Without further ado, we are in the middle of the most serious crisis that the hotel industry and the entire economy has probably ever experienced. Travel activity around the world has come to a near standstill, there is talk of 50 million job losses in the industry worldwide.
The population is unsettled and there is still no clear agenda as to when and how a way out of this misery can be found for many affected businesses. What is certain, however, is that the current situation will sooner or later come to an end and that the “hospitality” landscape will permanently change in one way or another.
For hoteliers, who are committed to take up this challenge and turn the downside into a long-term opportunity, berner+becker revenue management has written a whitepaper that aims to inform hotels about currently available business, provides insight into the topic of planning and forecasting from a revenue management perspective, guides hotels along the cornerstones of distribution and pricing and provides guidance on key issues hotels should consider when analysing their business. The paper is rounded off with a short excurse on the topic of marketing.
Subsequently, the paper delivers a guideline for hoteliers for evaluating and assessing their business, sharpens their view of the future and provides practical tips for hotels to find their way out of the crisis. Specific focus is therefore given on summarising best practices from the industry in the field of Revenue Management, as well as assessing, modelling, and interpreting official government and other study information to easily translate them into own business cases for hotels.
Hoteliers will be able to learn about the 3 phases of travel activity related to the crisis and how to prepare themselves for various forecast scenarios by gaining insights into different potential extents of crucial feeder market recovery assumptions. Combined with the examination of historical hotel data and decisive questions to ask when preparing for the upswing, hoteliers will gain an all-round understanding of critical measurements for renewed success of their business.
Furthermore, the whitepaper highlights key areas in the field of distribution that relate to the relationship with existing partners and reinforces the importance of reaching out to new partners in order to fine-tune distribution activities adjusting to new market circumstances.
For the topic of pricing, the paper holds a number of review and activity points at hand to help hoteliers assessing their current public, negotiated and groups pricing with a clear focus of building a relevant pricing strategy for future adaptability and flexibility.
As a finding, hoteliers will understand that a new normal from a business perspective will have different facettes for various types of hotels, but to find their way out of the crisis, they have to dig deep on revamping and questioning their current commercial activity. Together with the right marketing efforts during the 3 phases of travel activity, hotels shall be well-prepared for the time to come.
The whitepaper builds on the premise, that many currently open questions will not be answered adequately and reliably in a timely manner. However, revenue management can provide hotels with a decisive advantage when it comes to assessing various developments. It has to set the pace on a commercial level in preparing a successful strategy for the recovery of the travel industry with tailored activities for hotels.
berner+becker revenue management wishes all the best and continued success moving forward and is available for any questions related to the whitepaper as well as revenue management related topics!
