Any hotel that is operating and serving its clients gets rewarded with profits. The profit is used to add on the necessary assets on the business and invested elsewhere. The last thing any hotel owner wouldn’t like to hear is that some money has been embezzled and squandered by the people he/she entrusted. Therefore, it is necessary to involve revenue management to move the hotel in the right direction.
read more here to know how you get started with revenue management.
Be sure to offer better value.
It is always a perception by any competing party that lower rates and prices invite a lot of clients. In the hotel industry, it turned out to be just a myth with a study called ‘Competitive hotel pricing in Europe’ proving the myth wrong. It was discovered that hotel that offers higher rates and recorded more profits.
The reason behind this is because these hotels paid attention to more quality service delivery that every client could envy. The right way of facilitating and giving value to your hotel is by including advanced technology and state of the art infrastructure. Incorporate and use the right technology and everything else will fall in place.
Select the right channels:
Ensure that you choose the right OTA that will see you through the journey. Be selective and consider factors such as commission charges, type of marketing exposure and global spread.
Stay away from the OTAs that concentrate on the area where you are well established. Ensure also you integrate the channel manager and the property management systems to ensure bookings are made every time.
Focus on social media.
The presence of social media and its impact cant be ignored in this era. For you to invite more revenue you need to seek help from social media. Put in place an interactive platform where the customers share their reviews and experiences and other activities that would invite more potential clients to your hotel.
A visible and influential social media presence goes a long way to bringing you more revenue. Make the most of TripAdvisor, Foursquare, Snapchat, Instagram, Twitter, and Facebook.
Prioritize your website.
Your hotel’s website is the best revenue channel option you have at your disposal. This is the same place where you can incorporate commission free bookings.
Invest in SEO services and digital marketing. Ensure that the booking engine is operating well to facilitate the booking and integrate it with the property management systems.
The hospitality industry has evolved and grown due to technological improvements and changes. The booking trends, guest, and spending trends have changed. Revenue management concentrates on the past but is updated with the new trends helps the management come up with better strategies. Dynamic pricing strategies are some of the best revenue management practices and it allows the management to get the most from deals.