Are Hotel RFPs Still Relevant?

As we find ourselves in mid-October, the usual time of the year when we kickstart our clients annual Hotel RFP activities, many companies are still questioning the relevance of the Hotel RFP in the age of dynamic pricing and the post Covid-19 era.  

💡 While dynamic pricing has indeed become a predominant strategy in the hotel industry, the structured process of RFPs provides several unmatched benefits:

➔ 𝗖𝘂𝘀𝘁𝗼𝗺 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀: Every organization has unique travel requirements. Hotel RFPs allow companies to secure tailored agreements to address their specific needs.

➔ 𝗕𝘂𝗱𝗴𝗲𝘁 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Amidst the volatility of dynamic pricing, RFPs can offer price caps or negotiated rates ensuring better cost control and budgeting consistency.

➔ 𝗦𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝗲𝗱 𝗥𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽𝘀: Regularly engaging with hotel partners via RFPs nurtures the relationships, driving mutual respect, understanding, and potentially better terms.

➔ 𝗗𝗮𝘁𝗮 & 𝗔𝗻𝗮𝗹𝘆𝘁𝗶𝗰𝘀: The RFP process enables companies to gather vital data and insights, which can further inform strategic decisions.

➔ 𝗥𝗶𝘀𝗸 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: As we've learned from the pandemic, having defined terms in place can prove vital in unforeseen scenarios, ensuring that both parties are protected.

The landscape of the hotel industry has changed, but the foundational elements that drive value remain intact. As we approach the end of the calendar year, it's an opportune time to look at your hotel program and the continued importance of Hotel RFPs, combining traditional practices with new strategies to achieve optimal results.

🌟 Let's continue to innovate, adapt, and thrive.

🥂 Here's to successful RFPs! 
 
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