WOW, we certainly live in a time of information overload. I went through a phase where I found it increasingly difficult to decide what is relevant, what is a duplication of information or what is just ‘fluff’. As an analytical thinker in the industry, I am constantly trying to find the final piece of the puzzle and the conclusion is rather straight forward. The art of it all is to the find the “normal” that you can most relate to and then build on that.
There are many aspects for business readiness during COVID that must be ticked off before we can become operational once again. This ranges from COVID compliance, to customer profiling, forecasting demand and expenses, driving direct business, having a digital footprint, and setting a competitive pricing strategy that will work for you for the long- and short-term.
Post-COVID Readiness should be on the forefront of everyone’s planning at the moment, and I am sure everyone is well underway with this. Of course, being very conscious that nothing has been approved by the government yet, but there is enough information to give a guideline on what this should look like. Aspects to consider:
- Deep cleaning, disinfecting and sanitising of the property
- New operational standards with regards to cleaning, contactless services, and social distancing
- Staff readiness with regards to new protocols, cleaning standards, their safety, and understandingthe risk
- Guest readiness with regards to protocols, behaviour, and best practices
Articulating the new profile of customer and their requirements and then marrying that with your unique offerings, is going to be what sets you apart from the rest. Aspects to consider:
- Researching what the new customer profile would look like, within the various segmentations
- Creating offerings around that new profile
- Creating a marketing plan to appeal to that new customer profile
Forecasting and Financial Planning
Using data analytics, public resources and your customer profiling data, you must create a forecast of demand for financial planning into the future. This will help set expectations, but also establish the optimal point where business makes sense. Aspects to consider:
- Recovery timeline
- Demand and revenue forecasting
- Expense forecasting
Pricing, Offerings and Terms
Appealing to the new customer profile is crucial and your offering must be as important as your messaging. Not only do you want to convert clients with your offering, you need to consider additional expenses, all market segments, long term strategy, flexible policies to make it easy to commit and so forth. Aspects to consider:
- Overall Pricing Structure
- Offers that appeal to the new customer profile
- Flexible policies
Driving Direct Business
Direct business has always been a focus as it is generally a more cost-effective channel for us, as well as the fact that this channel builds relations, trust, and loyalty directly with your clients. In the new reality where trust is a non-negotiable, our direct channels are more important than ever before. Aspects to consider:
- Current Booking Engine process
- Direct Best Price Guarantees
- Value Added Offers
If there was any good that came out of COVID to date, it is the lesson of being human again. We needed to see what is important again and what we can do without. COVID did this for us. The digital messaging, be it on social media, email campaigns, your product offering, etc, must be very well articulated and distributed to appeal to the new client. Aspects to consider:
- Digital Presence on all platforms that are relevant
- Drawing attention to your property in the most stylish and tech savvy way
- Speaking to your potential customers and their needs
If we think we are going to return to business as per normal, then we are certainly mistaken. The picture certainly seems very different and perhaps a little more complex than before.
With more than 25 years’ experience, of which 17 has been dedicated to managing revenue and a partnership with some industry leaders, we can help you navigate your way forward and help you focus your energy on what is truly relevant and important now.
Join us on Thursday at 11am for a talk where we unpack more of the Business Readiness during COVID. Reserve a spot for you and your team here – https://bit.ly/HospitalityBusinessReadiness
Once this plan is in place the strategy will need to be adjusted as new information comes to light with regards to trading rules and restrictions. As a one stop shop offer, we created Value Gain, our membership program, where we will continuously update our plans and share this with you so that there is one source of information to work with. Visit our Value Gain information page here – https://revenueresolutions.co.za/value-gain/
Revenue Resolutions can help you implement the ‘how’, with 28 years of hospitality experience, of which 17 years has been invested in Revenue Management. Contact Theresa Prins on 071 364 6381 (email@example.com) for more insightful information or to assist you set up your Revenue Optimisation strategy.