Evaluating the effects of the global financial crisis, they must determine the precise
ways in which their target market, business travelers, have been impacted by the crisis
and determine the degree to which reservations for rooms have decreased. This will
assist in determining the underlying causes and developing suitable countermeasures.
Examining the competitive landscape, to find out if rivals have encountered comparable
difficulties or if any new trends could affect the hotel's position, they should examine the
market dynamics and competitive landscape as they exist right now. This will assist in
spotting any dangers and openings.
Diversifying your market by looking for ways to draw in clients from different industries,
such as leisure travelers, businesses connected to the government, conferences, and
local events.
Marketing and promotional initiatives: creating focused marketing campaigns that
emphasize the special qualities and advantages of the hotel, with an emphasis on
differentiators that draw in prospective clients.
Cost optimization is the process of identifying areas, such as energy-saving initiatives,
supplier contract negotiations, or operational process simplification, where costs can be
decreased without sacrificing service quality.
Short-Term Strategies,
For communication and Transparency, Keep open lines of communication with guests,
employees, and stakeholders.
Provide regular updates on safety measures, operational changes, and any disruptions
to services.
Flexible Booking and Cancellation Policies, implement flexible booking and cancellation
policies to accommodate changing travel plans and uncertainties.
Cost Control, Evaluate and control operational costs without compromising guest
satisfaction and negotiate with suppliers for better terms and pricing.
Health and Safety Measures, to Implement rigorous health and safety protocols to
reassure guests and employees and regularly sanitize common areas, rooms, and
frequently touched surfaces.
Local Marketing and Promotions, focus on local marketing to attract nearby guests who
may be more likely to travel and of course to offer promotions and packages to
stimulate short-term bookings.
Lastly, Staff Training and Support, by Provide staff with training on updated safety
protocols and offer support and resources for staff well-being during uncertain times.
