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.
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.
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.
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.