsourcing revenue management. Revenue management is one of the most important areas for hotels to spend on and focus on.
Management Individuals with experience in this very exclusive area of the hotel, are hard to find and/or expensive.
Hiring a company that can manage all channels, booking engine, rates, strategize and also manage reputation makes perfect sense. Revnomix Solutions was created by hoteliers for hotels, for this particular purpose.
Managing cost without compromise
Optimal utilization is the key to managing costs. These costs include the investments incurred in providing facilities, resources, people, capital, and processes.
Strategize and work on a plan. Additionally, tally out the rooms that the facility will have operational, the floors that will be operational, and the number of restaurants to be kept operational.
Once the lists finalize, it is essential to calculate and figure out cost estimates to help power your hotel’s comeback.
Evaluate Asset Management and Conditioning
While hotels during the lockdown, kept some or all their inventory closed down, they must conduct a complete check of units and condition them for better functioning.
The hotel should make a thorough search of the units- in terms of sanitization and maintenance.
The maintenance and conditioning may burn a hole in the pocket of the hoteliers. However, they should bear in mind the emotional state of a guest using these accommodations.
The guests are the ones arriving at the hotel facility with risks and doubts in their minds. Hence, the hotel must provide them with a clean and safe environment. Staff ready and trained to handle guests. Since the guests in the post-pandemic state are traveling against all odds.
Hence, the hotel must ensure they train the staff to handle guests and their queries comfortably and confidently. The guests should feel at home, easy and comfortable without any doubt in their minds!
Get Ready for the Future
Proper Evaluation of Distribution Channels
During the global outbreak, the distribution channels like OTA have witnessed a significant change in hotel listing/positioning and tactical.
As the pre-lockdown strategies and tactics may be obsolete in the new times, hotels should develop strategies based on the current demands of the guests. Additionally, they should also evaluate the market situation.
Hotel Positioning
Hoteliers should regularly revisit hotel positioning statements per the current situation. It is crucial to observe both primary and secondary competition set to stay ahead in the game.
Improve lead time consistently
In the present hospitality market situation, where demand is much lesser than the facilities available in the hotel, customers get the liberty to conduct their bookings until the last minute.
However, this situation is in no way helpful for the hotels to change any tactics at the last minute and optimize the rates. It becomes crucial for them to create base businesses to leverage the rates higher closer to the date of arrival.
Leverage local market opportunities
During more challenging times, there was a shift in segmentation and source of business for most hotels. To stay in shape and relevant, hotels need to revisit their strategies for most segments. Additionally, they should leverage their opportunities.
Hire your Revenue Management Team
Maximization is the strategy
Most of the hospitality segments declined in tough times. It was witnessed more in the corporate aspect of a business hotel.
Filling a big business hotel will be a significant challenge due to rate restrictions, considering the high price sensitivity.
Hence, hotels can pitch in their efficient revenue management team to implement effective revenue management strategies and earn them quantum profits.
I want expert revenue management
Focus on Market Monitoring
The hotel industry and hospitality market is an ever-changing scene. Markets can turn anytime! While a hotel is recovering from lockdown, it is also crucial to focus on future dates.
Discard previous Data
Nothing is the same in the post-pandemic world! There are new guidelines, new restrictions, and a new normal with masks and sanitizers in rage now.
Similarly, the historical stable demand patterns have changed, and any reference from earlier data will no longer help build future strategies.
A hotelier must work with future demand patterns to decide the strategies to power their hotel’s comeback.
Set Threshold Benchmark strategy
While managing demand is tricky in current price-sensitive markets, it is vital to have the lowest rate benchmark across segments to remain profitable and functioning.
Pricing affects quality
Participating in a price war may affect the quality of customers that land at your hotel.
The guest, after the bookings, may not appreciate the product and services and possibly not end up spending at the hotel for services other than accommodation.
It may harm the review scores of the hotel. Hence, the hotel should carefully budget the prices of rooms and facilities not to incur any losses.
Planning an efficient revenue management strategy is crucial for any hotel to stay in the lead. Moreover, it will help them earn more business, profits, and customers in the long run.
Revnomix Solutions – A hotel revenue management company, with twenty-plus years of industry expertise, can help hotels and hoteliers like yourself with simplified solutions to make informed, accurate decisions and power your Hotel’s comeback.
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Hoteliers: Power your hotel's come back with us. 12 things to keep you ahead in the game
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Hello hoteliers and hotel owners - The ‘wait and watch approach’ times are over – it's time to act and fast.
Power your Hotel’s comeback with strategy, intent, and execution - get your fair share of the market pie.
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Revnomix Solutions
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