Covid-19 has completely spun the hospitality industry upside down and exposed the weakest parts of the sector’s current revenue management practices. Selling the right room, at the best price is impossible when your occupancy rates have taken a tumble. Now, more than ever, revenue management is the cornerstone of your hotel’s profitability. Whether you chose to manage it internally or use an outsourcing model, it’s time to take your strategies to the next level.
Go Freelance
If you don’t have a Director of Revenue Management or a Revenue Manager in-house, you can outsource and find a task-field worker to fill that void. Since they’re already a professional in revenue management, you will be able to save money on training. This is their sole specialty and many revenue managers can help staff members in gaining a better understanding of their hotel while establishing practical team-building strategies.
Technology
The swift shift towards contactless technology has been universal across all industries. With the pandemic requiring social distancing and teams shrinking, the clear solution is to utilize the technology that you already have. Anything that allows for automation, is less time consuming for teams.
Now that companies are reevaluating their use of tech, it may be time to consider the investment in a wider range of technologies. Depending on what’s already been implemented, incorporating more tech can save you money in the long run, while providing reassurance for the hesitant traveler.
Talent Development
While a large portion of the hospitality industry have dealt with furloughs, the ones that are currently working should not be forgotten. Especially for those that have been forced to manage multiple roles. The rehiring process is still fresh, but there are still many opportunities to spread awareness of staffing efforts. Speaking to colleges, conducting online webinars about your current efforts during the pandemic.
Mobile Optimization
Mobile is one of the most important revenue streams in the hotel industry. Regardless of everything happening in the world, every hotel should prioritize mobile. A large percentage of people book through their phones. Not only should your website be optimized, but you should also make sure you’re using 3rd party platforms that incentivize bookings
Great companies are a collection of great people. Nobody has deeper relationships within the hotel industry than we do. We are a passionate team that ignites growth by delivering top hospitality talent. With a proven track record of success, we have established ourselves as one of the most trusted resources for talent in the hotel industry. Reach out to one of our consultants here.