What are the most important post-pandemic changes that have forced hoteliers to adapt?
With light at the end of the tunnel, it’s time for hoteliers to look forward, plan their recovery strategy, and consider how to be successful in a new normal.
Despite lockdowns still in effect across Europe and Asia, countries are planning to have much of their population vaccinated in the coming months. Many hotels will re-open and people will start traveling again. Demand will gradually come back, but it will be a very competitive world.
So, what are the most important post-pandemic changes that hoteliers must adapt to in this new environment?
Pre-COVID, a big part of revenue management was understanding the demand drivers, analysing historical data, pick-up and events, and then using this data to implement pricing strategies that help optimise revenues. The reality is, in 2021, demand drivers will still be heavily impacted and historical data will remain largely irrelevant.
So how can hoteliers understand when demand is picking up again?
Ask yourself: What is truly driving demand? Is it an event? A festival or concert? A school holiday? All of those are certainly influencing demand. But at the end of the day, it’s ultimately the consumer that drives demand.
Many of today’s most highly successful companies – Amazon, Facebook, Google, Booking.com – started with an emphasis on making the customer journey central to their strategies and then making data-driven decisions based on forward-looking customer data.
These innovative companies have realised the importance of:
Why haven’t hoteliers implemented this approach yet? Leading hotel companies have said it’s extremely difficult to access and consolidate all these data points, especially since there are so many platforms and channels selling rooms.
It’s also a good time to step away from traditional comp-set strategies. Important KPIs like occupancy should still be measured versus the market, especially now that everyone is competing for the same business. But your comp set should not be pre-determined and static – it should change based on hotel openings and closings, competitors shifting prices, and even by the presence of alternative accommodations in your market.
OTA Insight is helping more than 55,000 hotels toward their path to recovery. If you are interested in learning more on how we can help you to prepare for the recovery, please feel free to contact us: firstname.lastname@example.org