The world in 2021 is unpredictable. Managing and optimizing revenue among the chaos of travel bans, vaccine passports, and traffic light systems can be at best frustrating, at worst, chaotic. However, among the turbulence and volatility, there are some very clear consumer trends that are not only emerging but look set to stay. These trends not only look set to underpin future revenue strategies but also raise some important questions if strategies are to optimize the opportunities the post-pandemic traveller present.
The demand for Hyperpersonalisation
Consumer expectations are changing. Experience is king. Guests are looking for online convenience coupled with a streamlined offline experience, often simultaneously. This in turn is driving the need for hyper personalisation both on and offline. The industry needs to adapt to meet this increased demand for personsalation at every touch point.
· How can revenue management strategies support hyperpersonalisation?
· What role does data and technology play in this?
· How can we leverage AI to deliver the experience guests are looking for?
The rise of the Leisure Traveller
We are living in a leisure-based world and this is unlikely to change. The increasing importance of this segment drives the need for a heightened focus on leisure trends and behaviours.
· Who is the new leisure traveller, and who is more likely to travel?
· How can revenue management strategies influence leisure travellers?
· Who poses a high cancellation risk and what strategies work to manage cancellation ratios?
The loyalty and revenue management connection
There has been a noticeable shift in consumer behavior as we see caution underpin buying decisions. Consumers are gravitating toward brands that they know and are comfortable with. This increased loyalty within hospitality demands rewards that are both aspirational and memorable in a way that grocery rewards are not and need to be reflected in the customer experience.
· How do we put a price on Customer Lifetime Value?
· What do we need in our revenue management toolkit to measure and integrate this into our revenue strategy?
· How can we design a distribution strategy that boosts customer loyalty?
Join us at ‘Leadership from Chaos’ on October 12th where we bring together the industry’s sharpest minds to discuss challenges and opportunities presented post-pandemic and answer the questions that will shape future revenue management strategies. Find out more here
