This month we're dedicating our blog to the various ways you can increase hotel revenue. We wrote about how having a Yield Management strategy can ensure your rooms are filled in the most profitable way possible. Other ways you can increase your revenue is through upselling and cutting unnecesasry costs. Today we're going to look at 4 simple ways you can increase revenues without too much work.
Here are some ideas:
1. Encourage referrals
Satisfied customers should be encouraged to refer their friends and family to stay at your property. Offer your potential guests incentives such as a promotion code, which you can easily set up within your PMS to be redeemed at the time of booking on your website.
A post-stay email can also be set up to automatically send to your guests after they leave, with a specific promotion code and discount. Remember: Word of mouth is often the most powerful marketing tool, with the lowest investment needed. You need to make sure your guests leave your property satisfied though.
2. Packages and extras
Persuade your hotel guests to spend a little more through your online booking engine by adding carefully thought-out extras such as a couples package or champagne breakfast.
Other extras could be
- Airport shuttle
- Product packs
- Local art
This is simply about letting your guests know what options are available to them. If it’s out of sight, it’s out of mind!
3. Promo offers & discounts for extended stays
Group or promotion codes are a great way to publish secret rates to your website booking engine that only specific groups of people can see. The group can either be an organized set of people traveling together such as a business team, wedding or church group. Or, the group could be people in an advertising campaign such as in a magazine or email list. The ability to offer a special and unique rate via your website booking engine to a specific group affords you the ability to allow online, instant bookings while hiding those prices from the general public. Read about how Frontdesk Anywhere's promo codes work here.
Some guests are quite flexible with their travel schedule and might want to stay an extra night or two. That's where discounts can come into play. Offering a 50% discount off an additional night, when paying the regular rate for the first few nights, could ensure a higher occupancy and incremental revenue.
4. Events and Tours
Use your front desk or other designated areas to take advantage of point-of-sale opportunities such as car rental or tickets to events and tours. Adding this extra value to guests not only brings in revenue but also provides a better traveller experience.
Whatever the product may be, give guests something to remember their time with you and add a new revenue stream by making some of your products available for purchase.
We'll be continuing the conversation on how to increase revenue throughout the month. Feel free to post any comments or suggestions below on how you've mastered yield management.