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How to Maximize Hotel Revenue
get back to basics
Believe it or not, the best way to maximize hotel revenue is to get back to basics. Whether you own a villa or manage a boutique hotel, you do not need expensive ads to maximize hotel revenue. Nor should you have to pay higher sales costs in exchange for better ranking. Instead, pay attention to those far less exciting, behind the scenes, details. Specifically, the ones that will drive up revenue without costing a dollar.
As an example, take a familiar scenario. A small hotel has one room left, for five consecutive nights, and two months left to sell it. It is the last room, and there is a discount available. As well, no one has set any minimum stay, arrival, or departure restrictions. The phone rings and the person who answers it happily confirms a 3-night stay. But she does so at a low rate and with one gap night before arrival and another after departure. While she did nothing ‘wrong’, this was a great opportunity to maximize hotel revenue. We prepare your team for situations like this to ensure you aren’t leaving money on the table.
Daily Details To Watch
Tips to maximize your revenue
- Shop your rates on a Meta site to make sure no one is undercutting your hotel direct rates
- Confirm that all sales channels are correctly showing your rooms, rates, and availability
- Use stay controls to reduce unsold nights in high demand periods or room categories
- Upgrade guests, as needed, in order to keep your most popular rooms and rate plans open and selling
- Add pure profit to your bottom line by increasing rates on your last available rooms in high demand periods
improve Your Marketability
Know Your Market
When we ask hoteliers to describe their ideal guest, the answer is often “whoever has the money to book”. This begs the follow-up questions: “So, how do we ensure they spend that money with us?” As well as: “And how do we entice them to spend more?” Research, planning, and analysis are critical parts of a successful revenue management strategy. To start, identify your target market based on your hotel’s unique selling points. Then, research and define their reasons for choosing you over your competitors.
Optimize the Path to Purchase
Our boutique hotel revenue management services balance revenue goals with great guest experiences. We see the big picture, and small is big, especially now. However, you have to embrace technology and make it work for you. Use booking engines, channel managers, and metasearch sites as appropriate. Many small hotels shy away from these tools for one reason or another. When used the right way, though, each can enhance your ability to compete and grow revenue. Likewise, be sure to engage on blogs, keep your content up to date, and maintain rate parity. Though basic, these daily tasks can raise brand awareness, improve your rank in search results, and convert more guests.
Free consultation
Schedule a call to discover how our boutique hotel revenue management services will improve your hotel’s revenue performance.
