man in front of algorithms on wall considering different revenue strategies

Over the past months, I’ve witnessed with almost incomprehension the changes the COVID-19 pandemic has forced upon our industry.

From operational standards to accounting practices, forecasting methodologies to budgeting scenarios, multiple segments to one dominating segment and remote sales efforts to heavy reliance on digital marketing — nothing is the same.

And so, it’s no surprise that traditional revenue-management approaches are no longer sufficient.

Subscribe to our weekly newsletter and stay up to date

I continue to be impressed by so many organizations that have made it their mission to find ways to help us all better understand consumer sentiment and buying behaviour. The wealth of information available is staggering and kudos to the countless companies that have gone out of their way to provide stay-safe guidelines and planning-for-recovery roadmaps, not to mention the 24/7 statistical overviews that help us understand today’s reality and tomorrow’s challenges.

But, in all of this is the reality of information overload — as if we didn’t already have a lot of data from which to make better decisions. So, as I continue to wade through what seems like an ocean of information, I’ve tried to isolate those pieces of market intelligence that will most effectively support decision making. Although this is different for every hotel, there’s a globally applicable approach to search out resources. I see these data sets in concentric circles, going from macro to micro; the outer-most ring representing macroeconomic trends and the inner-most ring what’s happening in your backyard.

Let’s start with that outer-most ring. For example, at the recent virtual Hotel Data Conference, one presenter shared valuable insights on U.S. travel spending, GDP statistics, unemployment figures and recovery forecasts. Although no one has a crystal ball, the data presented will most certainly assist in the 2021 budgeting process. I’m not suggesting that, as revenue managers, we don’t pay attention to macroeconomic information, but we really have to be “glued to our screens” this year when it comes to understanding the bigger picture.

Read rest of the article at Hotelier