5 things Revenue Managers can do in preparation for Reopening Post COVID19
1.) Prepare forecast for reopening - be flexible with opening dates and strategies. Think of a traditional hotel opening.
2.) Avoid Deep Discounts - This study by Cornell University helps drive the point home https://news.cornell.edu/stories/2003/04/hotel-room-discounting-doesnt-increase-revenues
3.) Maintain Rate Parity - It's important during this time and always to maintain parity
4.) Work closely with marketing and sales for strategic promotions and initiatives - be mindful of what has just happened and sensitive in your messaging when launching discounts or campaigns. "Empathy" will get your farther than you think.
5.) Remember Rome Wasn't Built In a Day - reopening will take time and it will be awhile until we are in full swing and back to the glory days.