57 results found | searching for "BeatTheCompetition"

2 3 4 5 6 Next Last 
  • BezlaLLC
  • Intelligent Ways to Battle Against Online Travel Agencies and Market Your Hotel Effectively | Hotel Marketing #HotelMarketing #BeatTheCompetition #Bezla Bezla.com No matter where you are on your hotel revenue journey, Bezla can help you go further. 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 - - - - - - - - - - - - - - - - - - - - Intelligent Ways to Battle Against Online Travel Agencies and Market Your Hotel Effectively The introduction of Online Travel Agents (OTA) in the hospitality market has its advantages and disadvantages. One of the pros is that hotels have widened their reach and increased their bookings. A big con is that while OTAs can generate more bookings, they also charge hefty commissions, which take a sizeable part of the hotel’s profits. Also, OTAs have become everyone’s go-to place when making hotel reservations, consequently decreasing direct bookings through the hotels’ websites. OTAs have become very popular that they have dominated the market and made most hoteliers dependent on them, which means fewer profits for the hotels. So, what can you do to shift the situation and bring more clients directly to your website? Here are seven ways you can do better against OTAs: 1. Auction Insights Auction insights reports make it possible to get performance comparisons between advertisers taking part in the same auction. This method lets you see who you are competing against. Therefore, it is always best to get two reports: One for specific hotel names and another for a broader term search. This way, it is determined which OTAs can be considered your competition. 2. Small but effective steps You can be aggressive in getting around OTAs by focusing your ads or site links to create direct traffic to your website. Make your ads as attractive and as engaging as possible, always with hot links to your website. 3. Use available customer information First, make sure that you have permission to use customer data and follow the General Data Protection Regulation (GDPR). Then, make the most of Facebook Ads manager. Your data from Facebook, together with insights from Analytics and Adwords, gives you some valuable information. Connecting with customers you’ve previously transacted with can help you determine who the previous visitors are and who are first-timers. This lets you modify and fine-tune your bids, publish different ad copies and exclude certain groups from your target audience. In cases of abandoned transactions, you can reach out and proactively suggest hard-to-resist offers like waived booking fees, money-back guarantees, free cancellations, or any other exciting deals that are not available to everyone all the time. If someone recently booked a special event like a birthday staycation, or an anniversary dinner accommodation, add them to your marketing list. Tailor your ads so that they get targeted 12 months later, where the event is most likely to be celebrated again. Your brand should be prominently visible. Potential clients need to see and know more about you. One way to make this happen is by using social media advertising such as Facebook and Instagram Ads. Facebook and Instagram use highly interactive formats that users find eye-catching and immersive, making it easy for them to take action. 4. Bid on your hotel name brand Why should you still bid on your brand if customers are already searching for you online? OTAs have million-dollar advertising budgets that if people search for specific hotel names, OTA ads are virtually guaranteed to come up first on the search result. So instead of transacting directly through the hotel website, the customer is diverted to OTAs, which does not give optimum profits. Bidding on your name brand is most effective in protecting yourself against other advertisers bidding on your hotel name. This extra step also makes it possible for you to have more control over your brand’s image and message. 5. Emphasize your USPS Make the most of your ad space by including ad extensions. Ad extensions provide small but helpful details that can draw customers in and increase your click-through rates. • Site links- For site links to be effective, you need to make sure that the landing page associated with your ad goes to the correct pages on your website. Otherwise, you might not get the desired conversion. • Callout extensions- Callout extensions are the additional lines of text below your main ad that shows essential information related to the customer’s search. For site link extensions to work successfully, ensure that the callout added matches the customer’s intention for the search. If not, it can be a possible source of confusion and frustration... [more]
  • BezlaLLC
  • How to Finance a Hotel Business | Hotel Marketing #HotelMarketing #BeatTheCompetition #Bezla Bezla.com No matter where you are on your hotel revenue journey, Bezla can help you go further. 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 - - - - - - - - - - - - - - - - - - - - How to Finance a Hotel Business Owning a hotel and financing it is a bit demanding. It means gathering and borrowing sufficient funds to get it running. But, although arduous, it can still be made accessible through planning and a robust marketing design and approach. Several various alternatives you can choose to finance your hotel include: Business Loan - this is a widely used scheme of obtaining capital for a hotel and is a bit workable depending on where you're using the loan: rehabilitate a new property, develop a new hotel, or adapt to the year's developments. Most banks and lenders prefer lower-risk investments, and profitability draws them, which is why this system fits smaller independent hotels as its investment risk is often more economical than that of retail or franchise chains. So, it is imperative to distinguish how your hotel will return earnings through your business plan positively. In addition, being genuine in your projects and presenting accurate information will define the value of the funding you will likely get and the period you are given to secure amounts. Private Investors - your marketing plan and strategy are vital when acquiring funds from private investors, even when many are looking to increase their holdings. Citing yourself as a low-risk investment opportunity is an advantage you can take to convince them of their funds' security. Wealth Management Team - is a firm of professional investors who can be analytical of your business. Investors or upscale families hire them to handle and coordinate their financial assets. They represent their clients and entrust their resources to specific enterprises. Self-Financing - gathering funds for your hotel from your savings and investments is a different and exclusive approach. Admittedly, this is more enticingly accessible because there is no business plan endorsement process to go through, making repayments more amenable. Nonetheless, giving yourself a profit of investment and a target date is necessary. In addition, opting to borrow funds from close friends or family members or granting them a cut in your profit is also an option. However, be sure to prepare an agreement for both parties to ward off any eventual problems. The adaptability of self-financing enables you to load up bank loans if you discern that added capital is a requirement for your hotel. Thus, more hotel owners frequently use this type of alternative. Government Grants - although government funding differs worldwide depending on your location, several governments are now assisting many companies within the hospitality industry because of the COVID-19 pandemic. It is essential to consider your USP's or unique selling points or any factor differentiating you from your competitors for this approach to justify your hotel funding. Furthermore, you will need a definite illustration of how your hotel can contribute to your economy and district since this method requires no repayments. Crowdfunding - this is where your innovative marketing tactics and approach come in as your concept and vision are crucial for this method. The public may be less likely to entrust their resources to businesses; however, you more likely have a primary audience, giving you the edge of having possible patrons within an easy reach. This method is relatively uncommon yet unique among other conventional methods mentioned, so it may be helpful for you to do some exploration. Ultimately, it's essential to be confidently optimistic about your business plan and marketing strategy's profitability to keep your business running. If we may be of assistance to your hotel marketing, please reach out to us at our website at www.bezla.com or give us a call on 888-999-8086. [more]
  • BezlaLLC
  • Hotel Property Improvement Plan PIP Strategy for Branded Properties | Hotel Marketing #HotelMarketing #BeatTheCompetition #Bezla Bezla.com No matter where you are on your hotel revenue journey, Bezla can help you go further. 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 - - - - - - - - - - - - - - - - - - - - Hotel Property Improvement Plan (PIP) Strategy for Branded Properties Property improvement can take a sizable capital investment. Now and then, hotels would have to go through it at some point. Electrical systems and plumbing, elevator and stairways, and security and communications systems are just some of the basic features that require upgrading in a Property Improvement Plan. A major project may involve renovating restaurants, the lobby, or other more prominent spaces in the property like conference areas and gyms. Why do hotel owners need to make changes and add improvements to their hotels? This significant move is usually made in compliance with brand requirements. It is intended to make the property more attractive and updated for guests, leading to increased booking, higher occupancy rates, and lower expenses in the long run. A Property Improvement Plan (PIP) is a crucial part of assessing the property’s value. This is why a PIP is a must-have for most hotel agreements, especially the branded ones. In addition, once the new owner acquires a hotel, the PIP can serve as a foundation for making decisions moving forward. As PIP costs have skyrocketed in the past several years, it has also significantly affected hotels’ sale proceeds. As a result, along with regular REVPAR growth, many flagged hotels have increased their PIP requirements, consequently translating to higher capital investment needed. Because of stiff competition, there are more brand options available, which cause the costs of PIPs to soar even more. This increase happens as each hotel modifies and personalizes their guests’ experience under their sub-brands. Brands can use PIPs to influence property owners. How? A brand can adjust the PIP requirements if it needs to downgrade or upgrade a property, and by doing so, affects the buyer on what steps to take and which direction to follow as a new owner. Whenever there is a change in ownership, both buyers and sellers must assess brand options. Questions such as “Could the brand gain market share? In case the hotel is flagged, would the parent be equipped to rebrand while maintaining operations?” are asked. Operational improvements and more revenue opportunities can arise from these events. It is always best to get your PIP ready as soon as you decide to put your property on the market. Having a PIP on hand will help you know the capital expenditures that investors will be bankrolling. A good PIP can also serve as leverage for negotiation. Overall, PIP can also improve the effectiveness of the sales process. Why? Because it contains valuable information to potential buyers and adds value to your offer. Brands are usually very open to negotiations on the scope and completion time frame, especially with sellers and buyers they have had previous working relationships with. As much as possible, it is a must to negotiate before sharing the PIP with any potential investor. This is to encourage buyers to spend and invest more with the brand. Then there’s the projected ROI. When you renovate rooms and facilities and update furnishings, it increases the hotel’s desirability and competitiveness. After such changes, investors would usually expect an increase in ADR and occupancy. Be very cautious with the Return Of Investment (ROI). Both you, as a seller and the buyer, should have a realistic perspective on this matter. Always check and consider whether ADR and occupancy have already peaked. If they have, shelling out more capital investment may not be needed, and investors may take away the PIP costs from their purchase price without factoring in the ROI. However, it is important to note that a PIP may not cover the entire investment required in the property because the transfer of ownership usually only involves changing furniture and guest-facing furnishings. In addition, features beyond the scope of a PIP, such as elevator upgrades or roof replacements, can cost more than the entire PIP itself. Lastly, you should consider the most critical detail in the sale—capital expenditure. This is one of the most significant deciding factors in closing the deal. Potential buyers need to fully grasp your estimates as a seller and how they affect the pricing guidance. Likewise, as a seller, you should also ask for estimates of PIP and other capital expenditures from your potential buyers. This would let you compare investors on a level playing field... https://bezla.com/blog/f/hotel-proper... [more]
  • BezlaLLC
  • How Much Revenue Could Your Hotel Gain by Aggressively Upselling | Hotel Marketing #HotelMarketing #BeatTheCompetition #Bezla Bezla.com No matter where you are on your hotel revenue journey, Bezla can help you go further. 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 - - - - - - - - - - - - - - - - - - - - How can upselling improve your hotel’s revenue? In hotel management, it is important to acknowledge that there is no single formula for increasing revenue that works for everyone. Many different factors affect how you can sell and upsell your property, and this is also why one tactic may work on one hotel but not on another. Your property’s location, placement, and environment hugely influence how you can market it and what upsells you can offer. For instance, a hotel in the middle of a business district is sold differently from a beach resort hotel. They will also have their own sets of additional products and services or upsells that uniquely work for them. More often than not, repeat clients and guests who stay for a few days are also those who would be most likely to be interested in offers for extended stay packages. You must carefully identify and study this subgroup and consider putting together a custom-tailored upsell that they would be most interested in. This highly targeted method is not about offering extended stay packages to individual guests or business travelers who are only staying for a night or two because that would be a waste of time. For such clients, you can come up with a different and much more individualized offer for their next visit, which will encourage them to return. Aside from recognizing the things that make your property different and creating bespoke upsells to select guests, it is also crucial that you realize when an opportunity presents itself and when there is none. Usually, hotel staff offer upsells to guests while they are at the check-in counter, asking if they’d like to have their room upgraded. More often than not, this is also their only attempt to offer additional products and services to clients, which don’t translate much. The key to boosting your hotel revenue is increasing your opportunities to upsell. You should train your staff to keep an eye on such events and always be ready to offer suitable upgrades. It is best to make an offer as soon as guests show the slightest interest in exploring more of your products and services, and make sure that getting an upgrade is as simple and straightforward as possible. This lessens the chances of them changing their minds. In creating upsell packages, it is best to start with your existing products and services and develop more ways to offer them to clients. An excellent way to introduce upsells to more clients is to make them available on your website, where guests can conveniently purchase as they book their reservation. This way, clients enjoy the added convenience of getting upgraded without queuing at the reception desk. What about guests who book through third-party booking sites? Direct bookings through the hotel’s website provide more opportunities to upsell than in third-party booking sites. Therefore, in choosing these partner websites, it is best to consider the commission system and whether it will be truly profitable for your hotel. Remember, just as every hotel is different, the upsell packages should also be unique and exciting. This ensures that your clients get the most remarkable experience while your hotel consistently increases revenue. These are only some of the few things to consider when you’re upselling to increase revenue. If you need assistance marketing your hotel, you may reach us at support@bezla.com or 888 999 8086 [more]
  • BezlaLLC
  • How to Use Hotel Reservations Call Tracking to Grow Hotel RevPar, ADR, and Occupancy | Hotel Marketing #HotelMarketing #BeatTheCompetition #Bezla Bezla.com No matter where you are on your hotel revenue journey, Bezla can help you go further. 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 - - - - - - - - - - - - - - - - - - - - How to Use Hotel Reservations Call Tracking to Grow Hotel RevPar, ADR, and Occupancy Two key benefits of online marketing are 1) it is easier to implement than traditional marketing, and 2) provides detailed analytics. You can then use the collected data to scale up your campaigns or re-target your marketing plan to improve profitability. Like online marketing, call tracking can also help increase hotel booking. In the internet age, employing telephone marketing may seem obsolete, but it has its advantages. When done correctly, telephone conversations with clients can be more effective in increasing bookings than online inquiries, making it still relevant and an essential part of your hotel's marketing strategies. Accessible telephone booking facilities are a must even for the most modern and luxury hotels. Why? Because of the high cost of hotel reservations, some guests would need assurance that they are completing the transaction correctly. However, with this method, although it helps increase bookings, you really cannot tell how effective it is because there is no way of measuring the success rate. This is where call tracking comes in and can be helpful. So, what is call tracking, and how does it work? Call tracking uses a special type of software that can tell where your telephone calls are coming from, whether via your local paper, Facebook, Google ad, etc. Call tracking is creating and assigning a unique telephone number for each ad campaign. This way, you can determine which one is getting more attention and more audience response. Call tracking lets you know if an ad, whether online or offline, leads to a phone call. Call tracking can also be used with your CRM, making it possible to streamline your marketing plan with sales, customer service and even monitor your revenue. You can track and monitor your calls, determine your business' peak hours and test the effectiveness of your ad campaigns. By looking at your call tracking data, you can get the best results from paid advertisements because you can then funnel your budget to the most robust channels, be it online or offline. You need to closely monitor your data and be open to experimenting until you find what works best for your business. Digital ads are convenient because clients can click through your ad. But regardless of the type of ad you're putting out, you must provide options to your audience. Always include our email address and telephone number. Or, if you are working on conventional material like newspaper or print ads, don't forget to include your website URL, email address, phone number, or even a QR code. Usually, customers who dial your number would stay on hold for about a minute before they hang up. Use this crucial window of opportunity to gain sales and avoid losing business to your competition. If nobody answers the phone, they are more likely to take their business elsewhere, and we don't want that. Make sure that you have enough staff to answer calls, especially during expected peak hours. There's a range of providers out there offering call tracking services, among other marketing features. To choose which one is best for you, start by deciding how you want to use call tracking and what you want to achieve. Google has a free tool for call tracking that lets you monitor call extensions on Google ads. It is an all-in-one service integrated with Google Analytics, AdWords, and other services, perfect for starters. However, it only works with a Google AdWords account. If you are looking for a more advanced call tracking system, there's a range of providers available out there, each offering a different set of features. One of them is CallRail. CallRail provides some unique features, such as tracking calls from specific pay-per-click keywords and real-time monitoring. They have a 14-day free trial, so you can try their service and see if it would work for you. If Bezla could be of service to your hotel marketing, visit us at bezla.com or give us a call at 888 999 8086. [more]
  • BezlaLLC
  • 7 effective ways to boost your hotel's occupancy and revenue December 28, 2020|Hotel Marketing 1. Leads Leads are one of the crucial things needed before anyone can even start marketing a hotel. This is where it all starts and what makes things possible. So, where does one get leads? Who’s generating leads in this market? How does one find them? Waiting for the company’s inbox to fill and relying on that alone to generate leads is not going to cut it if increasing the property’s revenue is in mind. Moreover, it should not be just any leads. They must be sourced from the right places and using the right tools. Otherwise, it will be tough to get ahead in a very saturated market. The key thing to remember here is having more solid data in your hands increases the likelihood of increased occupancy and revenue for the business. 2. Script With valuable leads available, the next thing to be considered is the business’ script. What kind of script should be used? Do the people answering phones know how to answer inquiries and what questions to ask before they transfer the calls? Are they properly trained? Are they equipped with the right set of skills and questions that can convert phone calls to sales? High quality leads can mean nothing without a well-thought script to convince potential clients. 3. Contracting In the event that a client finally says yes, setting up a contract should be laid out next. How does one go about drafting contracts? What are the essential elements that are a must in every contract? Are the correct terminologies and context used? Every angle and aspect of the agreement must be considered in drafting contracts. This is essential in protecting and ensuring both parties are going to meet their expectations from the deal. Before the contract is finalized, it is a must to have everything laid out clearly. Because in business, you don’t get what you deserve, you get what you negotiate. 4. Digital marketing It is a tough task for businesses like hotels to keep up and prosper in extremely saturated areas. It is not easy to be competing with hundreds and hundreds of hotels. But having the right digital marketing approach can certainly make a big difference for any business. With internet marketing, SEO, marketing ads a business can gain more views and bookings by simply having a great presence online. A property’s amazing location, unique facilities and excellent service are good as nothing if the business does not come up in the first pages of search engines. Not having the right techniques and methods to increase online presence is as good as being invisible. And it is impossible to be competitive as long as the business remains unseen. 4. Digital marketing It is a tough task for businesses like hotels to keep up and prosper in extremely saturated areas. It is not easy to be competing with hundreds and hundreds of hotels. But having the right digital marketing approach can certainly make a big difference for any business. With internet marketing, SEO, marketing ads a business can gain more views and bookings by simply having a great presence online. A property’s amazing location, unique facilities and excellent service are good as nothing if the business does not come up in the first pages of search engines. Not having the right techniques and methods to increase online presence is as good as being invisible. And it is impossible to be competitive as long as the business remains unseen. 6. Competitive rates To stand out and be competitive enough, a hotel can not just give a measly 10% discount in contrast with the competitors’ tempting offers. Hotel owners must come up with an approach to give the best deals possible while maintaining profit margins. There can be bundle offers, or seasonal offers. Find out the most ingenious and most innovative ways that can add value to what you are currently offering. 7. Follow up This is a job for the marketing team. How often are follow ups made? Is it being enough? Are the right people being contacted? Are the offers interesting enough to entice undecided clients to convert this time? It is a good idea to have a list of clients that need following up. Equally important is having a group of marketing individuals who are armed with the right set of skills that can call those who are on the fence to finally jump in. There are actually thousands of ways to boost the overall performance of a property, but applying and focusing on these 7 alone, can already create a huge impact for any business. If you need help in finding ways to improve your hotel's overall performance, Bezla can help. Email us at support@bezla.com or call us at 888-999-8086. #HotelMarekting #BeatTheCompetition #Bezla 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]
  • BezlaLLC
  • Online Hotel Marketing Strategies | Hotel Marketing December 21, 2020|Hotel Marketing How to approach the weird and wonderful world of online marketing: One thing to note about dealing with online marketing is the extremely fast paced environment in which the online media sector evolves. While traditional print media deals with decades-worth of loyal readers to its newspapers, websites and social media platforms are made to evolve much quicker in order to maintain popularity. So what does this mean for hotel managers and owners? Essentially, it means keeping up with the latest marketing techniques, paying attention to current trends, and most of all, staying ahead of the competition. This may sound easy and straightforward but in reality, it is not. There can be a number of challenges along the way in online marketing. One of the biggest things to overcome may actually be within the business organization. Employees who have years of experience working in the same hotel, using the same systems are likely to be resistant to change. In this case, it’s the hotel manager’s job to maintain balance between considering the long term knowledge of experienced staff while being open to new ideas. Keeping up with trends is a one liner that is easier said than done. In the world of online marketing, it simply isn’t enough for a business to have social media accounts and pin a few posts every now and then. It is more than just having a big number of social media followers. It is about knowing and understanding how customers are arriving at your website, which post garners the most reaction, or which ad creates the most engagement and which ad set eventually converts into sales. In online marketing, one has to be analytical. And it all starts with data. The great thing about online marketing is that an advertising campaign’s success can be conveniently and accurately monitored by analysing data from the hotel’s website and social media accounts. Another key point in working in the fast-paced nature of online marketing is that it is much easier to make an active effort to stand up in the crowd and establish the business in contrast with its competitors. Nowadays, “standing out” no longer means having the most eye-catching advertisement in the local newspaper or magazine. It’s now about reaching out to new forms of media and new social media platforms where the business’ competitors are less likely to have a presence. Online marketing isn’t a luxury to invest in if you can afford it. Actually, it’s just the opposite. In fact, if you are serious about growing your business, it’s something you can’t afford to miss out on. We can help your property stand out against your competition. Bezla offers services that can amplify your hotel’s online marketing strategy. To learn more, email us at support@bezla.com or call us 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 #HotelMarketing #BeatTheCompetition #Bezla [more]
  • BezlaLLC
  • What does Opaque Pricing mean for hotels? | Hotel Marketing November 30, 2020|Hotel Marketing Opaque is the opposite of transparent. In transparent pricing, the customer sees the brand or product he is buying. In opaque pricing, the customer does not see this branding. Opaque pricing is useful to a hotel because the hotel can offer considerable discounts to prospective guests without affecting the hotel’s published price position. The word “opaque” is used because the hotel’s branding remains hidden throughout the entire booking process until the reservation is made. Opaque pricing is a good strategy to use if the hotel wants to reach more price-conscious customers who are less interested in the specifics of the booking and more concerned about the cost. Websites such as Hotwire are a classic example where price is the first thing that is sold, and the hotel comes second. Our advice on opaque pricing is not to be put off on offering ultimately lower prices. These discount websites make up an increasing proportion of the hotel sales market. Revenues from these sales tend to be lower, but the approach is entirely demand driven, which means it’s a great strategy to use for filling up empty rooms in a hotel. For this reason, many hotel booking websites have their own opaque pricing subsidiaries, often offering a last-minute deal or a secret hotel deal which guests can’t find anywhere else. Opaque pricing is definitely a strategy to consider for a hotel. Should you need assistance or more information on opaque pricing or hotel marketing management, please do not hesitate to get in touch with us at support@bezla.com or calling 888-999-8086. #HotelMarketing #BeatTheCompetition #Bezla Bezla.com [more]
  • BezlaLLC
  • What is the Definition Hotel Revenue Management?| Hotel Marketing November 23, 2020|Hotel Marketing Hotel revenue management is an important concept in the hotel industry because it allows one to anticipate the demand to optimize the hotel’s availability and pricing in order to achieve the best possible financial results. The widely accepted definition for good hotel revenue management is selling the right room to the right guest at the right time for the right price. The hotel’s revenue management strategy should be based on past and present data of the hotel’s demand. Consistently gathering this information will allow one to make informed adjustments to the hotel by predicting levels of demand ahead of time. Once the hotel revenue management strategy is in place, one can optimize the hotel’s inventory and price to increase revenue growth. For example, when it can be predicted that the demand for the hotel will be low at a certain period, one can sell a room for a lower price to attract more guests. This is why it’s important to always know the hotel’s market because it will help hotel management to sell the right room to the right guest at the right time for the right price. That’s a brief overview of the hotel revenue management and why it’s important to a hotel. If we can be of any assistance at all in your hotel revenue management, we invite you to get in touch with us by emailing support@bezla.com or calling 888-999-8086. #HotelMarketing #BeatTheCompetition #Bezla Bezla.com [more]
  • BezlaLLC
  • Revenue Management Tips on How to Increase Hotel Income & Profit November 16, 2020|Hotel Marketing Here are general tips on how to improve the hotel’s revenue: 1. Monitor the hotel’s unconstrained demand The hotel’s unconstrained demand refers to an estimate of the total demand of the hotel. It measures how many rooms can be sold in a given day if the hotel had totally unlimited capacity. For example, when demand is high, such as Christmas, the hotel’s unconstrained demand will likely be higher than the hotel’s capacity. This means one can increase their prices to maximize revenue. 2. Forecast overall demand Another way to increase hotel revenue is by forecasting overall demand. By predicting how many guests the hotel is likely to receive, management can plan ahead and change their prices. If last year, the demand increased during a certain period, management can learn from this and increase their prices accordingly. It’s alright to make mistakes at first, as long as management learns from it, as this will help optimize the hotel’s revenue in the long-term. 3. Turn unused spaces into more efficient rooms If the hotel has unused spaces or spaces not used to its full potential, such as meeting rooms or lobbies, management can think about turning them into co-working spaces or even turning the meeting room into a private events room. The possibilities are endless as there are many creative solutions available, depending on the hotel’s location, size, and type of guests that the hotel attracts. 4. Increase one’s knowledge of the hotel market Knowing the market is a necessity when it comes to managing a successful hotel. Management should identify the hotel’s unique selling points by analyzing strengths, weaknesses, and any new opportunities for the hotel. With this, management will be able to target the potential guests and attract them more. It is also important to stay in touch with the current trends of the market and be one step ahead of the guest’s needs and wants. 5. Diversify the hotel’s room types A hotel can attract many different types of guests, such as millennials and families, so it’s important for management to offer different types of rooms with varying sizes, functionalities, and layouts. Management can also change the room names to make them sound more appealing to different types of guests. 6. Cancellation policies If many guests cancel their bookings at the last minute, hotel profits will go down. Management can either choose not to allow cancellation or charge a fee for cancellation. Either way, it’s very important to reinforce the hotel’s cancellation policy, making sure the hotel can rely on the guests’ reservations. 7. Feedback and reviews The hotel’s reputation depends on the reviews the guests leave after their stay. Reviews are read by potential guests in the future, which means they have a big impact on the hotel’s demand. Answering these reviews, whether they are positive or negative, is a good way to improve the hotel’s reputation. It shows that the hotel management cares and acknowledges the opinions of its hotel guests. Hotel management should also apologize and professionally respond to the negative reviews, and more importantly, try to fix the issues raised by the guests. This will reassure the future guests that the hotel management is working hard in trying to make their future stay as enjoyable as possible. 8. Social media platforms Social media platforms are a great way to reach the potential guest. However, it is important to know how to use them by developing strategies and staying consistent. Once a platform is chosen, management has to decide when and what to post. The post should be scheduled according to the information the hotel wants to share. 9. Upsell the hotel Upsell the hotel by using the right tools. This will encourage the guests to spend a little bit more when they come to stay with the hotel - either online or in person. For example, management can offer room upgrades on the website or in the hotel reception desk as soon as the guests' check-in. 10. Cross-selling Similar to upselling, cross-selling will help the hotel to increase its revenue by offering complementary products to the guests, such as spa visits, excursions, and other activities, depending on the hotel's location and the type of guests that the hotel attracts. 11. Technology Lastly, utilizing technology is a great tool to increase the hotel's efficiency. For example, organizing reservations and managing revenues will be faster if the hotel uses the right systems. However, human interaction is still very important in the hospitality sector so hotel management should not over-rely on technology. In summary, these are just a few of the many ways the hotel can improve its revenue. Should you need assistance or more information, please do not hesitate to get in touch with us at support@bezla.com or calling 888-999-8086. #HotelMarketing #BeatTheCompetition #Bezla Bezla.com [more]
2 3 4 5 6 Next Last