The pandemic second wave devastated the hotel sector immensely, even more than the first wave. Numerous groups of hotels, hotel chains, independent hotels, lodges, motels- everything has gotten terribly affected.
Covid-19 has also exposed weaknesses in hotels, managing Revenue Management. Revenue management is an art, and like all art, it’s a constantly evolving process that can never be mastered.
In this area of ever-changing elements, such as customer behavior trends and the continual march of technological advances, even the most experienced revenue manager must keep learning.
It’s time to learn and adapt and move on…Says Popular Astro-Strategist Hirav Shah.
Shah is right.
But, one thing is new and Revolutionary and that is today, Hoteliers or Hotel leaders can have the correct foundation for a successful business through Hirav Shah’s absolutely terrific 7 fundamental signature approach.
Here’s the 7 step strategy listed below.
1.Project / Business Analysis
If your Hotel Chain needs to cut back, then you take the first cut. The actions you take now will be remembered for years after this crisis is over — especially how you treat your employees, customers, and suppliers.
What you do now will be well-received later, so work twice as hard. That also sends a message to your team that your business will still be standing tall come hell or high water.
Meanwhile, a complete GAP & SWOT analysis of your Hotel Group, can surely help in better understanding of, how to take the best steps forward.
Asset Value of a Hotel Brand Rides on the Solid Foundation of Balanced Marketing and Operations. It is fair to say that the brand can be one of the most valuable assets a company can own.
Successful brands are perceived to gain a high level of awareness in the mind of the customer. Name, logo, web, print and digital presence are items, which are the strength and the stature of a brand.
Nobody is perfect and mistakes can be costly. But here, the foundation can be auspicious at least. The brand assets can be favourable at least.
3.Sales Time line and Estimated Revenue
Many hotels aren’t getting the sort of business that they’re used to. This drastic change has resulted in numerous revenue challenges in the hospitality industry.
Revenue management (when a near-normal scenario comes) for the hospitality industry, will be more focused on generating demand than selling rooms.
Meanwhile, what if Hotel leaders get the estimated annual or half-yearly income in advance for their hotels ?
How insanely helpful would that be !!
Yes Yes, of course, it’s possible and happening today…Hirav Shah is hence, also being called the “Hospitality Guru” in the sector .
Factors that were vital to the hospitality industry revenue, pre-pandemic, included upcoming travel trends, disposable income, increased business from online sources, ease of transactions through internet banking, web reputation of hotels, and many more.
During the current global health crisis, many of these avenues are no longer viable. You need to throw out old strategies and bring in newer, more innovative and reassuring ways to attract business. Correct pricing strategy is one, that can aid in maximising yield and profits.
If you think, you are the showrunner of a great Hotel Group, then remember-
“Bad companies are destroyed by a crisis, good companies survive the crisis; but great companies are defined by a crisis”. Make sure your hotel is part of the latter.
6. Astro Strategy™
Nearly every hotel chain is grappling with huge strategic challenges, often with a need to reimagine its very purpose, identity, strategy, business model, and structure.
Most of these efforts to transform have failed. And, in most cases, they are missing the mark.
Is the situation gloomy ?
Yes, it is…but there is no point worrying.
Worry is only worshipping the problem.
Today, only with Astro-Strategical advice and direction, you can very well plan for the upcoming months based on uncertain trends. You can get your resources and energies channelised properly thus resulting in business transformation.
The Covid-19 pandemic undoubtedly presents the biggest challenge institutions of all types have faced in over a century. Hospitality leaders will have to reimagine their strategy and values in the context of the “new normal” we are entering, requiring hotels to fundamentally transform their systems of organizing, managing, and leading to enable effective execution of the new direction — and execute it quickly. In this crisis, speed is essential.
Being positive in a negative situation is not naive. It’s leadership. Hotel leaders need to be positive “NOW” while taking on challenges with confidence and certainty since they have Astro-Strategic advice to fall back on…