As you have been running a hotel for years now, you must be looking forward to implementing new ways to increase the revenue of your business. Being a top hospitality management company, you need to upsell and cross-sell the services your hotel offers and leverage the various underutilized areas of your business so as to increase the overall revenue.
While all these key strategies will always remain relevant to your business in the future, we have some novel ways you can increase the revenue on a per guest basis.
Today, in this very article, we will thoroughly discuss these new ways of implementing the strategies to increase your business revenue.
How to Increase Your Hotel’s Revenue
1. Upsell &Cross-Sell Your Hotel/Resort Business
One of the best ways of increasing your hotel’s revenue is by introducing new packages like a Romantic Escape from Life, various offers on a Sports package and stay. You can also bring in appeal to a new niche market to expand your business outreach.
Another best idea is to offer a pet-friendly hotel stay. For example, you can attract a niche target group that is ready to pay more when a desired and much-awaited service is offered for their pets on a holiday.
2. Leverage Underutilized Business Areas
Another great aspect of your hotel business that you can leverage and make more business is giving certain areas of your hotel for other purposes. For instance, you can provide the hotel’s lawn for parties and events like engagement and family get-togethers, whereas for business meets and corporate parties, you can provide one or more halls.
Besides, you can create shared spaces in a way to make the best use of underutilized areas of your hotel or resort. In fact, this turns out to be a perfect way of boosting revenue, as guests do enjoy themselves and are ready to spend their money on destination-based events. You can do this simply if you can:
- Provide entertainment through musical events
- Showcasetelecast of global events, such as Cricket World Cup or FIFA
- Create a great ambiance by providing comfortable sofas and recliner seating
3. Communicate with Your Guests
Needless to say, the key to effective communication is the ability to listening to your guests. Well, this may sound simple and ineffective and is certainly overlooked quite often.
A direct communication or engagement with your guests is expected to lead to bigger revenue. In marketing terms, this can be achieved by doing regular customer surveys, which asks for their suggestions and provide their feedback through your social media channels.
4. The Overall Guest Experience
Today, customers expect such a high level of experience that is unforgettable for them. In fact, they don’t simply look for ‘just a room’ anymore, they seek something that makes them make good memories.
Believe it or not, but if you can effectively sell your services while making it a great experience for your guests, it will automatically help increase your hotel’s revenue. Customers that return spend more money than an average first-time visitor and you can effectively acquire new clientele and makeup to 9 times more business revenue than your current.
5. The Right Service at the Right Moment
In order to get customer satisfaction to a higher level, the key is to offer the right service at the time when it’s needed/expected.
Since the customer journey is crucial at every step, i.e.even before arrival, during the stay, and after they leave. At these different stages, your hotel has to plan the message in relation to making the “Guest Hotel Stay Cycle”, memorable and expecting a comeback.
The primary lesson you can learn from the aforementioned tips is that you must focus on providing quality services to your clients to generate incremental revenue for your hotel. While this is such a simple idea to increase your business’ revenue, hotels and resorts often overlook the importance of the “Guest Hotel Stay Cycle”.
Through this article, we don’t mean that you start putting more money into your business on your way to increasing your business revenue, but we certainly mean that you look into your current theme of hospitality to make all required amendments.