Grow your revenue with these tips
Growing revenue is an important aspect for every business. Here are four strategies you can utilise to grow your revenue.
Increase your marketing
Promotions and advertisements go a long way in boosting your marketing. Focus on growing your accommodation brand visibility, recognition, and website to convert guests directly. You can run advertising campaigns on Facebook, through Google Adwords, and also through emails. It’s important to provide guests an incentive to book with you over OTAs, seeing as you cannot compete on price. You can however compete on the guest experience, and through brand affinity.
Pricing strategies
Another way to increase revenue is through reviewing your pricing strategy. For accommodation owners, this means rate flexing. Rate flexing is not about 100% occupancy, instead it’s about getting the highest average rate for a room. Ensure your room rates are adjusted for the different seasons (high and low). This will also inform the marketing you will run for the low seasons, to encourage guests to stay with you.
Upsell
Complementary products and services can help you to boost revenue, and personalise a guest’s stay. You can also stock local products or popular amenities that guests can take home with them. This not only helps with revenue, but also brand awareness. Having something that reminds a guest of their stay, will help keep your accommodation front of mind for when they choose to return.
Optimise your distribution channels
Ensure you are connected to a channel manager (e.g. Preno has its own channel manager, or is seamlessly connected with leading channel managers STAAH and SiteMinder) so that you can distribute your rooms through popular online travel agents globally. Ensure you’ve claimed all your accommodation’s listings on Google and TripAdvisor so you can monitor reviews. You can also offer your accommodation facilities to conferences or corporate events during the week. An accommodation has many facilities that the wider community could utilise, while they may not need a room for the night, they may still need your facilities during the day.
Conclusion
These strategies can help you increase revenue and provide a more personalised stay for your guests. Upselling or cross-selling services guests need, and marketing targeted ads to a specific audience will help you influence the overall travel experience, and ultimately encourage them to book directly with you.
Subscribe to our newsletter
Other Blogs you may also like
What’s the difference between a PMS and a POS?
The aim of the game when it comes to implementing software into your business is to create an integrated platform that allows data to flow from one system to another. This gives you streamlined operational efficiencies, a clearer picture of business performance, and ultimately makes for a better guest experience. Depending on your business, you […]
Dynamic Pricing Strategy: Increase vs. Decrease
Dynamic pricing is a crucial strategy in the hotel industry that aims to optimise revenue and achieve maximum occupancy based on the principles of supply and demand. By dynamically adjusting prices in real-time, hotels can effectively respond to market fluctuations and capitalise on revenue opportunities. In this article, we will explore the concept of dynamic […]
Sync Your Airbnb Calendar With Online Travel Agencies (OTAs) on Preno
As an Airbnb host, attracting as many guests as possible is your top priority. And one of the best ways to reach more people and bring in more bookings is to list your property on as many online travel agents (OTAs) as possible. But that comes with issues. With guests booking your property through various […]
Why you should be planning your accommodation’s Christmas marketing now
Before you throw your hands up in the air and say “Christmas? Already?” bear with us, because you need to have your holiday marketing figured out pretty much about now. Being on the back foot is never a good thing, and when it gets as noisy as it does in Marketingland coming into the festive season, […]
10 Tips for Promoting Your New Year’s Eve Hotel Events
As the end of the year draws near, many people are looking for exciting ways to ring in the new year. If you’re a hotel manager or event coordinator, this presents a great opportunity to promote your upcoming New Year’s Eve events and attract eager guests. To help you get started, here are 10 tips […]
Is Online Communication Important in the Hospitality Industry?
In the hospitality industry, online communication refers to the various ways that businesses communicate with their customers and clients through the internet. This can include everything from setting up a website and social media accounts to using online booking systems and even communicating via email or chat. Do you know why online communication is important […]