smart strategies
Using Metrics — Other Than RevPAR — to Inform Better Business Decisions
HotStats | September 14, 2020
In the hotel industry, normality has been put on hold, requiring hoteliers and stakeholders to rethink how to move forward. One example is budgeting season, which is quickly approaching. Zero-based budgeting, a method of budgeting in which all expenses must be justified and approved for each new period, is now fundamental. This involves addressing the variable and fixed cost lines to protect the bottom line. Another is space optimization, which is gaining further relevance due to social distancing procedures and the like. How do we maximize the now-limited space in hotels? The issue is not necessarily being creat...
COVID-19: The Great Hospitality Reset
September 9, 2020
By Matthieu Mauguin Do you ever feel like time can go by at different speeds? While on vacation, an entire week may go by in a few hours, whereas at work, a bad day can sometimes feel interminable. This is often described as the elasticity of time which is strictly a matter of perception: your brain either produces stimulants which cause an overestimation of the flow of time, or depressants/anesthetics which have the opposite effect. However, in the last few months, it seems like this feeling took a literal turn. The COVID-19 outbreak warped the concept of time, both subconsciously and literally. Early 2020 already feels like a decade a...
6 Ways to Turn a Crisis Into an Opportunity
HotStats | September 8, 2020
When a crisis strikes an industry, most hunker down to reduce damage. Amid the chaos, it’s easy to overlook the opportunities a crisis turns up. As a hotelier, you don’t have to sit back and absorb financial hits. There are ways to go on the offense. Wondering how? We’ve picked out six ways to transform unexpected market turns into profit and exit a crisis in a stronger financial position than ever. Turning a Crisis into an Opportunity In the middle of a panic, there’s a simple fact most hoteliers overlook: If you can quickly adjust to the new conditions, you’ll be set up to outdo the competition. Here’s how: 1. Esta...
It’s Becoming Survival of the Fittest
Robert Rauch | August 14, 2020
By Robert Rauch Prepare your operations to meet what guests are looking for, and prepare your teams for the realities of today’s environment. Mike Ditka, former NFL star player and coach once said, “Success is not permanent, and failure is not fatal.” Today it is paramount to test, experiment and kill the projects that don’t work. Business models and budgets became obsolete immediately. Culture and teamwork became even more critical as our world got turned upside down. As an owner or operator of a hotel, we are now a full-time coach if we were not before. This requires clarity and focus as some departments have...
Revenue Management Strategies During an Economic Downturn or Global Financial Crisis
Patrick Landman | August 5, 2020
By Patrick Landman The unofficial definition of Revenue Management used by insiders is ‘the art of turning away business’. This certainly does not apply during the current Covid-19 (coronavirus) global healthcare crisis, and the economic downturn the hotel industry is facing in its aftermath. All the standard strategies and playbooks are out of the window right now. So what to do? Hotel revenue management has now turned into a more commercial role, one that is focussed on generating demand, and getting eyeballs to your shop’s window. Not the typical role a revenue manager is used to. And I am sure many revenue management profess...
How to Avoid Roadblocks to Great Customer Service
Shep Hyken | August 5, 2020
By Shep Hyken What gets in the way of creating a great customer service experience for you and/or your organization? Is it a process that is clunky, inconvenient and difficult for the customer? Is it people who aren’t properly trained or don’t have the right people skills? It’s easy to ask yourself these questions and self-diagnose your organization, but have you ever asked your people? That’s exactly what my friend and client, Diane Kniowski, did. Diane is president and regional general manager at Univision. As she moved into this role, she realized the opportunities that would come from providing a better customer experienc...
How F&B Service Will Change Post-COVID
HotStats | August 4, 2020
As COVID-19 plows through the hospitality industry, it’s carving new paths to profit along the way. Moving forward, hotel food and beverage (F&B) services will be among the most transformed departments in the post-COVID-19 world. Already, the virus has changed how F&B services attract customers, and it’s altering the habits of guests. (In a prior post, we presented how social distancing could transform F&B operations.) Wondering how F&B services will change for hotels post-COVID-19? In this article, we’ll dig into the answer. What’s the State of Hotel F&B Services Now? Unfortunately, many business owners wi...
The Most Important Hotel “Salesperson” Right Now Is Working Behind Your Front Desk
Doug Kennedy | July 22, 2020
By Doug Kennedy As my frequent readers know, I have long advocated for hoteliers to view the front desk as a revenue- generating position, not an operational expense. In previous posts I have provided training tips for upselling at registration, converting “property-direct” voice inquiries, converting those who booked via third parties to booking directly next time, and perhaps most importantly, sourcing leads that can be passed along for follow-up by the hotel sales team. In recent years so many hotel salespeople have forgotten about this “channel,” as there was always a steady stream of leads flowing in from digital sources su...
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