The travel industry has been at the epicenter of the economic turmoil due to the travel restrictions and social distancing imposed due to COVID-19. While the coronavirus continues to impact travel globally, the good news is that the market is expected to recover in the latter part of the year and next year. Therefore, it is important for you to keep track of the industry forecasts and trends to work up a recovery strategy to boost your hotel revenue.
Here are a few strategies you can follow to boost your hotel revenue post-COVID-19:
1. Cater to a new marketing mix
Post-COVID-19, your audience is bound to display a change of behavior. Business travellers will probably be the first to travel, followed by single travellers. The last to travel would be families. Consider customer behavior patterns to come up with a strategy to effectively target them. Also, make sure you use your existing customer database for retargeting your old customers. And, while you are onto creating strategies to target these segments of travellers, make sure that your re-gear your communications to target the locals and domestic travellers too.
2. Adopt an AIl-driven hotel revenue management software
Hotel revenue management software is known to boost hotel revenue by measuring demand and dynamically pricing the rooms. While this remains a core function of the revenue management software, it is critically important now than ever before to enable and empower hoteliers with this technology to help them work smarter and more effectively. The revenue increase will follow.
3. Align your marketing and revenue management strategies
When you work on your recovery plan, ensure that it is aligned with revenue management on rate strategy and parity across channels, any new offers and packages, direct booking perks, and most importantly, a flexible cancellation policy.
4. Audit your website and its content
Keep your website updated and relevant. Provide a list of services that are available. Make it easy for guests to find your hotel online and book it with ease. Promote domestic tourism on your website and recommend top activities, eating places, etc. in the region.
5. Focus on your distribution channels
Firstly, review your OTA profile. Also, ensure that your OTA maintains parity with your website content.
Consider maximizing your distribution channels. Choose a distribution channel mix based on experience and data to get more access, and more reach, into the market space for the kinds of consumers you need.
6. Update your social media channels
Social media channels such as Facebook and Instagram are important for your road to recovery post-COVID-19. Ensure that you keep these channels updated. Also, remember to update your Google My Business listing with facilities and work hours to make your hotel more discoverable.
Author Bio:
Karan Iyer is an end-to-end digital marketer and blogger who inherently understands the hotel industry with his hospitality background. Karan knows how to convert the pain points and challenges of the hotel industry into business opportunities, and that's what he writes about for his readers. He also shares industry trends, insights and news to help his readers stay up-to-date.