Paying It Forward
Guidance on Setting Rates During Times of Crisis
Today my good friend, Ben Quiggle, from Woodalls Campground Management reached out to me. He was getting a lot of questions regarding setting rate at a time of crisis. I am always happy to chat with Ben, and he quickly put out my advice here.
I am a person of deep faith, and believe the scriptures teach us how to care for one another. During times of crisis-hurricanes, wildfires, or as now, a pandemic, it is always a good policy to err on the side of compassion. Managing revenue also means doing the right thing, knowing it will make you part of the solution and pay mighty dividends in the end.
Do not, however, toss our revenue management for future bookings. When making reservations for future stays-keep yielding in place and continue to use the solid business principles of good revenue management. Remember, revenue management does NOT mean raising rate, it means balancing rate and occupancy for optimum revenue.
In a time like this, it is easy to panic and toss aside common sense practices. Keep doin the things that successful operators do and stay the course. Caring for your guests now, and managing your future business, will get you through this storm and ready for sunnier days ahead.