Hotel Revenue Management
Is your approach to revenue management as modern as it should be?
If your hotel’s current revenue strategy is solely focused on optimising room rates, it’s likely that you’ve fallen behind and are missing some big opportunities to drive revenue growth. Modernising and staying ahead of the curve is no easy task but with creative ideas it is possible to bring your revenue management into the modern age.
Every hotelier is all too aware of how competitive the hospitality and travel industry is. Hotels are under increasing pressure to add value to their customers and find alternative revenue streams to stay ahead of rivals. While hotel management software that focuses on room rates and increasing occupancy is a critical tool, hoteliers and revenue managers need to go even further today.
It’s not enough to follow the trends, hotels that are to be leaders need to look ahead and find their own game changing strategy.
Advancing technology, such as smart hotel booking engine options, means that human resources should have more time on their hands to come up with creative ways to improve the commercial strategy. Hotels that are looking at exactly what their current facilities and resources can offer will realise that they have a lot of options to improve revenue than simply tactical pricing.
While technology has a lot to contribute, revenue managers are the ones that have the potential to transform revenue management. With the right skills and experience, your revenue manager can assess profitable opportunities both within the hotel industry and through effective partnerships to expand.
Modern revenue management needs to go beyond the traditional revenue streams to stay ahead of competition. Is your hotel taking a modern approach to hotel management? If you’re looking for ways to give your revenue a boost, we’ve got some ideas for you to explore putting into practice.
Create a booking portal for your hotel space – Your hotel is more than just its rooms and there are numerous businesses, professionals and organisations looking for spaces where they can hold functions, from formal meetings to informal networking events. While you probably already have a hotel booking engine for rooms, building other areas into the tool can improve uptake, making it simple and convenient to use.
Partner with food delivery companies – Takeaways and food delivery companies are becoming more popular choices with guests that want to enjoy dinner in their rooms. The growing number of businesses, including a new initiative from TripAdvisor, in this industry means it’s more accessible than ever.
As a hotel, you might be tempted to shun the trend. But embracing it can actually have positive benefits. You can both work with delivery services to give your guests even more choice and give the local community a chance to sample the food created in your kitchen.
Appeal to motorists – There’s a lot of potential for hotels to offer vehicle services that could prove lucrative. Depending on your location, you could create a substantial revenue stream by offering your unused car parking spaces to locals or commuters. If you’ve already got electric charging points installed or are considering embracing the technology they could offer you another source of revenue.