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Let data guide your recovery plan. These questions should stay top of mind for you as your revenue strategy evolves:
Market demand: How has this changed today? What does this look like for each of the four stages of recovery? Forward-looking data, search volumes, and potential future demand peaks caused by the rescheduling of events and conferences are all good examples. Analyzing any and all data at your disposal will help you make more confident business decisions.
Feeder markets: Which markets are open now, and when are others indicating restrictions will be lifted? What segments and channels are still creating bookings? Take note of key dates for when the hotel and greater hospitality industry can operate.
Existing and new business: Are there any new potential customers to include in your scope? How many of your existing customers have rebooked? With demand down, now is the time to expand your reach and target as many potential bookings as possible.
Visibility: What are your competitors doing? Have they promoted discounts or launched new marketing messaging? Are there ways to break through the noise with your own distinct messaging?
By taking the pulse of the market and your current place in it, you can start to identify areas of improvement for your current revenue strategy to determine your most profitable business mix.
Excerpted from Planning for Hospitality Recovery – Revenue Management, a new playbook available from HSMAI and Amadeus. For additional information, insights, and tools, visit HSMAI’s Global Coronavirus Resources page.