Revenue, Sales, and Marketing Recovery Resources

Fellow Hotelier,

Preferred Hotel Group, Inc. has put together this page of quick resources to help you prepare for what we hope is a quick resumption of business.  While perhaps not all of your personnel are present to help, these links are intended to quickly direct you to items you may need most – be they tactical, such as signing up an RFP or opening inventory, or strategic, such as considering your pricing strategy or budgeting for the remainder of the year.   

We intend to add more relevant content over the coming days and weeks. If there is something you need that is not listed, please reach out to Emilee Avzaradel, our Project Coordinator, at eavzaradel@preferredhotels.com. She can find the content or the right person to help you.

Additionally, be sure to visit our LinkedIn Page (click here). Weekly topics and a best practice message board are there to help you engage with your fellow hoteliers during this unusual time.

Thank you for your continued trust in Preferred!

 

Considerations for Recovery Strategies

While the U.S. hotel industry seems to be firmly on its way to recovering from the worst year the sector has ever recorded, there are still many variables and challenges facing the hospitality sector.

Revenue managers are constantly adapting their pricing strategies, and the global COVID-19 pandemic has provided plenty of reasons to revisit and retune those strategies.

The over 65 crowd has the time, the money, and the desire to have experiences - and they have the secret sauce: the vaccine!

From Google's new 'free booking links' to OTAs undercutting your direct rate, there's always something new to learn when it comes to metasearch. 

 

Revenue Management 

Seeing occupancy drastically decline overnight automatically prompts an internal instinct of fear that causes us to react by lowering our rates. Read this article and case study to understand the potential pitfalls of decreasing rates, such as impact to profitability and customer perception.

STR reviews the attitudes of consumers and investigate their needs in this ‘new normal’ world impacted by COVID-19.

With so many hotels in city and suburban regions hit hard with low demand, there is one opportunity that is popping up: extended stay.

Hoteliers may consider changing the cancelation policy for Advance Purchase to offer a sense of comfort to travelers knowing they can cancel at any time.

Sabre is introducing a "Stay Safe" indicator for properties that have implemented new standards based on guidelines provided by the CDC and AHLA.

 Helpful article illustrating some challenges on margins being performed by OTAs. 

 Framework for revenue professionals to improve skills via toolkit and global series of webinars, workshops, and template tools.

 HSMAI offers a wide-ranging schedule of course offerings, utilize the essential courses to fuel sales, inspire marketing, and optimize revenue.

 HSMAI Guides for three functional areas - Sales, Marketing, and Revenue Management.

 Strategic checklist created by PHR to assist hotels in reopening.

 Versatile re-opening guide for hotels on lockdown from TripTease. 

Step by step on how to manage rates and inventory, setting restrictions, and generate an arrivals report.

Lowest Available Rate (LAR) functions for negotiated rates, and how to set it up in SynXis.

List of PH&R resources available to expand your knowledge.

HSMAI webinar - a look behind the numbers, forecasting and preparing to lead once recovery gets under way. (59 minutes)

 

Day Use on the Booking Engine

Considerations to sell rooms by marketing them as offices.

Best practices on how to set up day use in SynXis for your hotel.

Sales 

Guidance and assistance for property sales teams to enhance leisure sales tools.

Webinar sessions with TravelClick regarding leveraging New Corporation/Agency Association functionality in Agency360®

Download the Strategic Account Review (STAR) 2021 RFP Season Worksheet. This will help you, in collaboration with your Revenue Optimization and regional Global Sales contacts, identify transient segment strategies for the upcoming RFP season.

Overview of the RFP process for 2021, and how to proactively plan for recovery. (26 min)

HSMAI webinar - This discussion focused on the tactics that hoteliers should be implementing to accomplish three things to drive to the fastest and strongest recovery possible. (49 min)

 

Marketing

When people are ready to travel again they are going to return to brands and hotels they trust. The question is, how can your hotel instill trust in loyal guests and new guests in a post-COVID-19 world?

Based on best practices from hotel clients, The Hotels Network compiled a whole host of ideas about how to personalize the user experience to boost your direct channel during reopening. (Sign up to download the PDF file)

HSMAI webinar - Industry and agency pros provide insights on tactical things you should be doing to maintain your presence including email and website messaging, reviewing social and search tactics, working with your agencies, and getting marketing set up for when your markets open up. (1 hour)

 

I Prefer

Suggestions, with examples, for a variety of digital and on-property tactics to offer value adds to direct bookings and guest experiences.

We surveyed our loyal I Prefer Hotel Rewards Members to learn about their future travel plans in light of the COVID-19 pandemic.