Does One Shoe Fit All Or Do We Need A Shoe Rack? By Sandra Gannon of Revenue Puzzle
The times of the perfect business mix are gone so which puzzle pieces (moving on from shoes) do we need to make sure the pictures comes together?
We all wish the dark magic would help in the current times - can we read the tarot cards, pull the bunny out of the hat, ask the crystal ball?
On a serious note; we have such a variety of hotels in Ireland and the rest of the world - city centre hotels, beach hotels, golf resorts, a mix of all, B&B's, themed hotels to only name a few.
So the traditional city centre mix for example of 20% corporates, 25% groups, 15-20% OTA's, 10% FIT's 10% packages & promos and 20% retail wont happen anytime soon. So whats next!
Revenue Management and revisiting Strategies is now more crucial than ever. We need to take a step back and relook what revenue management is and which puzzle pieces are coming into play there. Its time to change our mindset and look at the hotel business with brand new eyes to unlock potential new opportunities. Do you know which "buckets" your customers are belonging into and why? Do we understand demand even if it's only domestic or are their other ways to attract demand? When do we expect the various segments to start thinking about travelling again? What are the competitors doing? How is pricing effected in the new segmentation and last but not least how are the new "buckets" booking?
We also need to look at consistency - do we offer what we promise, is the first touch point when booking as consistent as the check out, do we communicate expectations especially around COVID19 requirements streamlined? Customers requirements of communication has changed!
"... the art of predicting real-time customer demand at the micro market level and optimizing price and the availability of products"
Robert G. Cross
It sometimes feels like a game of Tetris - let me translate that for the newer generation....
"By embracing our universal desire to create order out of chaos, the Tetris® game provides intellectual sport that combines continuous fun with mental stimulation."
So in revenue management we try and make sense of tons of data, trends, information overload to story-tell data and information to various audiences. Like a puzzle in Tetris the pieces have to fit together.
With changed strategies and revised business mixed the technology will have to change and adapt as well. Now is the right time to ensure & re-evaluate your connectivity is optimised and your systems are working with you. Customers want ease of use; Hotels want ease of distribution. Audit your system set ups now and plan for the future. The traditional trend of YOY (Year on year) analysis is not possible so how can your systems help you to find your new optimised strategy.
To find out how we can help to shift the mix or relook at your strategies contact us for a free 30minutes fact finding session to see what your needs are and how we can assist.
Tel +353 87 742 6666