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Revenue Management of Hospitality Industry after Covid-19

Revenue Management of Hospitality Industry after Covid-19

Thursday, October 1, 2020 , after COVID 19, covid 19, COVID-19, Hotel & Resort
revenue_management

The ensuring of the health and safety of everyone around you is as important as maintaining the continuity of your business. Firstly, it’s essential to analyze data correctly: this is the perfect time to audit your revenue management operations of your Hospitality Industry after Covid-19.
In order to going forward in the hospitality industry it is important to make continuous reviewing your rates and if possible lower them. You will need to be responsive, flexible and showing good judgment. You need to be alert for the price swing as some of your competitors might panic. Considering your hotel or resort status, keep offering discounts and promotions. Make sure that you are not damaging your brand.
When reopening, the demand won’t be related to prices. People’s travelling will be conditional only. They will choose hotels on the basis of other specific factors than the prices.
Try to offer value-added packages, to enhance the user experience that could function as a standalone feature which include a ‘Free Breakfast’, or offer a ‘pay for 2 nights stay for 3’ package and many more.
Again it is important to remember that lowering of the prices won’t drive added demand, and on the contrary it could lead to more adversities in the end. Your competitors are not your enemy with whom you are at price war. Every hotelier is here for the flourishment of Hospitality Industry after Covid-19.
While the option of cribbing is always open, take it as an occasion to familiarize and thrive. While there’s an incredible power in improvement, technology, and resolution, try focus on new methods and take a comprehensive approach to Revenue Management for the Hospitality Industry.
Finally, update your cancellation policy to make it flexible for the new normal situation. You can offer 10-20% discount for the present with a flexible modification policy.
It may be the offers you create or the facilities you provide, the right conveying of the information is the key to build the loyalty of the guest. Give your guests fascinating and strong reasons to book straight on your own official website.
Just remember that Hospitality Industry after Covid-19 needs to be:
• Transparent
• Honest
• Well-timed

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