3 Simple Steps To Recovering Post-Pandemic

The 2019-2020 Covid19 Pandemic has been very impactful on our business as many of us know. Travel became became a full stop. Vacations were canceled, businesses ceased operations. These world changing events were like nothing seen before and changed the way we must think moving forward both operationally and business strategy.

You may now be thinking? How do I reopen my hotel or how do I recover post pandemic?

Well we’re happy to share three simple steps to help towards your recovery! And if you read through, we’ll share a bonus tip.

You may have heard the old revenue management cliché.

Right customer, at the right time, at the right price.

It may be a cliché or an overused definition of the goal of revenue management but your road to recovery is right there. Those are your three steps in one sentence!

Right customer: As a result of covid19 your market base may change. In many cities worldwide the only travelers have been medical personnel and logistics. As we exit quarantine or shelter at home recommendations and restrictions your typical market base will potentially change. As hospitals may need less support you may find those doctors and nurses are no longer with you. This means we must pivot to a new clientele. Work with your market research tools, vendors, and partners to determine who that new traveler is, this is key for our next step.

At the right time: Each guest segment researches and books reservations in different booking windows. Some 2-5 days prior, others are 90+ days prior. In your market research you should have determined who’s booking and thereby should know when they book. In some markets it may be a low value usage of your time to strategize on short term business. It may be more useful to concern your primary business strategy on long term and merely focus small amounts of time on the immediate booking window with pricing strategy only. In other markets the short term will be key. Determine this ASAP!

At the right price: Different time periods will determine what your guests will book. For example in the prime period, you will likely want to be as competitive as possible with ideal price points, while earlier you may discount less. As you determine who’s coming and when they book, your strategy may be to target promotions towards certain segments in one booking window, and other promotions towards other segments during other booking windows. Work with your market research partners to determine how best to define your strategy.

There you have it, three simple steps towards recovery. So that bonus tip you may ask...

So you may have thought, when do I begin these steps. The bonus tip is:

Reframe your mind. It’s not when do you begin the steps, that answer is simple….TODAY! The question is, where do you begin to focus the efforts. That you will determine in your three steps. If you haven’t begun planning, when you start is today!

Maybe you have been thinking about this and still aren’t sure where to start. Or maybe you understand where, but you would like some expert assistance and advice. Regardless of if you are a revenue management pro looking for a second opinion, or a revenue newbie looking for the best interests of your business, we’re here to help.

Click here, so we can help begin the road to recovery together today!