THE CHANGING DISTRIBUTION AND PRICING LANDSCAPE. REVENUE MANAGEMENT AND PRICING TACTICS TO BUILD. HOW TO STAND OUT AMONGST COMPETITORS AND MAINTAIN REVENUE? IT’S TIME TO BRING ORDER TO CHAOS.
We`ve listed some of the most important points we heard and some of our own for you to think and act strategically.
- The domestic market will recover first. What do you have to offer? Is your product set up for domestic traveller? Now is the right time to think about accommodation offers for future (June-July). Think about offers for families, couples, group of friends etc.
- What are the extra services you can sell to increase revenue? Additional sales for current and future reservations. Sell gift vouchers now!
- Keep in touch with your loyal customers. Think about the campaign for loyal customers.
- Flexible reservations. Guests are not looking to book the price with prepayment and non-refundable conditions at the moment. Add a flexible price next to non-refundable one.
- Offer something special for the guests that is available only on your website online booking engine.
- Go through your client database and segments to see where you can be your strongest and how you can market these clients. Create vacation packages for locals and make sure your search engine optimization is done.
- OTA`s are not putting any marketing money into promoting your property at the moment. But Google will see the rise of demand first so the use of Google Hotel Search will get more popular. Keep your website fresh, check the information you have in Google My Business and other site. Deal with client feedback and reviews.
- Check carefully what you offer on wholesaler`s or OTA`s site. Are you listed in some campaign and do you want to be part of it?
- Make short term plans but check what is happening with the market and competition for quick reaction.
- Focus on data and document your activities to check later what worked and what not. It gives you a possibility to learn and make conclusions.