How to Increase Hotel Revenue?
The industry has observed a major shift from basic inventory management to a strategic marketing approach. And, the hospitality experts who learned to evolve with the shift became the big players. However, a huge part of the industry now relies on modern-day hotel management methods.
Find out the latest hotel revenue management strategies in 2019 that hotels, big or small, must follow for optimized revenue growth.
1. Online Reputation Management to Increase Sales
Before booking a hotel, the first thing guests check is its reviews on different sites like TripAdvisor, MakeMyTrip, etc. This is why it is extremely important for hotels to monitor customer reviews across online channels to build a positive reputation and attract more guests.
2. Competitor Rate Analysis
You can use various analysis tools that help you determine the rates your competitors are offering. You can use the reports to compare your current pricing strategy with your competitors’ and set the best price for each room with 24X7 dynamic pricing and eventually increase hotel bookings.
3.Improve Hotel’s Website Functionality
Your guests love to see their favorite hotels advance with technology. So, make sure your website is mobile-optimized and loads instantly on all devices. Also, you also need to ensure that the pictures display correctly, all the buttons are fully functional and the call to actions are clearly visible on the website.
An automated revenue management system helps create a fully optimized and highly functional website, which can easily drive direct bookings to your hotel’s website & booking engine by providing a seamless booking experience. That means you’ll save money on OTA commission.
4.Channel Cost and Optimization
Put the channel costs to the best use. Analyze the type of customer a particular channel attracts. Collect data based on date, location and booking density, and ensure that proper channel management is in place. It is a key requirement of giving your hotel revenue a boost.
5. Focus on Data Analytics
Analyzing past and current data is crucial since it helps in figuring out which strategy is best for your business. Hotel data analytics help in finding out the booking patterns which play a major role in decision-making. This is amongst the proven hotel revenue management strategies that guarantee optimal revenue management.
However, extracting all the historical data, going through the details and creating reports is an utterly hectic task and requires expertise. Hence, you can use a hotel revenue management software which will help you optimize your hotel’s performance with accurate business performance analytics.
6. Improve Forecast Accuracy & Profitability
Forecasting is a critical function that helps in determining demand projection. The accuracy of forecasts depends on the analysis of the past data collected at various intervals. Forecast accuracy also assists in controlling operational costs. Automated revenue management systems have been proven to deliver accurate and reliable forecast results.
The purpose of chatbot technology is to improve the guest experience. Chatbots can help guests check-in, check-out and make reservations. They can even suggest local attractions in the local area and perform a few hotel operations at a voice command. Now technology has made it possible for you to pair your chatbots with emails to send personalised emails to customers and improve their guest experience and develop a synergistic marketing funnel.
8.Automation Solutions to Improve Efficiency
To be successful in any industry, it is crucial to maintain sync with technology. Use technology to provide your guests quick and faultless service, increase production, and automate the system for optimized results.
Following these strategies mentioned above, you can completely transform the way your hotel business performs. Evolve with the trends and you will find your way to the top.
Aiosell’s automated revenue management system is a fully integrated all-in-one hotel technology that can help you maximize operational efficiency and reduce costs. Try it today and pay only when you see results!