Eight best practices in revenue management for during and after COVID-19
Don't throw the rulebook out the window
Desperate times call for desperate measures, right? Not when it comes to revenue management.
Despite demand being lower than ever and hoteliers under immense pressure to generate cashflow, this is not the time to throw the rulebook out the window. “Revenue management is in crisis, but this doesn’t mean we should change our core strategies,” says Dr. Detlev Remy, Associate Professor at the Singapore Institute of Technology. “We do, however, need to adjust our tactics, focusing more on existing customers, loyalty, marketing, untapped revenue opportunities and data analytics.”
When hotels reopen and travel restarts, it’s time to apply all that good training and discipline by following these 8 best practices.