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.
1800 JFK Blvd Suite 300 PMB 91649
Philadelphia, PA 19103