Medicine for your Hotel Headaches, actions to ease the pain
OK, so we’ve renamed it, “Covered -20”
Because we want to be moving to a future world where we’ve all moved past the dramas of coronavirus (covid-19).
Covered-20, indicates, first of all, we are at least thinking about the year 2020(and not the past), plus it uses a very positive and action focussed word indicating we have the situation under control.
Often the best medicine is not a miracle cure or some radical technique. We believe the best medicine right now is to simply keep moving forward! (check out our earlier article on panic, pause or pivot)
We are keeping the wheels in motion and headed in the right direction in our business and we think you should be doing the same to keep some of your ‘business symptoms’ at bay. If we keep taking positive action, it is undeniable that, in time, we will have this situation covered. We will prevail. Or as we like to say “Get to the other side, in full stride”
The real question is who will handle it the best along the way. Who will keep taking that next step? Because, the reality is, all we ever really have is today. Your challenge now and always, is what actions are you taking today?
So, with ‘action’ as the antidote, here are a few practical suggestions of what you can be doing right now to keep your accommodation business moving forward:
1. Make use of Downtime
Perhaps there is a particular marketing strategy or a new target demographic you’ve never had time to fully flesh out.
In the world of hospitality, we rarely get downtime to work ‘on the business’. Now is a perfect time. You have no excuse, so put pen to paper and get started on ‘that’ project now.
2. Explore New Partnerships
Have a think about your current distribution partners. Are there some more you could add that have a really good fit for your target market.
What about more localised partners? Who could you strike up a symbiotic relationship with that provides upside to both parties? You’ll need to think with a fresh and open mind to unlock the unobvious!
3. Go Deeper with Existing Partners
Maybe just working more closely with existing partners or customers provides a more-nimble way to turn some business on, now or in the future.
Using Pareto’s 80/20 rule, it is proven that going deeper with existing, rather than acquiring new, is a more fruitful way to go.
4. Conduct a Hotel Health Check
Take stock of the fundamentals and set up scoring mechanism or checklist to make sure everything is on track.
We don’t mean the sort of health check your accountant might give you. Accountants are renowned historians, focussed in the past.
We suggest looking at the real meaty stuff that is impacting the here and now and has a direct influence on your future revenue.
Review your public channels, check your revenue management techniques, your online search results. Measure in analytically but also check it from the perspective of your clients and travel bookers. Then benchmark yourself against your marketplace.
Where are you strong? Where can you improve?
Here’s a shortcut to how we conduct a simple Hotel Health Check, feel free to copy.
5. Think to the Future
Fast forward your thinking to post COVID-19 (doh, I said it!). What does the industry look like? How could you be best positioned to take advantage of this new environment? What needs to start changing now so you’re ready for later?
Check out this updated article we wrote over 4 years ago helping business prepare for a new world (How to Future Proof your Hotel Business). We have now added specific instructions on how to apply this to the current “Covered-20” crisis.
These 5 actions can act as pills to help your business avoid this seasons’ dreaded flu and take it from Covid-19 to Covered-20!
As a valued follower of Hotel Strategy Co, we really just want to give you a nudge of encouragement to keep going, keep thinking, keep innovating and keep the growth attitude first and foremost in your mindset.
If there is anything we can do to support you, don’t hesitate to contact us.
All the very best.
Hotel Strategy Co. is a results-driven performance agency helping Hoteliers maximise the revenue and profits in their accommodation business.
We have a dedicated team of Revenue Managers, Distribution Managers, Number Crunchers, Online Strategists, Digital Marketers, Sales Managers and Performance Optimisation Specialists, waiting to work hard for you.
Offering a range of virtual outsourced services like:
- Feasibility Studies
- Online Optimisation Projects
- Revenue Management & Pricing Support
- Hotel Messaging & Marketing
- Distribution Advice
- Corporate Sales Development & Training
- Technology Transition Projects
- GDS Reviews and Optimising
We customise our services for every client, with a clear focus on delivering a return on investment.
If you think it’s time to get some extra help to grow your accommodation business contact us today.
TEMPLATE: Tactical Action Plan – what are the first reaction action plans specifically for Hoteliers during Covid-19
READ: Panic, Pause or Pivot? How will you respond as a leader?
ACTIVITY: Future Proof Your Hotel beyond Covid-19 – a practical activity you and your team can do to prepare for the bounce back!
MEASURE: Hotel Health Check – the 20 point audit of your hotel’s performance with benchmarking indicators of how you stack up against the market
IDEA: Outsourcing key hotel functions like Revenue Management can offer better value for money than hiring full-time