5 tips for successful hotel revenue management
Focus on Value
Value and perceived value are very important in hotel sector. The guests must be provided the value for their money which you promised. Your guests should also have a clear idea about that value while considering which hotel to book. That value can be given by you through excellent customer service, food and beverage packages, free parking and many other things. The experience of the guests can be made positive and memorable by value-added extras that are unique to your hotel. This makes your guests to come back again and also recommend your hotel to others.
Get Your Distribution Channels Right
You must choose the distribution channels that will boost your revenue management strategy best. The channel which will be best for you is decided by a number of factors. They are ease of channel management, the cost involved, marketing opportunity provided by the channel, the technology used by it and its compatibility with your own property management system.
Offer Direct Booking Incentives
Direct bookings are most desirable method of guest reservations though it is also important to book through external partners like online travel agents. Customer loyalty is gained by direct bookings. By offering value-added incentives you can arrange direct bookings. You must put your efforts to divert guests away from using hotel comparison sites so that they cannot choose any competitor. Your guests can also be encouraged to recommend your hotel by promoting a loyalty programme.
Create a Culture of Perpetual Revenue Management Improvement
Focus is created by a culture of revenue management improvement. Through your organization, if a focus on hotel revenue management is pervasive, all employees are aware of its importance. Ultimately revenue amount is increased as this leads to more thoughtful business decisions and behavior.
Maintain Organised Records of Key Data
In the evolution of your revenue management efforts, data is a key factor. It should be kept in mind that the data must be relevant. You should always focus on quality instead of quantity and also on how it will be recorded and used. In this way the storage and interpretation of the data will be easier. It will also be faster and lead to more relevant insights which will drive your entire revenue management approach.