Boosting your hotel revenue is always going to be a top priority, and reviewing and updating your strategies regularly is key to optimising your performance. With this in mind, here are some helpful and creative tips to put in place so that you can achieve your profitability goals.
Many hotel owners and managers believe they already understand their customer profile. Yet, whether their property mostly attracts leisure or business travellers, or whether the guests are mostly couples, families, or professional singles, that doesn’t mean that there aren’t other niche groups of customers out there who will discover the hotel.
Therefore, noticing those new market opportunities rapidly is vital in order to meet those guests’ needs and build up their loyalty. To achieve this, it’s essential to continuously work on re-identifying the market segments that are visiting your accommodation.
This can be achieved by taking a few vital steps:
By determining which market groups are using your property and identifying how and when they are using it, you can more efficiently target your marketing.
Once you’ve taken the time to truly get to grips with the nature of your target market, you can then begin to tailor the amenities and services you offer to suit their specific tastes and needs. For example:
In order to boost your bookings, it’s important to target event and corporate planners effectively. Planners need to not only be able to find your property quickly, but they also need to be able to determine rapidly that your property can meet their requirements.
You can achieve this by creating a mobile-responsive dedicated events website so planners don’t need to plough through copy targeting solo travellers and holidaymakers and by targeting the content of your email newsletters to planners.
Both event planners and hotel guests alike appreciate automation to streamline touchpoints that are traditionally slow and to share vital communications. If automated interactions are used strategically, they can boost your revenue by improving loyalty and creating upsells. For example:
Choosing the right operation management software to streamline your systems and increase your productivity is a key element of boosting your revenue. A single central platform to enable you to manage multiple elements of your business simultaneously is an essential addition to your hotel’s technology suite in today’s highly competitive digital age.
With just one platform that enables you to increase your hotel’s occupancy, improve visitor satisfaction and boost productivity in one fell swoop, you can significantly raise your bottom line. Visitor offers a host of valuable tools that can make all the difference to the way you manage your property. For example:
By implementing a single software solution, your hotel systems can be effectively aligned so that they run more smoothly and profitably.
Every hotel has its competitors, and keeping a close eye on what they’re doing (both effective and ineffective) in terms of performance, upgrades, amenities, and room rates is paramount to inform your own strategies.
While in the past, researching the competition would take place only occasionally, today’s market competition has become so fierce that it’s important to conduct research at least once per year to improve your differentiators. Two top tips for carrying out this research include:
These are just six helpful strategies that can make all the difference in boosting your hotel’s revenue.
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