8 Strategies to Prep Team Members for Different Economic Conditions

By Juli Jones, CAE, Vice President, Hospitality Sales & Marketing Association International (HSMAI)

How are you, as a revenue leader, coaching team members on how to deal with a potential downturn in the market, which many of them have not faced? HSMAI’s Revenue Optimization Advisory Board (ROAB) tackled that question at its annual retreat and identified 8 strategies that they are employing in their own businesses:

  1. Define and differentiate between an economic downturn versus a decline in demand.
  2. Increase communication both internally and externally by defining KPIs and knowing the source of your information in order to know how much to trust it.
  3. Provide a guide for best practice levers you can pull once you’re sure it is a downturn.
  4. Look beyond pricing to manage through a downturn (i.e., find new business).
  5. Read case studies and white papers based on the past.
  6. Train employees — focus on influencing, storytelling, instilling confidence, and making strategic decisions going forward.
  7. Use new metrics — don’t chase an index that might not be truly valuable.
  8. Plan for different scenarios.

The advisory board also discussed emerging trends. These issues and more will be addressed at HSMAI’S ROC on June 16-17, 2020 in San Antonio, Texas.

Categories: Revenue Management
Insight Type: Articles, Best Practices