February 5, 2022

6 Key Strategies To Help Your Hotel Boost Its Incremental Revenue

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.

Continuously Re-Identify Your Events Niche And Target Guests

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: 

  • Sending out short surveys after events to planners as well as attendees. 
  • Paying close attention to your analytical data to see where your most-qualified RFPs come from.
  • Asking staff to inform you about any changes in how your amenities are used. 
  • Communicating effectively with guests through post-stay surveys and face-to-face conversations. 

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.

Tailoring Your Amenities To Meet The Preferences And Requirements Of Your Market

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:

  • If your hotel is attracting more business travellers, adding amenities like flexible lobby workspaces or dedicated coffee services for meetings can attract even more corporate customers. 
  • Offering child-friendly facilities like a babysitting service or play area can help to attract more families to a property that is already popular with this demographic.
  • City-centre properties may benefit from offering a bike rental service that enables travellers to explore the area easily and conveniently. 

Targeting Planners Via The Most Appropriate Marketing Channels

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. 

Improving Client Experiences Through Automation

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:

  • By enabling a remote room entry system you can appeal to tired travellers who are keen to skip the check-in when arriving during busy periods. 
  • Automating confirmation emails is another helpful touch as it makes it easy to send out personalised special offers to different segments of your target market. 
  • Eco-friendly automated features are also highly beneficial in today’s environmentally aware climate. You can demonstrate the efforts your property is making to lower its carbon footprint by introducing technology like motion sensor lighting. 

Introducing A Single Centralised Platform To Handle All Of Your Hotel Operations

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:

  • The Front Desk System allows for bookings, availability, and room rates to be easily managed from a single centralised calendar. 
  • The Channel Manager allows your property to be marketed on countless channels from a single location in order to attract more of your ideal guests while avoiding accidental double bookings. 
  • Booking numbers can be driven up thanks to a website built specifically for your property to drive up conversions by a team of design experts. 

By implementing a single software solution, your hotel systems can be effectively aligned so that they run more smoothly and profitably. 

Keeping An Ongoing Eye On Competing Properties

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: 

  • Redefining your competition to ensure that your existing rivals are still the most significant threats to your business. Has a new property opened up that is targeting the same market as your own? Has one of your existing competitors changed their offerings so that it no longer attracts the same kind of guests?
  • Using OTAs and Google to research what your competitors are offering. Take the time to learn as much as possible about their room amenities, seasonal offerings, and year-round services. Check review sites for compliments and complaints too as these may highlight valuable opportunities to overtake your competitors as well as identify areas where you could improve. 

These are just six helpful strategies that can make all the difference in boosting your hotel’s revenue. 

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