Coronavirus continues to be the trending topic in our agenda. First, we shared some of the best practices to avoid and manage COVID-19. Then, we did our research and wrote about some actionable recommendations to contribute to the recovery of your revenue.
Although it is temporary, we still don’t know how long this period will last. So we can give the entire situation a silver lining, and really use this time of lockdown in a constructive way to prepare your business for the future and deal with issues you are usually too busy to address.
Start by analysing the market you are in and your neighboring properties. Who is changing their rates and by how much? Are your competitors shifting their distribution strategy in obvious ways? Are hotels around you closing and for how long? Ask these questions regularly to evaluate your local market, then you can naturally start to shift your focus towards recovery and sustainability.
Now is the time to look a little forward and develop a recovery strategy. When will the travel and hospitality industries stabilize? How are you going to regain revenue momentum? Take some time to think about your revenue recovery goals and consider the following:
- When the world moves on from this crisis, travelers are going to behave differently. Start thinking about how you are going to adapt your rates and deals to these new behaviors. Don’t forget, one of the first groups that are going to start travelling again are business travelers.
- A lot of guests will also want to re-book vacations once the crisis has passed. Think about how you will reconnect with people who cancelled and promote more personalized experiences to them.
- Many locals in your area will soon be looking for ways to get out of the house when it is safe to travel again. Find ways to appeal to people within a short drive.
Take some time to think about how you can better market your property. Use this time to make a checklist for your property. What are the plans and to-dos you have been postponing? What are your advantages and disadvantages? What can you improve at your property? Ask these questions to yourself and start taking actions. You can start by updating your content on all sales channels from your website to OTAs. You can even take quality photos and videos of your property as there are not too many people around, turning this to an advantage. Evaluate travel agencies globally, make new contracts that will strengthen your presence both in domestic and foreign markets, and plan your sales strategies for the new travel agencies that you join.
Start preparing your property for the post-COVID-19 world!