OYO Launches Equal Partner Policy; Announces the Second Edition of Club Red to Unlock the Next Phase of Growth for its Asset Owners in India
- Strengthens its commitment to asset owners by launching the Equal Partner Policy to create a collaborative ecosystem for business improvements
- In line with this, OYO has also announced the second edition of its partner loyalty program Club Red for asset owners in India to accelerate growth through rewards and recognition
- As the company continuously delivers value to its owners, it has witnessed higher partner satisfaction levels in 2020 – a 5X quarter-on-quarter improvement – in its partner survey results
New Delhi, India, January 8, 2020: (Newsvoir) The world’s leading hospitality chain, OYO Hotels & Homes announced the launch of its ‘Equal Partner Policy’ at a recently held webinar for its asset owners hosted by Ritesh Agarwal, Founder & Group CEO, OYO Hotels & Homes and Rohit Kapoor, Chief Executive Officer, OYO India & South Asia. OYO utilised the lock-down period to constantly engage with owners, take their recommendations and improve ways of working to deliver immense value to them. The Equal Partner Policy (EPP) is one such initiative that will serve as a guiding principle to strengthen trust and increase transparency in the asset owner community. Under EPP, OYO has laid out seven guidelines – Communication, Respect, Availability, Transparency, Recognition, Technology and Togetherness, to ensure that the company creates a collaborative ecosystem with its owners for business improvements. EPP includes a concerted approach for proposed policy changes impacting business operations, complete transparency, simplified and clear reconciliation statements, rewards and recognition as well as financial support made available to owners if required.
In accordance with these principles, under ‘Recognition’ OYO has launched the second edition of its partner loyalty program Club Red to reward owners for their commitment in offering the best hospitality experience to customers. An industry-first initiative, Club Red is designed to boost asset owner success, accelerate business growth and continuously reward and recognise as part of overall engagement with its partners. Under this program, asset owners are evaluated on their commitment to improving customer experience on a range of parameters including room availability, hassle-free check-in, guest-delight and contribution to the business. The program provides exclusive benefits and opportunities to OYO India’s top-performing hotel owners for their personal and professional advancement.
After the success of its first edition where over 2000 owners were rewarded and recognised, the newly revamped program has taken into account recommendations from asset owners themselves with a focus on providing real-time visibility on the performance, delivery on current business metrics and direct connect with OYO’s leadership, celebratory virtual events with Bollywood Stars, priority support and additional value-added services for owners among others.
Rohit Kapoor, Chief Executive Officer, OYO India & South Asia said, “Technology and innovation are at the core of our partner-centricity. I, along with my leadership team, are continuously investing in establishing a deeper connect with our asset owners. We have introduced several initiatives, most of which have come straight from them, to enable us to bounce back stronger and better. Our simplified reconciliation statements, Tariff Manager for pricing controls, easy no show policy, weekly payments have strengthened our relationship with owners over the last year. We are humbled to see the results from our partner surveys and positive feedback received on the initiatives we rolled-out last year, further reinforcing that we are on the right path.”
He added, “We’re excited to take our relationship with our asset owner community to the next level with the launch of the second edition of Club Red under our Equal Partner Policy. The program is customised to our asset owners’ needs and takes into account the uniqueness each partner brings. Our owners are the backbone of our business and we are confident that we will continue delivering value to them with complete dedication as we drive OYO’s resurgence in 2021, which will also fuel the recovery of the hospitality industry.”
Karthik Kadhirvel, Owner of Capital O Vinayak In, Coimbatore, Winner of Club Red last year said, “I’m extremely thankful to work with a partner like OYO. Over the last year, I have witnessed for myself how the team takes our inputs constructively and comes up with new initiatives for our benefit. I was a Club Red contest winner from last year and this brought me a lot of pride and recognition in the hospitality fraternity as well as among my family and friends. I would like to thank OYO’s team and my hotel staff who helped me achieve this honor. I promise to continue delivering on the business metrics and focus on improving guest delight.”
OYO has also introduced multiple innovative business solutions focusing on hassle-free accounting, improving transparency and visibility on the business operating metrics. As the company continuously delivers value to its owners, it has witnessed higher partner satisfaction levels in 2020 – a 5X quarter-on-quarter improvement – in its partner survey results. The newly introduced self-help section & support ticket center within OYO’s partner-facing app – Co-OYO provides easy access to any kind of support material to its partners. It also enables them to reach out to OYO in case of a query and get real-time ticket visibility. As a result, over 70% of OYO’s asset owners are now directly connected via Co-OYO. Today in India, over 80% of the asset owners have opted to be on OYO Secure – a prepaid wallet based system, where partners deposit money in a secure wallet that gets adjusted with the net payment reconciliation system. The hospitality chain has also conducted 60+ webinars discussing varied topics including sanitisation, hygiene standards, revenue strategy and business recovery trends.