Get Ready – Top TipsMarch 22, 2021 1:39 pm
Papaya Consulting’s Five Top Tips for Reopening Your Property
There are multiple checklists available for the operational aspects of reopening a hospitality premises. Here are a few areas from a commercial aspect that I recommend you spend some time on now – not the week before reopening – to make sure you’re in the best place you can be.
Product – Review what you are selling. You may have packages that are no longer attractive or sustainable. There may be opportunities for new packages to attract the domestic market. With longer stays preferable from a spend and cost efficiency, look at value added opportunities for attracting 2- or 3-night stay bookings.
Pricing – Make sure your pricing is reflective of the market. It is likely to be heavily domestic for the summer, but there is anticipated pent-up demand due to extended lockdowns, especially for rural locations. Your pricing will also very much depend on your own product and your location, so take some time to research what your competitors are doing.
Marketing strategy – Whether you use paid advertising or not, you should have an outline of your plan. What you want to sell, who your target market is and how you plan to reach them. Even a few bullet points or post-it notes to start with as you define your ideas.
Analyse your business – Is it secure or is there ‘false revenue’ holding? If there’s international business booked, they may well cancel. The earlier you can establish what is truly on the books and what is not, the better your opportunity to resell the space.
Distribution Channels – The changes in demand due to travel restrictions may have brought about a change in your feeder channels and what used to work may not work now. It may be time to look at other channels or to consider opening to ones not previously used. While OTAs (Online Travel Agents) are generally a more expensive route due to commission, they often have a wider reach to marketing channels, particularly for smaller or independent properties. Similarly, there are some which are not as high on commission levels and worth exploring.
If you want to chat about any of this please get in touch and tell me about where your business is, and where you want to be.