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Santa
Fe, NM – October 2021 / Newsmaker Alert / As
the travel and hospitality world turns the page on a period of uncertainty,
we begin a new chapter in the industry centered around recovery, rebuilding,
and renewed efforts towards revenue optimization.
Last
month, revenue professionals came together for the annual Revenue
Optimization Conference (ROC), where industry leaders outlined, brainstormed,
and planned to implement new revenue management strategies to cope with
the ever-changing landscape of the hospitality industry in 2021 and beyond.
The Revenue Optimization Conference laid the foundation for revenue professionals
to evolve their recovery efforts with a variety of new revenue management
strategies.
To
find out more about the comprehensive
recovery and rebuilding plans created at the Revenue Optimization Conference,
continue reading below for the Top 5 Big Ideas for Your Revenue Management
Strategies.
1. Get creative
and drive revenue with your perishable inventory
Just
as businesses all over the world in every industry pivoted and adapted
to survive the last year and a half, hospitality professionals must do
the same to continue increasing revenue in 2021 and beyond.
Even
as travel continues to rebound from the last year, there are still ways
to increase revenue with little to no increased overhead using your hotel’s
perishable inventory. As those in the industry know, hotel rooms are considered
perishable inventory. When left vacant, that room’s revenue opportunity
for the day is gone forever.
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Hotel
rooms, however, are not the only perishable inventory on a hotel’s property.
Meeting rooms, outdoor spaces, event spaces, and more can all be leased
to increase revenue. Pool areas can be transformed into a private club
for local residences with a monthly or annual membership. Hotel rooms and
meeting rooms can be utilized as on demand quite spaces to be used for
business calls and small meetings.
Additionally,
for properties near airports, rooms can be rented out to weary travelers
for half days or by the hour, so travelers can shower and rest during long
layovers. These rooms can still be made ready to be booked for the evening.
2. Bring the restaurant
to your guests
Take
out is not a new concept, but thanks to the last year and a half and the
rapid advancement in technology, it’s a booming industry. Apps like Uber
Eats, Post Mates, and Grub Hub have become increasingly relevant.
The
convenience of having food delivered to your home, or in this case your
hotel room, cannot be beaten. So, instead of fighting this immerging trend
that is likely here to stay, adapt to it. Add grab-and-go options, outdoor
picnic-ready baskets, and exclusive in-room dining menus that feature the
perfect menu items for a cozy night indoors. Make your restaurant a staple
on all available delivery apps and services.
3. Adopt new or
alternative revenue practices
In
2021, choice is king. Guests want more flexibility and the ability to customize
their itinerary to fit their schedules and needs.
No
one wants to conform to the rigid structures of the past; they want hospitality
on their own terms. Hotels can take advantage of the increased desire for
choice by adopting new and alternative revenue practices that allow for
more choice.
For
example, for a fee, guests could handpick their hotel guestroom and their
check-in and check-out times. Additionally, hotels can add new perks to
keep up with changing times like utilizing guestrooms as co-working office
spaces or for rent meeting rooms.
Increase
revenue and appeal to new customers by adding more choice in every step
of a guest’s purchasing journey, from booking to checking out.
4. Rethink your
rewards program
Rewards
programs exist to keep customers coming back. While the current trend seems
to be slashing rewards programs and minimizing benefits for members, shifting
your rewards program can help facilitate new revenue streams and increase
brand loyalty.
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As
we’ve stated before, brand
loyalty supersedes channel loyalty. If a customer is using a third-party
booking site to book reoccurring stays at your property, they should be
rewarded for their brand loyalty, not punished for booking through OTAs.
Expand
your loyalty program to reward a broader sense of brand loyalty that includes
travelers that may be booking your property through OTAs.
5. Outsourcing
makes sense now
After
a year and a half of uncertainty, customers
are craving reassurance. Be sure you have a friendly, well-trained
voice on the other end of your reservation line that can answer questions
with knowledge and authority.
Add
the element of human touch without having to relegate a staff member to
phone duty in the reservation department. Instead, outsource to a properly
trained hotel call center. Not only will a hotel call center help craft
your brand’s image through a strong first impression — which we all
know is vital to customer retention — but they’ll do so while increasing
direct bookings at a higher average rate.
Professional
hotel call center agents are highly trained in the nuances of the hospitality
industry. Call center agents assigned to your property will be educated
on every aspect of your hotel so that they can help sell your property’s
unique features. When your reservation department is handled by an outsourced
hotel call center, you can shift your focus back towards current guests
to ensure they have the best experience possible.
We
are, without a doubt, in unprecedented times as travel professionals. The
landscape of the travel and hospitality industry has forever shifted, and
we must know how to adapt, recover, and rebuild. ROC was just the beginning
of a long rebuilding journey that is sure to reveal new paths to revenue
in this renewed industry.
As
we continue to move through the recovery period, we must approach new opportunities
with an open mind and be willing to pivot as the industry and travelers
continue to change.
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About
Travel Outlook Premium Hotel Call Center
Given
its progressive approach to the voice channel – in terms of performance,
training, transparency, testing and the tools used to measure performance
– Travel Outlook Premium Hotel
Call Center has become the premier voice reservations team in hospitality.
Travel Outlook’s valued client list includes Catalina Island, Columbia
Hospitality, Highgate Hotels, KSL Resorts, Outrigger, Pacific Hospitality
Group, Proper Hospitality Group, The Irvine Company, Viceroy Hotel Group
and many others. Travel Outlook’s team and approach increases sales conversion
and helps to create more effective voice communication between hotels and
their guests, resulting in improved social scores in addition to increased
voice channel revenue. For more information, visit www.TravelOutlook.com.
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Media
Contact:
Raul
Vega
LEVEL
5 Hospitality
www.LEVEL5hospitality.com
Mobile:
954-817-6371
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Previous Release: The
Future of Revenue Management Is Now! (09/28/21) |