Optimize Your 2021 Budget in the Age of Furloughs
As we head into the end of 2020, most hospitality companies are setting their 2021 budgets and strategies. It’s a forecasting period unlike any previous year in the travel industry. With lasting economic uncertainty, every hotel brand is facing unique challenges.
Following the 2008 recession, Harvard Business Review analyzed organizations that survived and thrived following past economic downturns and they came up “lessons” that spanned different organizational structures and industries.
To summarize those lessons from the past: businesses with the strongest and most stable post-recession recovery were those that balanced cost-cutting measures with strategic investments. Rather than relying on one or the other, hospitality companies need to make investments that balance out their cost-cutting efforts. Your spending and investments should streamline operational efficiency, both at the property and corporate level.
The impossible task: doing more with less
The hospitality industry is facing a challenge unlike any other sector of the economy. We’re facing decimated budgets and an unsure future. Every team at every hospitality company is trying to figure out the answer to the same question: how to achieve more results with less resources.
Whether that’s because of operational cut backs or staffing changes, hoteliers need to find ways to achieve the balance that Harvard Business Review promotes.
Create that balance by investing in technology that puts the resources you have post-cutbacks to work. With Leonardo, our technology is hospitality specific but brand agnostic. We work alongside travel channels, representation companies, international hotel chains, and beyond. We streamline the complicated process of managing, distributing, and sourcing media into something that can be done by a small team in a few clicks.
For hotel brands that means:
- Upload media once for distribution everywhere
- Bulk categorize to match channels’ categorization
- Add room type data to improve display and conversion
On the other side of the equation, for travel channels:
- Reduce workload of sourcing content
- Improve media display with metadata and categorization
- Create a more impactful booking experience with room type photos
Static Content and Your Bottom Line
Don’t under estimate the value of your static content. Static content is everything a travel shopper uses to make a purchasing decision other than the price itself. Ensuring your content is fresh and accurate is more important than ever.
Leonardo’s content management and distribution solutions help hospitality companies do more with less – while integrating directly with your existing tech stack. Automating content workflows lets you tighten corners rather than cut them.
If you’re not convinced that automation can get you more value out of your media, read up on all the reasons why automation impacts your budget.
We work exclusively in the travel space. Our technology is built with hospitality companies’ needs in mind, and we understand current budgetary requirements. We also work with hotel chains and channels to create a seamless, uninterrupted connections.
As travel industry experts, we know the unique challenges hotel brands are facing during this budget-setting season. Get in touch with us to talk about how we can work with you to help you do more with your content.