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The role of revenue performance in the COVID-19 rebound | By Vivek Bhogaraju

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The COVID-19 pandemic has brought a tremendous amount of uncertainty to the travel industry, including the revenue performance discipline, with many accommodations resting their success - and in some cases survival - in their revenue managers' ability to effectively anticipate market trends. While this is a challenge unlike any other, it presents the opportunity for revenue managers to demonstrate the value they provide to the broader travel industry.With 2021 underway, many questions remain unclear, such as when travel restrictions will ease, when demand will return, and how to effectively price inventory when traditional revenue management approaches are no longer reliable. However, the more informed you are, the more you can make confident decisions. Without the right resources and access to data, forecasting revenue and predicting peak travel demand is difficult to pinpoint. One proven solution to better evaluate market conditions and make data-driven decisions is through revenue performance technology, something 85 percent1 of lodging properties still do not use.Having a revenue performance solution in place allows accommodations operators to make more informed decisions and ultimately drive true revenue growth. There are many solutions available in the market including Expedia Group's Rev+, that have helped drive clarity and data-driven decision making.In tandem with revenue performance technology, post-C OVID-19 recovery will depend on operators' abilities to identify and adapt to new trends. As you continue to evolve your revenue performance strategy this year, here are a few key recommendations to consider:

One example of successfully targeting long-term demand during COVID-19 comes from Expedia Group partner Janet Chen, General Manager of the Beimen WOW Poshtel in Taipei. To make early booking even more appealing to travelers, Janet created several promotions that gave discounts based on how far in advance travelers booked their stay. After loading long-term inventory, Janet saw a 150% increase in net room nights and a 392% increase in revenue. By setting up a long-term booking strategy, Janet is confident that she can capture bookings from travelers eager to explore the world again when it is safe.In 2020 Expedia Group continued to evolve its revenue performance technology, creating more value for partners by implementing new features on Rev+. Powered by Expedia Group's proprietary search data from all Expedia Group sites, we launched Market Recovery Insights to help partners understand how travelers are searching for their markets and how their respective markets are recovering from the impact of COVID-19. Leveraging purpose-built data science models, accommodations partners can also view current market occupancy metrics to better understand how their market is performing on a daily basis on future dates.Additionally, Expedia Group expanded access to its revenue performance insights through a new application program interface (API). Rev+ Insights API externalizes the insights from Rev+ to connectivity provider platforms like property management systems and central reservations systems, creating operational efficiencies and improving decision-making for accommodations partners that use these platforms t o manage their day-to-day operations.Optimizing revenue performance is critical to ensuring the longevity of your property. With the right solutions and tactics, revenue managers can help mitigate loss, drive demand and position their properties for success post-crisis.To learn more on building a successful revenue performance strategy, visit the Life at Expedia Group blog and access a series of online instructional videos to help you succeed.