Increasing hotel revenue: That new hotel you opened last year had great reviews and was fully booked for the first couple of months after launch. But lately, business seems to have slowed down. Hotel revenue is not increasing like you had expected. It’s time to think of ways to increase hotel revenue and get that new business going again.
Here are some cost-effective ways to do just that: increasing revenue at your hotel by 50 percent or more! These tips will also help you reduce costs so you can make more money in the long run. Implementing even a few of these ideas has the potential to significantly increase your hotel’s revenue and profitability.
50 Ways to Increase Hotel Revenue: The Complete Guide
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In an increasingly saturated market, hoteliers must constantly seek ways to stand out from the competition. The easiest way to do this is by increasing revenue, whether that means increasing room rates or finding another source of income from your guests. Fortunately, as with any other business, there are many ways to increase your hotel’s revenue. Here are 50 tips you can use right now to increase your hotel’s revenue.
Change your hotel’s digital marketing strategy
Very few hotels are still only marketing their business on a website or printed brochures. The future is, and has been, in digital marketing. The first step to increasing your hotel’s revenue is to change your marketing strategy, and integrate your hotel’s digital presence with your marketing efforts. This means, you need to be on all the major digital platforms: Facebook, Instagram, Twitter, Google, etc. You need to have a strong digital brand. A strong digital brand is one that has a consistent message across all digital platforms owned by the hotel. Your digital marketing strategy doesn’t end there, though. You also need to be creating content that gets people excited about staying at your hotel. You need to be present in the online communities where your ideal clientele hangs out and responds to their questions and issues. You need to have a strong digital presence, and a clear messaging strategy, across all digital platforms.
Offer a better digital experience
The best way to grow your hotel’s revenue is to offer a better digital experience to your guests. This means that you need to do two things: Be responsive to their concerns or questions, and provide them with options. You can do this by creating a special email account that is dedicated to responding to guests’ questions and concerns. You can do this by having a readily accessible FAQ section on your website, and by offering room options. Most guests who are booking a room have certain preferences. By having a variety of room options and amenities, you can cater to more guests and increase your hotel’s revenue. You can also provide guests with other services and amenities like airport transportation, rental cars, or even special events and activities. You can also provide guests with information that they might want or need while they are staying in your city.
Implement price transparency tools
Price transparency tools are designed to show your customers the price they are being charged for their room or service compared to what others are paying. This helps remove any feelings of anxiety or uncertainty that your guests may have. It also shows that you are willing and able to be open and honest with your guests. This will make them feel more welcome and, in turn, increase your hotel’s revenue. Price transparency tools can be integrated into your website, or can be accessed through a third-party app. There are many price transparency apps on the market. Some even integrate with major booking platforms like Booking.com and Expedia.
Add video marketing platforms
Video marketing is one of the best ways to increase your hotel’s revenue. When done properly, video marketing can bring your hotel to life for your guests and potential guests. It can help your guests understand what your hotel is about, why it’s special, and why they should stay there. Video marketing comes in many forms. You can create a traditional commercial and air it on local or national television. You can create short, informative videos that are posted on your website. You can also create videos and post them on social media platforms like Facebook or Instagram. You can also start a YouTube channel and post videos on that as well.
Create a VIP program or loyalty program
Creating a VIP or loyalty program is another way to increase your hotel’s revenue. A VIP program or loyalty program can be as simple or as complex as you’d like it to be. You can choose to offer special perks like free breakfast or free wifi. You can choose to offer special discounts and deals on services at your hotel. You can even go as far as offering special gift packages or items. The choice is yours, but whatever you decide to do, it should be done to increase your hotel’s revenue.
Hold special events to increase revenue
Hospitality and entertainment go hand in hand. If you have a hotel, you have a huge venue that can be used for many different events and conventions. Holding these events can not only increase your hotel’s revenue, but also establish your hotel as an entertainment destination. Events like conventions, trade shows, and concerts can be great sources of revenue. They can also bring new customers to your hotel. Events also increase your hotel’s revenue by bringing in hotel guests. People who attend events at hotels often need a place to stay. Having events at your hotel is a great way to increase your hotel’s revenue. Do your research, and find out what types of events are happening in your area. Then, make your hotel available for those events.
Provide better service and amenities
Your guests are in your hotel to stay somewhere clean, comfortable, and safe. They want amenities like free wifi and free breakfast. Providing these amenities not only improves the quality of your guests’ stay, but also increases your hotel’s revenue. If you don’t have certain amenities, then you have no excuse not to provide them. The cost of providing these amenities is minimal when compared to their revenue potential.
Add eco-friendly services and products
Many hotels pride themselves on the amount of recycled water they use and the eco-friendly products they use. This is a great way to increase your hotel’s revenue. Eco-friendly products and services have become a huge trend in the hospitality industry. It’s not just a trend, though. It’s something that guests are increasingly demanding. They want to know that you are environmentally conscious and that you care about their health and safety. You can provide eco-friendly services or products at your hotel. You can also use eco-friendly products like cleaning supplies, soaps, shampoos and conditioners, etc.
Utilize your grounds and parking area
If you have space within your hotel’s grounds, then use it! Explore ways to monetize your hotel’s grounds and parking area. You can create special areas on your grounds that are designated for certain groups, like a garden space for weddings or a playground for children. You can also create a space for someone to park their RVs, trailers, or other large vehicles. Utilizing your grounds can help you increase your hotel’s revenue in a plethora of different ways. It can help you bring in more business, or it can help you make more money per room.
Conclusion
Increasing your hotel’s revenue is something that every hotelier needs to focus on. There are many different ways to do this, and many of these ways are relatively simple. The key is to focus on increasing your hotel’s revenue, and identifying new ways to do it. By following the 50 tips listed in this article, you can help increase your hotel’s revenue and ensure its continued success. Now, when you’ve finished reading this article, you know all the different ways that you can increase your hotel’s revenue. There are many different ways to do this, and most of them are relatively simple. The key is to focus on increasing your hotel’s revenue, and brainstorming new ways to do it.