My hotel is closed, what revenue management can be done right now?

Even if your hotel is closed right now, there is still so much that you as a revenue team can be doing to prepare for when you reopen.

If you're closed for this month, and for stays next month and the following, you probably are still accepting bookings for the future. Make sure to continue looking at those future dates, studying what is happening in your market, understanding if there are any changes to your website traffic or potentially new bookings coming in.

Moreover, you can continue to look at your processes and your plan for recovery. It is so important to draft a plan of what to do when we start to see those recovery signs.

Understand what type of pricing you have now and what type of pricing you want in the future. Revisit that strategy. Revisit your cancellation terms. Make sure that your pricing is appropriate to capture any demand that comes. You want to find that balance between having attractive, appropriate pricing, being priced to sell versus devaluing your product. You don't want to over discount if there is no demand anyway.

I would also recommend now, while you have the time, to ensure that you are communicating with your team what that plan might be, so that everybody is on the same page, everybody knows what to look for, what to expect and then how to react when the time comes.

And then finally, I would say, take this opportunity to double check all of your distribution channels, go line by line through your rate codes, ensure everything is clean and consistent and updated with any changes that you potentially want to make to your pricing strategy or to any of your terms that you have, to ensure that when the time comes everything is ready to go and you can really jump on that recovery train.