Product Development and Innovation

Product Development

We currently find ourselves in times which provide us with the opportunity to approach planning for the year ahead with a green field site mentality “no holds barred” discussions.  This allows you to work as a team in a more innovative way to deliver what will be your revenue road map for 2021. For this exercise I suggest you consider using the phrase “income generation lines” to focus your conversations on product development and innovation and where in your business you can generate revenues.

Having a diversified product offering is critical in these times. It can help you stabilise income and hopefully when trading returns it will give you a more solid platform from which to trade. Ask yourself what other revenue sources might be available to you? What other product can you develop quickly and get to market in the short to medium term. By asking these questions you are really looking to see what other than the traditional hotel product can you deliver in a fresh, meaningful and profitable way?

Consider but don’t confine yourself to looking at the following areas:
  • Meetings room space – how could this become an income generator for you when your hotel reopens?
  • Leisure centre – how can this even, during lockdown deliver a wellness product that customers are willing to pay for? Can classes be delivered on line? Can personal training be delivered online?
  • Have you been collecting all the customer data related to the new product you may already have developed? – if not put your mind to that task now!
  • Online retail – how well is your marketing function set to connect ongoing with your new online customers? What further products can you develop for the shop?
  • Can you develop a dine at home experience food or beverage product in house which you can sell online?
  • Have you thought about selling some of your inhouse amenities such as spa product, bathrobe etc on line?
  • Is there an alternative accommodation product that you may be able to develop to add to your existing accommodation offering?

Oonagh