Hospitality Revenue Management for the Covid-19 Recovery
23 June, 2020, 3:00 pm - 4:00 pmFree - £10
The session will start by examining the unique revenue management challenges that Covid-19 presents for the hospitality sector with a specific focus on the difficulties of achieving optimal pricing strategies where we have limited forecasting data, social distancing restrictions and uncertain customer demand.
The focus will then shift to considering the revenue lessons we can learn from previous sudden and drastic falls in demand, such as the reactions of the industry to 9/11, SARS and the 2008 economic crash – what would we do again, what would we do differently and how does this situation differ?
We’ll end by proposing a range of revenue strategies that you could consider for your business to help optimise demand during the recovery period. There will also be plenty of opportunity to ask questions and exchange ideas.
What will I learn?
• the importance of prioritising value over volume in a post-Covid-19 world.
• the benefits of target discounted and how to avoid long-term rate damage.
• ideas for how to predict changes in customer behaviour.
• tips for forecasting when data is limited.
• the value of clever market segmentation to optimise pricing strategies.
• alternative approaches to what and how you sell.
Who should attend?
Operators and managers of hotels or restaurants looking for practical revenue management strategies for the post-Covid-19 recovery period.