Common Sense Tips to Increase Hotel Revenue

Hotel business, if it runs smoothly, can be highly lucrative and make you multi-millionaire. However, as with most other industries, you can find that there are lot more failure stories than successes in this industry sector.

There can be many reasons for failure, including stiff competition, lack of planning and vision, as well as lack of ability to generate handsome income from the business. Any business that does not yield good revenue or profits is likely to be closed down sooner or later. So let us find out how to increase room bookings and hotel revenues.

 

THERE ARE SOME EASY TIPS TO INCREASE HOTEL REVENUE 

 

• Target the right market and separate it

If you want to successfully manage your hotel business and increase hotel revenue, you need to know your market well. Assess your hotel’s strengths and weaknesses, opportunities and risks to decide on the hotel’s unique selling points.

What kind of travelers should your hotel target? Lone traveler, business traveler, family, corporate events? Based on these insights – identify your target market, segment it, and create your user profile.

 

• Create a mailing list

Try to stay in touch with all the people who have stayed at your hotel at least once as well as with those people who have not yet become your guest but have visited your site in the past. You can stay in touch with all these kinds of people by using an email list.

 

Keep emailing them from time to time. Share with them news, stories, tips and other information. Also send periodic discount offers and deals.

 

• Automation solutions to improve efficiency

In order to be successful in any industry, it is very important to maintain harmony with technology. Use technology to automate the operations and various departments to provide immediate and impeccable service to your guests, increase productivity and improve results.

 

• Create special packages and promote them

The packaging allows you to map out the actual room rates, which are important for your hotel stay. If your hotel offers additional services such as fitness classes and spa treatments, you can include them in the packages at a tiny fraction of the price it would otherwise have cost the guests had they purchased it separately.

 

• Create a social media promotion strategy

Social media platforms are a great way to reach your target market and improve your hotel business. Choose a platform where your target audience is present and develop a social media promotion strategy around it.

Share promotional material on these platforms. Post photos of your hotel (with a post highlighting the space, facilities and activities around your hotel). Other options include introducing staff members, as well as sharing user reviews.

 

• Channel cost and optimization

Make the most of channel costs. Analyze the type of customer that a particular channel attracts. Collect data based on date, location and booking density, and ensure proper channel management. This is a key requirement to boost your hotel revenue.