Tips to Boost Hotel Revenue and Receive More Bookings
As a hotelier, sometimes you might think that slashing your rates to almost nothing will help sell more rooms and probably increase your weekly revenue. While the discounting strategy may sell a few rooms, often, it will rarely sell enough to offset that reduced revenue. Lower rates won’t automatically create demand.
If anything, it’s likely to set the wrong expectations for your guests and may even erode the price integrity. Instead, it would be best to consider utilizing the tips we will discuss below to boost hotel revenues and receive even more bookings.
1. Think Locally
Collaborating with the local businesses is an excellent step to ensuring that your guests have a great time while increasing your revenue. Work with the tour guides to offer unique experiences to your guests, or you can even promote your restaurant down the block.
This will not only increase your revenue but also make your property a valuable part of your local community. Maintaining a positive long-term relationship with your neighborhood is crucial in boosting your hotel revenue.
2. Host Special and Live Events
If you feel like your corporate business is taking longer than expected to give you good returns, you should host special events. These live events can draw people from all over the country to your property. If you want to generate some buzz, you could host a beer tasting or wine tasting for your corporate guests or past guests.
3. Transforming the guest rooms into work areas
When the pandemic hit, most hoteliers were very successful in renting out their rooms into daytime offices. This special offer gave displaced workers a place. The idea still works post-COVID and will definitely increase your revenue when you don’t have guests.
4. You can rent out the airport guest rooms twice
Another effective way of increasing your revenue is by renting some of the rooms several hours a day and overnight to accommodate guests with different flight schedules.
5. Transforming the guest rooms into dining rooms
With the correct planning, you can separate a few sections of your guest rooms and turn them into a private dining room where guests who want that bit of exclusivity would enjoy their diner. Of course, it comes at an extra cost to the guests.
6. Upsell Your Services
To boost your hotel revenue, you can also upsell your services. Upselling is one of the critical areas that will help you increase your hotel revenue as long you mainly focus on improve your guests’ experience.
If you try too hard and too often to upsell, it can really backfire, making guests uncomfortable and undermining repeat business. Some of the things you can upsell are room upgrades, parking, breakfast, and cross-selling to other hotel services such as spa treatments.
7. Outsource Third Parties
Another standard tip for boosting your hotel revenue is outsourcing third parties. When you work with third parties, it takes off the pressure to recruit and hire. That said, you can find a third-party team that can do your hotel’s revenue management.
Although hotel occupancy and revenue in Thailand are higher than a year ago, many hotels in various locations are still battling to improve their bottom lines. With the tips we have discussed above, you now have a better idea of boosting your hotel revenue. Contact us if you need assistance.