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  • How to Convert Your Hotel to a Pet-Friendly Hotel|Hotel Marketing May 2, 2021|Hotel Marketing How to market your hotel to pet owners: One of the noticeable changes in hotel clients' behavior in recent years is the surge of interest in traveling with pets. In the past, bringing pets on holiday was pretty uncommon, and this niche used to make up a tiny portion of the market. With the dawn of social media and the emergence of social influencers, more and more travelers now think it's cool to bring along pets on holiday, which prompted hotels to accommodate increased pet-related requests. With this new trend becoming a norm in most hotels, it just might be worth jumping on the bandwagon to add value to your customers' experience. Making your hotel pet-friendly is an excellent way of making your hotel more attractive to clients. Never forget that you are catering to different groups of guests. Welcoming a new niche into your market doesn't mean you should compromise the comfort and convenience of your existing guests. Don't forget that not all of your guests in the building are pet owners, or traveling with pets, so they have different needs and requirements. It is essential to define a strict set of rules regarding pets on the property to set boundaries and restrictions. While we know that hotels are expected to be flexible and are usually encouraged to go the extra mile to keep clients satisfied, managing pets in your hotel requires a different approach. It is essential to be clear and firm with your guidelines to avoid any misunderstanding or disagreement later on. It is always best to indicate in your terms and conditions which animals are allowed, which breeds are welcome, and the responsibilities of your pet-loving clients. Examples of limitations that you can set are the breed, size, weight, or the number of pets allowed in each booking. It is also crucial to point out to your pet-loving guests that not all areas of the properties are open for their four-legged companions. Again, this step is vital in making sure that you are also looking after everyone’s interests. Not all guests can be around animals for various reasons, especially health and safety. Again, establishing your terms and conditions from the start and making sure they are clear and understood during the booking process will help save you and your customers from any surprises and unwelcomed inconveniences during their stay. Laying out your guidelines ensures that pet owners know their responsibilities and limitations while on the premises. With pet-friendly features now in your roster of services offered, make sure that your pet amenities have the same top-notch quality as the rest of the hotel's facilities. Pet owners would greatly appreciate it if their pets receive the same level of service they do, which puts much more value on their own experience. A helpful tip on how to develop animal-friendly ideas is to list down all the added value and benefits that you offer to your clients and adapt them to suit your animal guests. For example, most hotels have a spa or a gym. You can have a version of these facilities mainly made for pets to play and socialize with other pets. You may also have a special room service menu specially designed for cats or dogs. In-house pet-sitting service is also a great idea and is best for guests who would like to take a short break and enjoy some quiet. Remember, whether you're dealing with human or animal guests, it is always all about adding value to their experience. It is about adding those little touches that make their stay convenient, memorable, and unlike any other. Do not be afraid of innovating and introducing new services, especially if it answers a need or a problem. If you need help with your hotel marketing, please reach out to us at www.bezla.com or call +1-888-999-88086. [more]
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  • How to Prevent High Employee Turnover in the Hotel Sector April 25, 2021|Hotel Marketing Businesses across all industries, including those in the hospitality trade, are well aware of millennials being a significant portion of the current market. However, more than being viewed only as customers, you should also acknowledge their essential role as human resources whose behavior now largely influences businesses. Unlike Gen X or the Boomers before them, Millennials have a rather unconventional approach to career development. While older generations tend to follow a straightforward and linear path of career progress, millennials are much more out of the box, unpredictable and flexible. Boomers worked in the same company for decades, got promoted every few years, and then reached a senior-level position. On the other hand, Millennial are not afraid to explore and go in different directions, as long as it achieves their goals. It would be best if you considered this when dealing with younger employees. Their outlook and values are pretty far from older generations. Nowadays, even recent graduates in entry-level jobs have their vision set only for the next 18 months. They are very open to moving to another company if given a better opportunity. It is best to make it your goal to manage their inclination to move and make it only within the organization. If you cannot address this, you will be losing some good employees, and fast. Millennials make an excellent target market for the hotel industry because of their apparent love for traveling. It is the same for your staff. They belong to the same generation, and they appreciate being able to travel, even for work. Mainly because it's the hospitality business, they expect to travel or move to different locations in the first few years before being promoted to a senior-level position before turning 30. Like everybody else, millennials are hard workers, and they will go to great lengths to reach their goals. They like to showcase their skills and abilities at work, and it works excellently when their employers express support in their career advancement. Millennials have a third for responsibility. They like to be in authority and to perform and achieve goals for the company while being rightly compensated, which contrasts with the old practice of having only the senior staff handle all responsibilities. While proper compensation attracts millennials, they are more driven by their career goals. Their decisions are made based on which organizations or companies can help realize it for them. A good example is when you have a young hotel staff, who is so amazing at her job that you want her to keep doing what she does. It may sound ideal from your perspective as the hotel owner-manager, but your lack of support for her career progress may drive her away sooner than later. By not considering their goals and career plans, you're most likely to lose great employees. Gone are the days when Human Resources solely handles an employee's evaluation leading to their promotion. You should be more involved in their journey by communicating and providing encouragement each step of the way. At the same time, try to know about their plans and objectives and learn how to use them to your business's advantage. Build your strategies around your observations while It is a must to earn their trust. It is one step towards keeping your good employees and preventing high staff turnover. To meet their travel expectations or new experiences, consider sending them to various assignments in different locations or work with other affiliates and brands in different areas if possible. In case your organization does not have the roles that they are eyeing, do not be afraid to acknowledge it and make it part of the conversation. At some point, you will need to accept it and allow them to move on and follow their career path. You can only hope that they come back eventually. That's why it's crucial to establish a good relationship with everyone and not letting anyone leave on a sour note. After all, it's a small world, and working in the hospitality industry only makes it smaller. The idea of coming back to where one started is not far-fetched, mainly because as time goes by, priorities change, and many still return to their place of origin at some point. Of course, you would want to be on their shortlist when they settle back in. Understanding millennials can be tricky. But one way to look at it is that if you don't exert the effort, your competition will, and with this generation, you can't expect lifetime loyalty. And just like how you address your guests' individual needs, you should also get to know your staff as individuals who are motivated differently. Each of them may have their own sets of strengths and weaknesses, but they will commit to your business's best interest as long as you support and protect theirs. A tip for your hotel is to establish a solid relationship with hotel schools. You should go beyond the once-a-year interaction and try to make it a continuous engagement with them. Set up lectures, seminars, coaching, even job fairs which can open more doors of different opportunities on both ends. If you need help with your hotel marketing, you may call us at 888 999 8086 or email support@bezla.com. [more]
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  • Creative Ways to Strengthen Hotel Incremental Revenue April 18, 2021|Hotel Marketing When we talk about increasing revenues, it usually revolves around getting more bookings and increasing occupancy rates. But when it comes to growing your incremental revenue, it is more about making your guest want to spend more on your products and services during their stay. This is especially applicable to smaller hotels, which cannot simply accept more reservations because of their limited number of rooms, quickly reaching capacity. Upselling and cross-selling additional products and services are some of the most commonly used tactics to augment incremental revenue. It's an excellent way to explore and target niche markets. You can offer a product, service, or upgrade that a particular group of customers would highly appreciate. You can start by offering standard hotel services such as early check-in and early check-out. You can also go for something more specific, like special group deals for traveling families or introducing pet-friendly rooms for animal lovers. These extras can create interest and attract guests while creating a perfect window of opportunity for you to entice them to spend more than their original booking. Upselling and cross-selling play a big part in incremental revenue generation. But it would be best if you took note that timing is also crucial in introducing your add-ons. This means you should know exactly when to offer them to avoid hard-selling, which guests do not appreciate and could drive them away. Train your staff to upsell and cross-sell and maybe encourage them with excellent sales incentives, but monitor and manage their performance to ensure they are not employing high-pressure sales tactics. Another means of generating incremental revenue is utilizing unused spaces in your property. Consider renting out a restaurant, a conference hall, a yard, or a garden -- areas that you have that can be perfect for conferences, parties, wedding receptions, or any event. You might also have a spare lounge area that can be rented out as a cozy co-working space. Look around and see which areas can be potentially rented out. If you have a bar or a social room which barely gets filled, you should arrange to have some sort of attraction or entertainment like a live band or sports fixtures. The goal is to present plenty of attractions to entice guests to book your hotel and then offer irresistible deals that would make them spend more during their stay. But beyond these steps that attract customers, it still boils down to providing the finest service a guest can experience. And repeat clients are usually more likely to spend more when they come back than first-time guests are. Once you have caught your customers' attention, the next thing to be concerned about is making sure they return and keeping them as recurring clients. At this point, you've already established your approach on how to provide an outstanding experience, so it's time to conceptualize an incentive system or a loyalty program to encourage them to keep revisiting. Provide individualized service to your guests to cater to their unique needs. This shows that they are valued and given importance. You can achieve this in the slightest and simplest ways, such as fulfilling simple room requests or having a helpful front desk that they can conveniently reach at any time. There are plenty of other ways on how you can provide a better customer experience. Check out our previous blogs to learn more about innovating your hotel. Ultimately, driving your incremental revenue is mostly about maximizing your resources and stepping up the quality of services. Building your incremental revenue is a worthy means of augmenting your hotel's profitability and can be implemented to complement your conventional revenue management strategies. It's just a matter of finding the right balance of methods for your business. If we can help your hotel marketing, reach out to us at www.bezla.com or give us a call at 888-999-8086. [more]
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  • Valuable Strategies to Collect Hotel Guest Feedback April 13, 2021|Hotel Marketing If you had to choose, would you rather have guests who complain or those who don’t but airs out their feedback online? Proactively asking for feedback and immediately addressing concerns is an opportunity to undo whatever negative impression a customer may have and turn it around. If things go well, you can even convert an unhappy guest into a brand ambassador who would gladly recommend your hotel to others. What do you do to get customer feedback? • Researchers in a study says that the best time to get feedback from your customers is ASAP. The sooner you can get it, the better. Most participants in the said study revealed that they would give feedback after checking out from a hotel to a few days later. There are also a few that say they never give feedback. • What does this mean? It means that the longer it takes you to ask for feedback, the less likely they are to provide any feedback from the time a customer checks out. In short, ask for feedback as soon as they check out. Also, make sure that your staff knows how to press the right questions, understand concerns correctly, and provide appropriate solutions. • Jetsetting customers and entrepreneurs who are on the go won’t have the time to answer questionnaires upon check out. Instead, you may send them a card with a survey or feedback link, which they can complete later. Traveling families with toddlers and kids can be pretty busy. An excellent way to encourage them to provide feedback is to make fun feedback forms for children. Throwing in a box of crayons would be a nice touch. • From experience, women are more open to providing feedback than men during a hotel stay. Ladies are more likely to give feedback than men. How can this information be utilized? You may separate your client database by gender and consider prioritizing women in reaching out for feedback. This way, you have higher chances of getting valuable responses. • However, this does not mean men on your list are to be ignored altogether. The combined opinions of ALL guests are still of the most significance. How do you get guest feedback? • A survey showed that most hotel guests now prefer to answer online surveys that they receive via email, but there is still a significant number who like to do the traditional survey to fill out forms at check out. There is also a handful who would prefer sending feedback via apps. To make sure all bases are covered, if you would go for the printed survey format, it is a good idea to add a QR code or a shortened URL to encourage online submission. • Make sure that your survey questions accurately collect the information you intend to gather. Keep them short, simple, and concise. Instead of having customers write their comments and opinions, a multiple-choice set of questions is more convenient. • Also, consider how you can make the survey possible and hassle-free at the point of check out. It may not be everyone’s favorite, but a tablet with a set of simplified questions gets better engagement and responses than lengthy questionnaires. • It might be a good idea to provide guests with incentives to encourage them to share their feedback. However, it would be best if you were careful not to make their opinions unbiased. Small tokens or freebies might be lovely, but it shouldn’t be something that would make them feel obliged to leave only a positive review. Important: Follow up. See that the information obtained in your surveys is followed up on; otherwise, it does not serve its purpose. Interestingly, customers on the opposite ends of the satisfaction spectrum are most inclined to leave feedback. The most satisfied and the least satisfied ones often leave the strongest reviews. That’s why obtaining the opinion of the middle group is just as important. The middle group reflects the norm for guests. Remember, feedback is not only about getting suggestions and complaints. It is also about finding out what made your guests' stay remarkable and hearing about what impressed them the most. This is a good way to determine how you can stir your marketing plan to focus and emphasizing aspects that appeal to customers. If Bezla could help your hotel's marketing plan, feel free to contact us at bezla.com or give us a call at 888-999-8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • Boost Your Hotel & Resort Social Media Marketing with Instagram April 4, 2021|Hotel Marketing Because social media is a relatively new concept in the marketing scene, hotels and resorts in the hospitality industry have taken different routes in incorporating it into their marketing plans. Some have openly embraced the new technology and adapted quickly, while others have not fully explored its potential. Some are still on the fence, and some haven't been bothered even to consider it. For the early adopters who are now actively utilizing Instagram and Facebook (and other platforms) in marketing their hotels, most have started employing staff whose functions are solely for social media management. How do you make Instagram work for your business? Instagram is a social media platform that centers around perfect images. It is all about sharing beautiful pictures of places, food, people, things—anything attractive, enticing, and engaging. This practice has become widely popular that there's now even a word for anything pretty enough to share: Instagrammable. Therefore, for guests to start posting more content about your hotel, it is necessary to make your place Instagram-worthy. If it is, you can expect your guests—especially millennials—to spread the word about their perfect holiday to their network of followers. However, it is not only about having a visual feast of a place to impress your guests. Remember that excellent customer service is also essential. It is all about balancing these elements. One of the most common ways of enticing Instagram users to book your hotel is by emphasizing your key selling points. Highlight what makes your property unique and what will make their stay different and exciting. Let them have a peek of what they can find in and around the hotel, allowing them to envision what great visuals they can curate during their stay. Because millennials comprise most of today's consumer demographics, this social media phenomenon is an excellent opportunity to step up your business's marketing techniques. We have a related video about marketing to millennials in our blog at www.bezla.com/blog, so be sure to check that out as well. To build a successful Instagram profile for your business, first, make sure that you have a business (not an individual) profile. This is free and does not require any membership or subscription. Having a business page allows you to advertise your website and contact information. You can also integrate it with your Facebook page, if you have one, with convenient social media buttons and links. These platforms can collect data, providing you with a more comprehensive report to adjust your marketing strategies accordingly. Instagram, along with Facebook, is constantly being developed and updated. New helpful elements are being introduced to meet consumers' growing marketing needs, such as the reels feature, which reminds you of Tiktok, and the stories option, inspired by a Snapchat feature. These features conveniently let you share your marketing content in different formats to reach various target groups. These improvements are carefully programmed to perform specific actions and achieve certain marketing goals. The best thing you can do is to use these features to maximize its marketing potential. And it doesn't have to be complicated. Fully utilizing the platform can be as simple as providing a complete bio or ensuring that all the necessary fields have been filled out, like contact details or business hours. One fantastic feature of Instagram is the ability to tag people and places with hashtags. Hashtags are usually misused, but if you know how to use them properly and make the most out of them, it can make a big difference in your marketing plan. Your social media pages should consistently use the correct hashtags for your brand and create special ones for specific events or products. This technique can bring your content closer to potential customers searching for similar accommodation or services in the area. You can also use tags to link your business with partner establishments to increase your possible audience. Another way of increasing social media engagement is through influencers. Social media influencers are individuals who have a solid social media presence and have a large number of followers. While many celebrities are instant social influences, regular individuals or content creators who have organically built a fan base over time are great influencers, too. You can hire influencers to post your hotel on their social media pages. It may sound too easy, but it's not foolproof. Getting an influencer to promote your business should be considered carefully and taken across all relevant social media platforms and establish your internet presence for a while before reaching out to influencers. This is because it will be difficult for influencers to market something that has barely been around and does not even appear in Google searches. These are only a few pointers on how you can use Instagram as a tool for marketing. If we can help marketing your hotel, you may reach out to us on our website at www.bezla.com or give us a call on 888-999-8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • How to Increase Conversion on Your Hotel Website by Using Urgency March 28, 2021|Hotel Marketing Creating urgency is a common practice in e-commerce marketing. You often see limited- time offers on websites selling all sorts of physical products, but not so much in the hotel and hospitality arena. Although uncommon in this niche, it doesn't mean this approach should not be considered and explored. When employed correctly, this can, in fact, effectively increase reservations and reduce customers' chances of abandoning a booking transaction. What does it mean to create urgency? Creating urgency is making site visitors, and potential guests recognize that there is limited room availability or limited special pricing that they need to take advantage of quickly. Otherwise, they'll miss out on a great deal. Informing guests of your offers and providing them with the power to decide and take action can strongly influence them to book sooner instead of later. Giving them a sense of empowerment is crucial. Although you are urging them to make a move, knowing that they are making the decision based on the merits presented gives them the confidence to proceed with the transaction. What are the ways you can use urgency to increase website conversion? 1. Availability messaging Let your customers know how many rooms there are left available at a discount. Just change the numbers in your message as the available rooms are filled up. 2. Let your guests know of your popularity Let guests be aware of how desirable and attractive your offers are by showing the number of people who view the offer or how many people booked your hotel in the past 24 hours. There are apps and website plug-ins that you can add to your website to show people purchasing and viewing the available rooms. This creates a feeling of urgency and highlights one's fear of missing out. 3. Countdowns on offers Having a countdown timer on your offer creates an impression of scarcity and puts pressure on the customer to act immediately before the rooms are all taken. Having a countdown emphasizes how limited the rooms are, and if not booked quickly, might be an inconvenience for the guest. 4. Countdown to sales Before organizing and launching a special sale, it is a must to create awareness. Maximize all the digital marketing platforms that you have to create buzz and let people know through their upcoming sale networks. Establish a demand before the sale and then build urgency once the sale starts. This builds up interest around the sale, and the more excited customers are, the more likely they are to grab your offers quickly. 5. Adjust your terminology Customers tend to buy more things when they are discounted. So, it is good to let them understand that the rates go up or down, depending on availability. This way, once you put out an offer less than your usual rates, they would be quick to grab the offer. You may promote "today's best rate" and try out the terminology and see if there is an impact in conversion. 6. Offer gentle reminders It is a common event that site visitors sometimes abandon their uncompleted online booking transactions. When this happens, it is best to send them an email within a few hours to follow up or ask if they had any issues making reservations. It's best to remind them that the rate they were initially eyeing for changes with availability and that they should take advantage of the low offer before it goes up again. This approach pushes customers who are on the fence to think again and finally make a decision. 7. Follow up guests who missed out on a flash sale. In case customers reach out to you because they missed out on a limited-time offer, assure them that they will get an advanced notification in the subsequent sale event. At the same time, encourage them to make a booking as soon as possible to avoid missing out. Ask them to sign up for an email marketing list to make sure they get notified. By nature, urgent situations prompt people to decide and respond as quickly as possible. This is the kind of reaction you want to get in this marketing approach. You want decisions to be made fast and actions to make bookings. We want to encourage customers to take action, and not so much to spend more time thinking. When allowed to weigh up and shop around, customers usually talk themselves out of it, not what we want as marketers. However, always remember that creating urgency for customers should only entice and encourage them to take action, but not to their disadvantage. Never manipulate room availability and create false urgency. If we could help your hotel marketing, give us a call at 888-999-8086 or visit us at Bezla.com. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • How to Attract Millennials to Your Hotel | Hotel Marketing March 22, 2021|Hotel Marketing Millennials now make up the most significant portion of the consumer market and possess the strongest buying power, too. It is vital to be familiar with their behavior as a demographic, so you can tailor your marketing strategies to fit their needs. So how do you sell your hotel to a millennial? 1. Social media is key 90% of millennials are involved in social media (Emarketer, 2019) and spend up to 3 hours a day on different online networking platforms (Globalwebindex, 2019). It would be an understatement to say that millennials are fond of social media. Tiktok and Instagram are two social media platforms whose popularity has exponentially skyrocketed in the past few years. Interestingly enough, they are both visual content-centered. This trend reveals so much about millennials' inclination to visuals. They love filming themselves, taking photos of just about everything, and sharing it with the world. This itself is a huge window of opportunity to attract millennials. In marketing your property, the first question to ask is, "is it Instagrammable?" Since it's all about visuals, the place's appearance is a priority. In selling your hotel, you should highlight the most attractive areas where millennial guests will most likely be drawn to take selfies. An interesting piece in the hotel lobby, quirky decors, immaculate bathrooms. Have all bases covered? Letting millennials stay in your hotel and having their photos posted all over social media can serve as free advertisement and endorsement without spending anything. This is why it's not enough to offer free wi-fi and think your hotel is already millennial-friendly. 2. Outstanding customer relations While every guest deserves the best customer service, it is worth noting that millennials pay more attention to this part of their experience than Gen X-ers do. One factor to consider is that millennials are used to having everything quickly and instantly. They expect things to be handed out quickly, complaints addressed immediately and everything done efficiently. They do not have the patience that Baby Boomers have. Another thing that millennials are so used to is instant messaging. Your hotel should always have someone to answer inquiries and chats, as millennials are not the type to dial and call your call center. It is worth adding messaging platforms such as Whatsapp, Facebook Messenger or Viber to reach your customer service staff. You want to be as approachable and reachable at all times. And since millennials are constantly connected to the internet and their social media network, the tiniest negative impression or a minor concern that goes unresolved can be easily shared with the online community. This is why it is a must to reach out to them and get their feedback not only as they check out but also throughout their stay. This allows you to address and pacify any unfavorable thoughts they might have before sharing a review online. Impress your millennial guests by making sure your customer service staff personally responds to any feedback. 3. Efficient booking system As you already know, millennials favor doing transactions online over other methods. Being constantly on their mobile phones, they are most likely going to make that booking online. Having a stunning website—again, it is all about vivid visuals—is a sure way to pull them in. Once they are on your page, make sure that the booking process is smooth and efficient. The fewer steps it takes to complete the transaction, the better. Having too many tabs and pages can make the site heavy and will take time to load. Unnecessary steps that require unimportant details in the check-out page can turn them off and place a reservation elsewhere. When setting up your site, make sure it is optimized and responsive when viewed on mobile devices. The last thing you need is a payment button that does not respond to touch when viewed on mobile devices. 4. More options, alternatives, and inclusivity The next thing to consider about marketing to millennials is their generational culture. Backpacking and traveling alone is very popular among their group. It's certainly an attraction to them if your hotel offers something that satisfies guests' needs who are traveling solo. This is one of the reasons why capsule hotels have become a success. Young travelers seeking a place to rest and access clean water find it convenient and practical. If you decide to cater to millennial solo travelers, features such as smaller tables for dining solo, a gym, or a singles bar would be perfect. You may even run an entire campaign dedicated just for solo travelers in your marketing plan. 5. Value for money Last but not least, millennials have unique spending habits. Whether they are traveling as groups or solo, millennials are pretty price-conscious customers. Millennials like to get the best value for their money. This is why discount deals, travel bundles, and coupon codes are always a hit among them. The idea that they are getting more than what they paid for is an excellent attraction for budget-wise millennials. Remember, they might not like to pay premium prices, but your brand's positive exposure to their social media network through their videos, images, and reviews certainly makes up for it. Learning about millennials as a target market and putting extra effort into meeting their demands does not necessarily mean you can disregard other segments of your audience. Baby Boomers, for instance, are also an exceptional target audience, which, when pursued correctly, can bring good money to the bank. It is all about creating a perfect balance between the different market segments you serve and making sure that no one is more favored over the other. If you need help in marketing your hotel, don’t hesitate to reach out to us. Call 888-999- 8086 or go to www.bezla.com Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • Practical Approaches in Captivating and Preserving Remarkable Team in Hotel Industry March 15, 2021 | Hotel Marketing Identifying essential techniques in enticing and keeping team members of the very best in its class in ensuring the intensity of your achievements is crucial - whether it's for your current hotel, a different undertaking, or an amplification of your existing organization. Choosing the correct members that suit your requirements, conveying aims and assumptions distinctly, making sure that your members have the expertise and command to reach their objectives, and providing assessments effectively and without prejudice are things you have to consider. Although the hospitality industry may depend on technology, it still only takes a single guest complaint to stress that we are still a people business - this instills the fact that our team members are vital to our ultimate revenue. The pinnacle of our ROI comes from having our members' utmost job execution, and this why the prime area, construction, and luxuries are little to nothing if not for our associates. Each member is a chunk of the organization, whatever their part is. Your recruitment method must be comprehensive, honest, and firm. You may encounter several candidates with hotel experiences, don't dismiss just yet those coming from other industries. Avoid aligning a position for an applicant; instead, look for individuals who fulfill your requirements. With this, you may want to consider witnessing the candidate on their job in their current role. How do you keep your associates stay with you? Direction and coaching. An orientation can strengthen your association's fundamental principles. Thus, correct orientation equips your members to be efficient, and allocating a guide to every new associate will be helpful. Furthermore, a constant connection to your associates through periodicals, webcasts, and assemblies with members can support every associate's relationship to the association's objectives. You may also consider providing a printed guide such as a manual and a preference list - especially to the new ones. Good governance entails a significant and constant evaluation. You may want to give a thought to providing work-related exams, scorecards, and observation polls. Appropriately utilized, these indicators can produce a substantial advantage, and periodical evaluations avoid end-of-year assessment surprises. Hear your members and focus on optimizing their capabilities by engaging in their passion and knowing what drives them. You can listen to them while also making sure that they give serious thought to critiques and create a course of action. They should also be made aware of which proposition is suitable and which are not and why. Views stated on social media can also be of use, both the good and the bad, as they also show your team members' behaviors and character. Another thing to consider when talking about keeping associates is non-cash perks. Compensation is necessary, but it isn't always significantly what's keeping them in. It can be the advantages of the flexible work arrangement like the schedule and job sharing with the spouse. These benefits are pretty rare and attractive. It can also acknowledge one's work well done, bonus systems, and other helpful incentives. You must identify and aid your associates' motivation to execute their job well and undertake a career. Ultimately, bear in mind that every member is a component of your association - they may be at various levels with different responsibilities and tasks - you must treat each one with utmost value and respect. When given maximum integrity and recognition consistently, your organization unites as a team delivering significant success. If Bezla could be of service to your hotel marketing, visit us at bezla.com or give us a call at (888)-999-8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • Top 5 Common Misconceptions in Hotel Revenue Management March 8, 2021|Hotel Marketing The hospitality industry is a very aggressive and competitive field. To remain ahead of the pack, know the businesses you are up against--what they do, how they do things, and what their weaknesses are--because this information will help your decision-making process. By considering your competitors' mistakes and failures, you can spare yourself from committing the same errors. As the famous saying goes, know your enemy and know yourself, and you will always be victorious. But to achieve victory, you must avoid the following missteps: 1. Using the wrong metrics Setting specific metrics to measure the business' performance is indispensable in any field of trade. It can provide reliable data which you can use in making important decisions. However, always keep in mind that not all businesses are equal. Not even hotels under the same chain are the same. In making comparisons with other hotels, you must consider the market segment that you are serving. Only use comparable metrics that you can directly measure against each other. Comparing metrics like revenue per available room (RevPAR) and average daily room rate (ADR) is a common mistake when comparing hotels. Instead of putting them against each other, you need to understand how they work together to boost the business' performance. 2. Keeping outdated systems Many businesses today are highly successful with the help of modern technologies and advanced systems. Being up to date is something that you should be open about if you want your business to stay and thrive in the industry. Don't allow your hotel to be left behind. Stay on top of the newest developments in equipment and systems. Understandably, upgrading and improving can sound menacing and bothersome in the short term. But it's no reason to keep using obsolete methods. Not improving now costs you much more in the future and in the long run. Now, in getting newer and more modern systems in place, you must also learn their features and maximize their use to help the business. Nowadays, the latest platforms, software, and equipment come with innovative programs that can be very practical when suitably used. Utilize them to measure how effective your marketing strategies are and efficiently gauge how well your hotel is doing. Having all the advancements and not being able to use them to their maximum potential is a waste of resources. It simply becomes a lost opportunity to improve the hotel's performance. So, it is essential to adopt, understand and use the available technology as it is designed to be. 3. Avoiding third party booking sites Another thing that you need to avoid is staying away from third-party booking sites. While it is true that you get more significant profits in direct bookings, never underestimate what third-party booking sites can bring to the table. Many people now use online booking and rate-comparison sites when selecting the perfect hotel for them. Just imagine the opportunities your business loses every day if your hotel isn't on that list. The key is to set a perfect balance for these channels and never prioritize only one over the other. 4. Wasting time This is true not only in the hospitality industry but for all things in general—never waste time. Although self-explanatory, there are still many points to consider in making the most of your time. In running a hotel, there are minor concerns, and there are those that require more serious attention. Being the hotel manager, you are responsible for overseeing the business and maintaining its organized system. You must avoid wasting time on insignificant details and always remember to delegate when needed. Being the owner/manager, you need to have the ability to recognize the not-so-significant concerns from the more essential things that require focus. You are also accountable for ensuring that your marketing strategies are carried out while addressing trends and consumer demands. Likewise, to implement marketing strategies efficiently, you need to prioritize and learn how to let go of methods and practices that don't yield results. 5. Being reluctant to change Probably the most important thing that you should avoid is being hesitant and avoiding change. When you are not open to innovation and change, it is synonymous with refusing growth and improvement opportunities. Change may sometimes be seen as a risky gamble because it disrupts routine and puts you outside the comfort zone, but the truth is, there is more to lose in the future if you don't take that risk today. Not being willing to accept change is like saying 'no' to more income opportunities for the business. Changes in the hotel setting can be anywhere from changing the hotel rates, upgrading and improving to a modern booking and database system, renovating and rebranding, etc. Implementing changes in the organization must always be well-thought-of and are evidence-based. It must not be solely based on assumptions and guesses. Along with change, mistakes are bound to happen along the way. It is normal and should be considered an important part of the process. The key to making your mistakes work for your business is your ability to learn from past challenges and using them as bases for making well-guided decisions in the future. If you're looking for more tips on picking the right metrics for your hotel and what you can do to increase your property revenue, call us at +1-888-999-8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • Top 10 Intelligent Hotel Marketing Strategies to Increase RevPAR March 1, 2021|Hotel Marketing Marketing hotels is not easy. In recent years, the playing field has become more and more aggressive, and because of the stiff competition, getting bookings can be quite a challenge. So how do you make your hotel stand out to potential guests and increase your chances of getting booked? Here are ten ways: 1. Be easy to find Unlike before, travelers can now learn about accommodation places in their destination even before they start the trip. With a few swipes and clicks, guests can now do a quick research and make comparisons between hotels before booking. This is good news for travelers but makes the competition harder for hotels. The guest's experience starts with a simple online search. When a customer searches for accommodations on Google or looks up hotels on booking sites, the first things that come up are ads. So, make the most of Google search, third-party booking sites, and even social media platforms. This is a perfect window of opportunity for your business to be noticed. Make sure that your hotel is visible to any potential guest that is actively searching for similar facilities. To make this possible, optimize your site, use common keywords, and don't limit your business to a single platform. Assess all your collected data to determine where you get the most successful bookings and boost that campaign. 2. Target the right audience There are different hotel types because there are different kinds of customers. Each customer group travels, behaves, and spends money differently. And because each hotel is different, hotels must employ various schemes to target each slice of the market. This is why budget inns and luxury hotels exist. This is also why hotels offer rooms at different price points. It again proves how income targeting is important and why each customer must be pursued separately and differently. Even hotels under the same chain can be very different from each other. This is because one hotel's location may be more appealing to a particular group of customers than another. For this reason, you need to set up different campaigns to send the appropriate messages to your various target groups. This is where modern tools like Facebook's targeting options can be beneficial. Targeting the right audience is not only about putting out highly attractive ads and getting noticed; t is also about offering different alternatives to the market. 3. Offer incentives to build interest Your business should offer something exciting to potential customers to have the edge over your competition. Offer your customers a good reason to pick your hotel over other hotels in the area. e noticeable enough to set yourself apart from the competition. Highlight your property's strengths like the lowest prices or stellar reviews. Or, if it's not possible, consider giving out unique erks and other forms of rewards. If you haven't received enough reviews yet, it may be a good idea to offer discounts for first-time guests. It is an excellent opportunity to impress new clients because they will likely book again if they are. Limited time promos are also a good idea because people are more likely to book, creating a sense of urgency and exclusivity. 4. Build local partnerships Establishing tie-ups with nearby businesses is always an excellent idea because it benefits everyone. Having affiliates help increase bookings because it improves the customers' experience through added perks and convenience. You could offer customers discount coupons for a local afé or restaurant or perhaps a massage spa. It creates a positive impression that everything about their stay had been well thought of, creating a win-win-win situation for all parties. 4. Build local partnerships Establishing tie-ups with nearby businesses is always an excellent idea because it benefits everyone. Having affiliates help increase bookings because it improves the customers' experience through added perks and convenience. You could offer customers discount coupons for a local afé or restaurant or perhaps a massage spa. It creates a positive impression that everything about their stay had been well thought of, creating a win-win-win situation for all parties. 5. Market the location, not just the hotel Marketing your hotel is not only about selling rooms and accommodation. It should include the whole experience, including other attractions that they can find in the area. Location is a significant factor why customers book a hotel. It is best to let future visitors know what makes your hotel location interesting, rather than concentrating on the hotel itself. In promoting your business, always consider targeting travelers who have not made up their minds about where to go and stay. The goal in highlighting your location and presenting the best things in the area is to attract travelers. Once they are convinced, that's the perfect opportunity to make your sales pitch for your hotel. 6. Concentrate marketing budget in peak booking times As previously discussed, you may need different campaigns to reach each specific target group properly. In targeting your audience, it is vital to study and know who they are so you know their behavior and booking patterns. If you understand your market's behavior and preferences, you can adjust your marketing budget and focus on which platforms and times work best. You can boost or scale your campaign depending on the time of day or week that your target market makes the most bookings. Read and interpret your analytics to better understand how to adjust your schedules and make the most out of your marketing budget. 7. Remarket abandoned online bookings The abandonment rate for online hotel bookings is relatively high. Around 7 out of 10 customers who initiate an online booking don't complete the transaction. Customers abandon their bookings for different reasons, such as being distracted by ads and other offers, being overwhelmed by too many options, or simply having too many other tasks to complete. Remarketing is essential for hotels because having abandoned bookings only means there are already interested customers and are probably going to make a booking at one point and that they need further convincing to proceed. In remarketing, you can target recent site visitors and offer booking incentives to encourage them to complete the transaction. 8. Ensure your website is simple but stunning Your website should give guests a preview of the kind of experience they can expect in your hotel. It should be clean, crisp, simple, functional, but beautiful. All the necessary information a customer needs should be easily accessible, along with high-quality photos and videos, and the booking process must be seamless and straightforward. It will not create an excellent first impression if your site takes too long to load or if it is not optimized for all types of devices. This may disappoint potential guests and abandon the idea of booking altogether. It reflects poorly on your business as a whole. 9. Superior customer service If a customer has to choose between two very similar hotels, excellent customer service can spell the difference. It is easier to pick a business that knows how to take care of its customers. That's why your staff must be well-trained in providing exceptional customer service and are knowledgeable in addressing various possible scenarios professionally in the hotel setting. To ensure that your hotel provides the best customer service, the organization should follow a customer-first policy. It won't harm the hotel to upgrade a customer's room if they're unhappy with the view, or perhaps send a complimentary breakfast to compensate for any inconvenience they might have experienced during check-in. Not taking these small but significant steps can cause the guest never to return and share undesirable feedback online and with other people. Putting the customer first can be pretty challenging. There are limitations to it, but making this central to the business will increase customer satisfaction, improve client feedback, and eventually, more business as they share their positive experiences with other people. 10. Build a customer loyalty program A loyalty program can make customers feel that they are valued and appreciated. It is a great way to encourage past guests to make repeat bookings. One reason why you should always go the extra mile to make a guest's stay memorable is that satisfied guests make loyal clients. If they had a great experience, it would not be wouldn't want to come back if you had such a great experience? Even more so if you are to get extra perks and bonuses as a loyal customer. If you need help marketing your hotel, give us a call at 888-999-8086 or visit us at Bezla.com. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • How Flip a Distressed Hotel in 6 Months or Less? |Hotel Marketing February 22, 2021|Hotel Marketing Flipping hotels can be a very worthwhile venture. Although it comes with big risks and requires considerable investment, it proves to be a very lucrative trade if done right. It all begins with identifying a poorly-performing hotel and getting on a mission to turn things around. Flipping a business is an opportunity to declutter, make the necessary changes, and go back to basics, with the goal of improving increasing revenue and improving its overall performance. Since the risks can be high, and investments are at stake, there are some things that should be considered before making any changes. First, you must learn about the current processes being implemented, how the business is being run, and how the staff is doing things. This is important because the only way you can come up with a valuable solution is by knowing and understanding the root of the problem. Why is the business not making money as it should? One of the reasons why a hotel fails is when it has varying profit margins arising from multiple distribution channels and complicated sales processes which then cause difficulties in revenue management. This is why it is a must to evaluate the hotel sales data, determine its weaknesses, and plan a solution around it. Aside from making the most of all available information, this stage should also be used to check what other data are being gathered and whether they are relevant to what you are trying to do. The hotel’s revenue per available room is one of the most important determinants of how well or poor the business is doing. This is an example of information worth looking at, before taking any steps in flipping the business. There are various metrics that can be used to monitor this variable, and this is just one of the many different areas that need to be assessed. Another reason a hotel flop is poor cash flow. It is possible that a business has a great profit margin, and appears to be doing well, but due to overheads, it is in fact not bringing any money to the bank. A critical part of flipping a hotel is ensuring that there’s always more cash than what is required to cover day-to-day operations. To increase cash surplus, it should be a short-term goal to reduce all unnecessary expenses. Another thing to consider carefully when flipping a hotel is managing human resources. To be able to successfully flip or transform a business, there is almost always some sort of cultural change required among employees. Because certainly, you cannot keep doing the same thing and expect different results. It is a known fact that people have different responses to change. Some are quick to adapt, some take time, and some try their best to resist. Always consider what their current system is, and what they do before implementing any changes. When it comes to managing hotel staff, it is vital for hotel owner-managers to make sure that they understand the why's and how's of the transformation. It is their responsibility to challenge the prevailing system and introduce a new one that will hopefully improve the business situation. It is important that they recognize their role and contribution to what the business can achieve. Employees that are well informed, respected, and with high morale are more likely to give outstanding service to customers, translating to better business. If you are looking to flip a hotel, or just looking for ways to increase your business revenue, we can be of help. You may contact us at Bezla.com or call 1 (888) 999 8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • An analysis of the Hotel Industry with Porter’s Five Forces February 18, 2021|Hotel Marketing Porter’s Five Forces is a business analysis model that determines a company’s competitiveness and explains why (and how) industries are able to sustain different levels of profitability. This tool is used to evaluate the attractiveness of the industry from its competitive intensity. Let’s have a look at these Five Forces: 1. The bargaining power of the customers. This refers to the ability of customers to force down prices. A good example of this is when groups like tour operators bulk purchase or book hotel rooms. As customers gain greater bargaining power, hotels are likely to lower their prices. If the bargaining power is high, suppliers will have great difficulty hiking prices and can even incur losses. On the other hand, if the bargaining power is low, suppliers can raise their prices to gain more profits. Hotels that target tour groups or those that have concentrated buyers will be more subject to the bargaining power of customers. On the other hand, individual or walk-in customers have little to no bargaining power at all since they don’t hold a huge margin. 2. The bargaining power of suppliers. This force doesn’t usually pose too much threat to the hotel industry as compared to the bargaining power of the customers but it can still inflict some pressure on the company. The lower the supplier power, the more attractive the industry and thus an increase in profit potential. However, the fewer the suppliers to an industry, the more power that supplier has over them. This can affect input costs and puts a strain on the company that relies on their product and services. This puts hotel managers in a predicament but in order to stay competitive, they must find a way to cooperate with suppliers that will give them a cost advantage. 3. The threat of new entrants. This force is dependent on the ability of the new business to enter the industry. The hotel industry poses many levels of obstacles for a new entry and opening one in an area that is saturated with the competition will make it difficult to gain an advantage. However, it’s not unheard of. New businesses can still come into the market and comes as a threat to present competitors especially when they have an edge at differentiating themselves from others. 4. The threat of substitutes. Back in the day, substitute threats to the hotel industry were far and few but with the continued development of technology, innovative disruptions have proved to be quite the challenge for hoteliers. With the rise of technology came substitutions like Airbnb which launched in 2008, transient lodging/housing, homestays or Couchsurfing, and many more may impact the demand for hotel rooms. The 2019 COVID pandemic has given rise to an even newer substitute product: Video Conferencing. In lieu of face-to-face conferences and gatherings, people and many businesses have shifted to meeting at a virtual space, eliminating the need for travel and booking rooms, which put a huge strain on many hotels all across the country. 5. The intensity of the rivalry between competitors. Competition is thought determined to be very intense in the hotel industry. Many elements come into play to determine the competitiveness of an industry. The greater the number of competing hotels in the area along with near-identical products and services being offered, the weaker the competitive power the company may possess. The entry of new business in the market gives rise to even more competition and an even greater need to differentiate. The Five Forces analysis is an essential tool that hotel managers can take advantage of to make the best strategy for their company. It will help with the dynamic changes in the industry and understanding how they apply can increase their ability to adjust and better use its resources to attract investors and generate higher profits. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • How to Increase Your Hotel Ranking on TripAdvisor and Other Review Platforms | Hotel Marketing February 14, 2021 | Hotel Marketing Hotel reviews have been considered paramount to hotels but mostly to travelers looking for places to stay. Since the global pandemic started, these hotel reviews have become even more critical metrics for many hotels and travelers because of the added safety precautions. With over 1.2 million hotels ranked globally, TripAdvisor is the prime review site for hotels. Since travelers are mostly reading hotel reviews before deciding to book, your hotel rating affects your bookings - the higher rate you have, the higher bookings you will have. To help you get started, TripAdvisor advises you to ensure the accuracy of the following information on your page: physical address, phone numbers, email addresses, website URL, opening times, and others. To add, they also recommend that you check your hotel's description - make sure that you put in an accurate one, post only top-quality media of your rooms and facilities, and verify your hotel's categories. Taking these steps guarantees hassle-free browsing through your page. Now to boost your TripAdvisor rankings, here are the three key factors that impact the popularity ranking and what they use to rank hotels and attractions: 1. The number of reviews - the more reviews you have, the more it signifies that you're a prominent hotel. 2. The quality of reviews - that's given. 3. Up-to-date reviews - newer reviews rank higher since guests are more intent in the present than in the past. Moreover, ensuring to get several good reviews on your page is a no-brainer. Simple, delivering the exceptional guest experience - pretty straightforward however it's not an easy task. Here are a few steps you should ponder: 1. Be honest - highlight your hotel's superior features and be sure to add in only factual information. 2. Reckon with complaints - don't take complaints lightly. Ensure that these are taken care of before they get posted on your page thus, provide resolution with urgency. 3. Stir up reviews - encourage guests to leave reviews on your page, mostly the ones with commendations. Have your staff be fully aware of the significance of these reviews too. Besides, you can also send emails to guests who have stayed in your hotel and check on their experience - this allows them to provide you feedback. Simultaneously, promote along with the link of your TripAdvisor page to encourage reviews. 4. Hold up on extra charges - confirm additional fees with guests to avoid disappointment. Typical on-the-house services that aren't free of charge in your hotel may cause dismay to guests and lead to negative reviews on TripAdvisor. 5.Acknowledge and answer reviews - positive or negative reviews, consistently and truthfully respond to each one. It makes an impact on your guests and suggests your sincerity in providing an outstanding service. Additionally, respond to complaints separately and take action on matters frequently mentioned to avoid further dissatisfaction. With these steps, do the same goes for other review sources such as booking.com, Expedia, and social media. Another site you should habitually check is Trivago. You can compare your ratings and your competitors' given that their data are from several other websites. Other than that, don't fear reviews nor try to avoid one. Do bear in mind that these are essential to guests when booking places to stay. Ultimately, take note of what TripAdvisor says, "businesses should view critical feedback as an opportunity to thank the reviewer. Use it as an opportunity to improve and to actually attract more business [sic]. Thoughtful management responses can actually increase future bookings so really, there's nothing to lose." If Bezla could be of service to your hotel marketing, visit us at bezla.com or give us a call at (888)-999-8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • Top 10 Tips for Outstanding Hotel Revenue Management February 8, 2021|Hotel Marketing Starting a hotel and managing it is no joke. How about improving its performance and driving in revenue? If you're struggling to keep its performance in check and looking into increasing your revenue, here are ten tips for especially for starters: 1.Check your hotel teams' culture. Ensure that your staff is fully aware of your hotel's values. Let them know of your goals and your plans on how to achieve them. These should motivate them and urge excellent performance. 2.Find the right balance between human and technological resources. Remember that your guests will always look for the element of "human interaction." Be updated with technology while ensuring that you don't heavily rely on this one source. Find the balance between two resources and maintain it. 3. Added value. A lot of guests are price sensitive. Prospective guests might see any value-added extra as a big difference. Thus, always strive to provide exceptional customer service, food and beverage packages, free parking, and others. Keep and do what your website says and practice what you preach. 4. Consistently update your website. Set proper expectations for your potential guests. Ensure that media uploaded and written content is updated. More hotel website tips at www.bezla.com/blog. 5. Other distribution channels. Some guests don't go through your website but instead use distribution channels that is usually the case for smaller independent hotels. To ensure the increase of your revenue, look for channels that best fit your hotel; check out their cost, the marketing opportunities they provide, and the technology they use, and do consider how it's apt to your current management systems. Try not to be too tied up with long-term contracts too. 6. Handle direct bookings. This is the total opposite of other distribution channels. Try to grow your own direct bookings because this is more affordable and drives secure customer loyalty. Through this, you can help avoid guests seeing competition other than your own hotel. Most commonly, this is done by hotels through offering discounts on food & beverage offerings, reservations, and futures stays to guests who book with them directly. Check out tip 3 for other things you could offer to your guests. 7. Forecasting demand. Make time to forecast your hotel's costs, needs, and revenues for better planning of your hotel's demand. In addition, this can greatly aid your future marketing decisions. 8. Keep a good record of sales data. Following all the other tips in this list is of no use if you’re not following this one. This is very important to power up the performance of your hotel. Ensure to focus on your quality instead of quantity and contemplate on how it’s going to be recorded and used so the storage of this information is well viable. 9. Consider consumer behavior of guests. Keep up with your guests' current trends and consider these trends when you make big decisions. Consistently monitor your booking process and your guests' demographic trend movements. Also, add in a personal touch by reading your guests' reviews and responding to them. Listening to your guests' feedback or suggestion can greatly help you to improve thus, drive in more bookings and revenue. 10. Always consider your return on investment. Keep in mind what you wanted to attain when you started the business. Do not lose touch with your primary goals and frequently look at key performance benchmarks and make sure that your hotel is at one pace forward. Now, these aren't the only tips you can follow as this isn't complete but these are for starts to help you out in improving your hotel's performance and again, driving in revenue. If you are looking for ways on how to market your property more efficiently and beat the competition, we can be of help. You may reach us at www.bezla.com or you can give us a call at 888 999 8086. Bezla.com LLC Website: https://Bezla.com LinkedIn: https://www.linkedin.com/company/bezla Phone: +1-888-999-8086 1800 JFK Blvd Suite 300 PMB 91649 Philadelphia, PA 19103 [more]
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  • Hotel Market Analysis for Banks and Lenders | Hotel Marketing January 31, 2021|Hotel Marketing How important are market research and feasibility studies to the hotel industry? Market research is a must for a plan to be workable and a feasibility study is necessary to acquire investors therefore, these two are two key factors to determine your chances of success in this industry. Here are a few things you might want to consider when determining your chances: Avoid making decisions based on assumptions. This could place you in a tough situation especially with lenders and it may cost you to be unable to fulfill your loan repayments and your return of investments or ROI may not be what you’re expecting. All of these could somehow set you off to compromising your initial concept. Compare your ideas with your competitors. To steer clear of getting outpriced by competitors, this is where you would need to do market research and a feasibility study. Start with market performance and begin with a nonspecific study. Obtain information on occupancy, average room rate, and revenues of your surrounding areas. Having an idea of how the market is progressing through comparing the particulars of similar hotels over the past few years shows you different probabilities. You can obtain these data through press release articles that are found over the internet or if you opt to have accurate information, this is where consultants specializing in hotel market performance, statistics, and trends come in: PWC, STR, and HVS for instance. However, before doing so, look into your business sources first. Since a productive marketing plan requires you to comprehend several things, do ponder on several key questions: What creates the demand in your market? What is your visitors’ purpose? Why do people come to your destination? Where do they come from? What are your feeder markets? These market statistics should be attainable from local sources such as your tourist organizations or visitor’s bureau although you can always obtain passenger data statistics from your local airports’ websites. Next, do a competitive analysis. Examine the competition and split up the competitors into two groups: the conceptual competitors – the ones with a concept that is somewhat equivalent to yours – and the local competitors who are the ones within your immediate area. You should begin your analysis with an outline of the following details: hotel name, address, area and concept type, number of rooms, star rating, any chain affiliation, and all facilities. You should also consider their website URL, languages in the website, and the versions it covers – whether it may be a desktop, mobile, or tablet. Also, take a look at their online reputation like their online presence and their review scores. A further detail that may be helpful in your analysis would be their price range and average rate. You may see this information on Google hotel finder and TripAdvisor. Take notice of the different competitor’s specialties which makes them stand out from the others so you could create your strategy to outshine the others. Another information that would be helpful for you in your market research would be checking on the monthly performance data on each hotel and being on the lookout for new hotels coming up in your area as these data could also cause an impact on your market share and profits. Moreover, an addition to the existing developments within the area could also mean a positive effect and raise overall demand which allows you to create profit and loss statements. Your findings then will help you and your investors get a grasp of the ROI they can expect and how much will your hotel make. When your market research and competitive analysis are done, you will then be able to have an estimate of what kind of occupancy and average room rate your new hotel can generate. Lastly, remember that investors will want an official feasibility study to reduce their risk thus, you would need to have a forecast five years ahead and ensure that your forecasts are achievable so do an estimate conservatively. Showing figures which, you think investors want to see does not guarantee anything so ensure that you put in figures covering all departments to show your gross operating profit. You should: include undistributed fixed and overhead costs for your Net Operating Income (NOI) or your Earnings Before Interest Tax and Depreciation (EBITDA), use local standards as the basis for your estimated costs, and create a sensible staffing schedule for each of your department to model costings. Keep in mind that errors can affect your profit and halt the ROI that you sold to your investors. Doing and experiencing the research and study yourself can significantly authenticate your plan so it is highly advised that you do so within your company rather than having a consulting agency. [more]

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