Insights

A yogini’s take on hotel revenue optimization in a Covid-19 world

revenue management

Yogini: a female master practitioner of yoga.

I see myself as a yogini, first, revenue optimist second. Having spent thousands of hours centering my mind, body and soul – my professional career within the revenue and consulting space has also benefitted immensely from the cognitive gains of daily yoga.

New shift in the world and on the mat

With the COVID19’s negative impact on the world, taking a few minutes or even a few seconds to balance your energy is the last thing on most people’s mind.  However, in yoga, we are taught that when going upside down, our perspective must change. In fact, when the head is below the heart, like in downward dog for example, blood-flow to the brain, heart and lungs is stimulated, forcing our bodies to turn upside-down. Which, quite literally, changes the way we view the world. In return, we take that symbolic positioning into account, and utilize it throughout our guided meditations.

But where does revenue optimization come into play?

Believe it or not, this idea that, “when going upside down, our perspective must change”, does actually relate to hotel revenue optimization. More so in the context of change, the most obvious example being this “new, uncomfortable normal” brought by COVID19. The hospitality industry will never be the same. Therefore, to maintain a well aligned strategy with the current state of the traveling world, our perspective, as revenue optimists, must change. But how?

Modifying your recovery strategy

1. Ask the base questions

Here are a few ground questions to ask yourself as guests rethink the way they travel:

  1. What can we do to maximize the new opportunities?
  2. Do we release the attachment to our old ways and move forward in our new environment?

2. Perform a positioning analysis to your current strategy

Include these crucial questions to help redefine and reenergize your revenue strategy:

  1. What are guests saying about our property?
  2. Who do your guests compare you with? Do you consider them competitors? Should you?
  3. What business is gone for the short term?
  4. What business is likely to never return?
  5. What new opportunities are presenting themselves?

3. Make the final calls

  1. Define best opportunities to tap into for short term.
  2. Review and revitalize the overall strategy and long-term vision.
  3. Make any organizational changes required to adjust to the vision.

Now use that “upside down perspective change” to center yourself, take a full look at the “new normal”, and ultimately breathe new life into the hearts and minds of your hotel!

Namaste.

About the author

Suzanne Swafford is the new Associate Partner of Revenue Management at Strategic Solution Partners, a single source hospitality solutions provider comprised of top tier industry executives. Formerly the Senior Director of Revenue Management with Wyndham Hotels and Resorts, Swafford has worked with a multitude of full-service properties, asset management companies and ownership groups, while leading the openings of newly built resorts, brand integrations, and over 30 brand conversions. Over a 10-year average, her portfolio has boasted an annual total revenue growth of 9%, through the generation of various revenue department plans, channel maximization, and partner strategies- ensuring proper market and business segment positioning with clients. Combining her passion for the industry’s core values with her expertise in generating revenue and increasing profit, Suzanne is open, honest and thoughtful in her approach proving her to be a dedicated and accomplished leader.

 

 

 

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