Hotel revenue teams can never afford to rest on their laurels. Not with the consistent and rising degree of uncertainty that continues to hang in the air–the feeling that the next downturn could be hiding just around the corner.
Even the most bullish budgets in the industry continue to be accompanied by the sentiments of “cautious optimism,” careful as they are to avoid indicating they see something everyone else is missing.
“Cautious optimism” is a sentiment that the hotel industry has gotten cozy with over the past few business cycles. And why not? It’s an instinct that has served hoteliers well, with hotel performance vulnerable to external forces that are difficult to predict–and far outside their realm of control. Operators are used to the highly competitive nature of the hotel industry and are expected to anticipate and react to shifts in guest demand and behavior ahead of the competition, so they are best positioned to manage the risk that comes with seismic shifts in guest demand and buying behavior. All of this takes foresight, preparation, and access to a large inflow of data.
So, all things considered, how prepared is your property, brand, or group for the next disruption?
Download the Finding Certainty in Times of Uncertainty guide to learn what you can do to ready your business today.
You’ll learn:
- Strategies and tips for optimizing revenue in times of volatile demand
- How to ready your organization for the next disruption
- The 8 pillars of revenue management in times of uncertainty
Fortunately, our industry possesses a wealth of knowledge, experience, data, and technology in revenue management to help hotels find certainty even in the most uncertain times. IDeaS and industry thought leaders tackled some of the challenges facing the industry in a recent webinar, “Preparing for an Uncertain 2023: Lessons from a Hotel Strategist,” which addressed the rising uncertainty impacting hospitality and how technology is stepping in to provide clarity and intelligence with increasing accuracy and business impact.
“Hoteliers’ pricing discipline was the sector’s most important story in 2022 because it suggested that hotels will be more resilient in future downturns than in the past.” – Sean O’Neill, Skift
Resilient organizations combat uncertainty by acknowledging and embracing the idea that the future is uncertain. When organizations choose to ignore crucial data, such as the uncertainty accounting for real-world complexities, their leadership is making a choice to hamper their planning capabilities. If these leaders choose to keep their blinders on in this way, they are essentially gambling with the future of their business.
To maximize profitability in periods marked by volatile demand, commercial leaders must ground their organizations in decision-making based on real-world data and insights.
Adopting technology that can break down these insights into actionable bites will help ready organizations for the next inevitable disruption in hotel demand. To get a head start on this, check out our latest guide, “Finding Certainty in Times of Uncertainty.” In this discussion, we draw lessons from previous disruptions to provide strategies and practical tips for optimizing revenue performance in times of volatile demand.
Download the Finding Certainty in Times of Uncertainty guide to learn what you can do to ready your business today.
