is key . In the post-pandemic environment , revenue leaders , like many other disciplines , are managing more hotels than ever and struggle to stay on top of the fundamentals .
Pre-pandemic , many hotels relied heavily on revenue management systems ( RMSs ) for detailed analysis and pricing decisions . However , traditional RMSs cannot keep up with the constant changes and require reconfiguration . At the same time , everyone ’ s heavy workload and lack of time makes managing these requirements a challenge . Therefore , many have reverted to back manual processes to ensure they can be nimble and efficient . The biggest need in today ’ s marketplace is efficiency . Every aspect of the hospitality business
( if not every business ) is focused on how to be more efficient , which includes evaluation of existing partners . Many operators are reviewing existing partners with the goal of consolidation . The ideal partner will offer one point of contact to meet multiple needs , while providing quality services and superior support . There is no tolerance for partners who slow operators down , especially when it comes to distribution partnerships . Offline channels are no longer an option . Rather , full automation of distribution channels is a requirement .
NEW BENCHMARKING BRINGS NEW REVENUE OPPORTUNITIES . Much of how hotels previously determined strategies was based
on benchmarking their own products and services against other hotels in the same market or similar destinations . With all the changes in how hotels operate , services offered , and modifications to customer segmentation , it is critical that everyone reviews their competitive set .
It is highly likely that the previous competitive set looks much different from today ’ s competitive set . Addressing new benchmarking opportunities will help you understand the reshaped landscape and shape your go-to-market strategies .
For example , a luxury 5-star hotel company with several hotels in Mexico decided to think outside of its normal market and created alternative competitive sets using
IT ’ S ALL ABOUT THE MOMENT
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