Last month, revenue professionals came together for the annual Revenue Optimization Conference (ROC), where industry leaders outlined, brainstormed, and planned to implement new revenue management strategies to cope with the ever-changing landscape of the hospitality industry in 2021 and beyond. The Revenue Optimization Conference laid the foundation for revenue professionals to evolve their recovery efforts with a variety of new revenue management strategies.
To find out more about the comprehensive recovery and rebuilding plans created at the Revenue Optimization Conference, continue reading below for the Top 5 Big Ideas for Your Revenue Management Strategies.
1. Get creative and drive revenue with your perishable inventory
Just as businesses all over the world in every industry pivoted and adapted to survive the last year and a half, hospitality professionals must do the same to continue increasing revenue in 2021 and beyond.
Even as travel continues to rebound from the last year, there are still ways to increase revenue with little to no increased overhead using your hotel’s perishable inventory. As those in the industry know, hotel rooms are considered perishable inventory. When left vacant, that room’s revenue opportunity for the day is gone forever.
Hotel rooms, however, are not the only perishable inventory on a hotel's property. Meeting rooms, outdoor spaces, event spaces, and more can all be leased to increase revenue. Pool areas can be transformed into a private club for local residences with a monthly or annual membership. Hotel rooms and meeting rooms can be utilized as on demand quite spaces to be used for business calls and small meetings.
Additionally, for properties near airports, rooms can be rented out to weary travelers for half days or by the hour, so travelers can shower and rest during long layovers. These rooms can still be made ready to be booked for the evening.