Operating a successful hotel doesn’t only mean to sell as many rooms as you can, the main factor for achieving great success in the hospitality industry is to work hard on the strategies formulated and managed by revenue management professionals. These professionals know how to sell the right room, to the right person, at the right time, for the right price and the right distribution channel.
Whether you’re a beginner or already an expert in revenue management, there are always new ways to grow and improve. Smart hotel revenue management is all about how efficiently you locate new revenue opportunities, optimize inventory rate and analyze competitor pricing strategy.
Hotel managers understand that being successful is about maintaining a good relationship with guests, whilst driving home a steady and profitable revenue stream. Successful hotel managers always go back and evaluate their pricing strategy and the milestones they’ve set for room occupancy because it is important to keep the competitor’s pricing scheme in mind.
These effective revenue management tips are perfect to drive the success of your organization.
Right Distribution Channel
For the small hotels, the budget for the marketing channel is often low as compared to big chain hotels. Therefore, it is important to only choose the distribution channels which will boost the revenue of your brand. It is great to hire a channel manager that will efficiently manage the different online distribution channels that your property sells through. The manager will give booking sites up to date rates and inventory, using a pooled inventory model for your hotel.
Online and Direct Booking
Booking hotel rooms through online travel agents and booking sites is important, but direct bookings are the most desirable method of guest reservations. As a hotel revenue manager, you can implement measures to increase them in number. Make sure your website is registered to all the famous booking sites such as www.booking.com and www.trivago.com so that it can be easy for the people to search your hotels. There must be a booking option on your own website as well with easy payment options.
Move along with Customer Trends
The trends in the hospitality industry are changed every second, and therefore, the hoteliers must respond to all the online activity that are related to their hotel. The best way is to involve the revenue management team in the plan, by having a good knowledge about what the customers are talking about gives the revenue manager important information that can be helpful in making decisions.
Use Automation to a Limit
Automation is not a new technology but it has been adopted by the hospitality industry recently. In this high-tech era, human dependence is not required for simple errands, but either self-service or automated procedures are preferred. Having an app for bookings, check-in and check-out is the way to deal. Some of the hotels have now room service done through apps as well. All a guest needs to do is to order food through the app. This can be enhanced on a larger scale and a lot of hospitality operations can be done automatically. It will provide the ease of access to the guests with an enhanced experience.
Make sure to use this technology to a limit, because to assist effective revenue management, many complex decision-making processes are involved, that require human professionals.
By adopting and implementing these simple techniques for revenue management optimization, you’ll soon be able to see a huge boost in your profits. Make sure to make your plan with the help of revenue management professionals.