The new norm, post-COVID, recovery and strategy have become the topics of conversation and focus of not only the hospitality industry but many other industries throughout South Africa and the globe. In moments of ambiguity, it is puzzling on where to focus your resources and energy and how best to bring revenue management concepts into play to assist with focussing on the future of your business.
Over the past two weeks, I was fortunate enough to attend a series of revenue management e-learning webinars facilitated by Revenue Resolutions and lead by Theresa Prins. Now, I must confess that I am the newest member on her team, so there is a certain degree of bias coming from my corner. That said, these webinars were really insightful. I believe many people would doubt the role that revenue management would play in times where hotels are unusually quiet, particularly when there is no real opportunity to ‘optimise’ on-demand, but this is where Theresa was able to demonstrate how to take a solutions-based approach.
Revenue Management in Uncertain Times
Revenue management has become less about demand-based pricing – albeit very important – but more about understanding your business and how to take it forward. These moments of solitude have given us a ‘zero’ base to work off of, which is what was the overarching theme of these webinars. The webinars were structured into six one hour sessions spread over two weeks where the attendees and Theresa had the opportunity to review important concepts and strategic processes such as distribution, data focussed decision making, segmenting and strategic planning followed by brainstorming or think tank on how to take these concepts forward into this unchartered realm we are all faced with.
The basis of many revenue management concepts are still vital but some just need to be reshuffled or tweaked, and some processes that were taken for granted now have come to the forefront. The focus being the customer journey and how best to get your product you are so proud of in front of the consumer and what that story says about you as a brand, business and member of the community you find yourself within. It has become apparent during these webinars and over my very few weeks working with Revenue Resolutions that we are to become thought leaders for our properties, brands and businesses. These revenue concepts are very important and it is becoming more and more clear to us that they will start to morph and collaborate in a vibrant way that will hold revenue management as the driving force behind how properties operate in the soon to come future.
Myles is a graduate of the Cape Peninsula University of Technology having worked in Revenue Management for many diverse hospitality companies including Marriott International. His skills include data focussed decision making, segmenting of business channels, distribution and strategic planning.