When it comes to revenue opportunities for a hotel, there are two main categories: Sales and Savings.
Both categories are useful and can be applied in different settings. Adopting strategies and implementing new tactics that save money by cutting back on a cost is very beneficial, and is more of a long-term strategy. Investing money up front, perhaps in some sort of product that can be sold, is also an excellent source of income for a hotel.
All too often the quick-pace of life gets in the way of taking the time to assess where more revenue might be saved or acquired, ultimately hurting a hotel’s bottom line.
We’ve compiled a quick list of some often overlooked revenue ideas for hotels from both categories. Ways to save revenue (thus increasing it over time), or to immediately increase revenue.
Choosing the Right Hotel Management Company is Imperative to The Success of Your Hotel. Here’s What to Consider.
Whether you have a hotel already, are in the process of acquiring one or have plans to build one in the near future, you’re going to want to everything within your power to maximize your investment, right?
What does it take to be a successful and thriving hotel? Many things. Yet, we can simplify it to one extremely important detail – team member happiness and satisfaction.
Think back for a minute to a customer service experience, or two, you’ve had that went badly. Why did it go poorly? Why was it a negative customer service experience? Notably there may be a variety of reasons, but more often than not customer service scenarios that result in an unhappy customer likely stemmed from an unhappy employee.
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Most everyone needs the services of a hotel at least once in a lifetime. For the majority of us, hotels are utilized much more regularly than that.
The point is – hotels are an integral part of our society.
Except there are a vast amount of hotels to choose from. Hotels are everywhere and one could argue that at times there are more hotels than people who need them.
What does this mean for your hotel? It means that your hotel needs to stand out to your target guest.
The elusive millennial travelers… the group every hotel wants to attract, yet only some are skilled, or lucky, enough to succeed.
Just to be sure we’re all on the same page, let’s define who the “millennial” traveler is: aka Generation Y, millennials are essentially young adults born after the early 1980s and are well-versed in technology, own anywhere from 1 – 10 “devices,” and are active on just about every social media channel.
So now we know more or less “who” the millennial travelers are, how do we, as hoteliers, attract them? What are millennial travel trends?
Consumers are interested in sustainability and green practices – this isn’t exactly breaking news. Yet, the significance of that statement is still immense, green practices aren’t optional if you want success for your hotel, they are necessary.
The hospitality industry is an industry consistently at the forefront of the trends, and since the latest green practices tend to become “trendy,” hotels must try and be ahead of the trends, set the trends, and at the very least – follow them.
The green practices of five years ago are commonplace now – i.e. the friendly card in the bathroom explaining the option to reuse towels. If that’s the sort of green level your hotel is on, there may be some work to do.
Essentially hotels offer a place to stay in a given location, and everyone needs that right? Which means a hotel’s target audience is almost everyone right? Wrong and wrong. Ok, so maybe you already know that your target audience isn’t everyone per se, but truly how specific is the audience you’re targeting? How detailed is your guest profile? Do you even know what your guest persona is?
Let us help raise your awareness of why your marketing and sales tactics might not be working, or working as well as desired.
One of the biggest reasons is typically a lack of a defined guest persona. So let’s get into the details of the what, where, when, why, and how’s of creating and utilizing a guest persona for hotels.
As we head into the busy seasons of Spring and Summer, it’s more important than ever to have standard operating procedures in place.
We’ve already detailed why SOP’s are crucial for internal processes, and now we’ll further explain why they are just as crucial for enhancing the guest’s experience.
Hotels that clearly pay attention to small details and are committed to customer service will always differentiate themselves. A hotel with branded and recognizable SOP’s will not only stand out, but will attract faithful repeat clients again and again, one of the true keys to loyalty and ultimately long-term success.
Anything your hotel can do to provide a consistently spectacular experience for the guest, is well-worth the time, effort, and resources required. Here are three key reasons why, and how, SOP’s enhance the experience.
Hotels are an integral part of our society. Utilized for leisure, business travel, conventions, special events, and a million other reasons. Folks use them everyday, they are depended upon, and generally enjoyed. On the flip side, there’s heavy competition in the industry, and a constant challenge to experience high levels of success as a hotel owner.
There are many variables at play when it comes to owning, managing, and operating a hotel, and it’s imperative that a keen eye is kept at all times. The industry is constantly changing and evolving, and a successful hotel must not only keep up with the changes, but transform ahead of them.
Constant evaluation of strategies and tactics is crucial. In order to achieve long-term success, a hotel owner must be able to balance, make decisions about, and produce results in all of the departments – finance, marketing, sales, catering, rooms, channel distribution, as well as overall management.
Three words can make or a break a hotel – Standard Operating Procedures (SOPs). The bigger the organization, the more important SOPs become. Even individual boutique hotels are still “big enough” to require SOP’s to perform at optimal efficiency. Hotel chains and brands without SOP’s are unlikely to succeed.
The point here is short and sweet – have an SOP in your hotel for literally everything. If this isn’t already the case, start implementing them now to ensure your hotel is set-up for success.
Similar to how children need structure in their daily lives in order to mature into grounded, stable adults, hotels require structure in order to function at maximum efficiency. SOP’s affect not only the procedures, but also the team.
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