Within the hospitality industry, every season has its revenue advantages and disadvantages. Finding revenue success lies in focusing and capitalizing on each particular seasons advantages. Know the purchasing habits of your clientele. Familiarize your team with how to upsell certain items or services in the summer months. Take action to prepare the team and hotel for the summer season.
The only reason the peak summer season may fail to bring in an abundance of revenue is if your hotel team is unprepared. There’s still time yet to plan and get organized, and we want to help!
The beginning of fall is the perfect time to strategically plan how to maximize revenue through the end of the year. When the holidays start to roll around, people are much more inclined to spend, and hotels are a popular item to spend money on.
Especially in the midst of family gatherings, holiday parties and the like, it can be an absolutely gold rush of revenue if you are prepared. We want to help you finish out the year strong so we’ve compiled the following tips for your benefit:
Is your hotel in need of increase revenue from B2B business? We’re guessing yes.
Especially if your hotel’s revenue mostly comes from B2B, this isn’t true of all hotels, but it’s safe to say that B2B revenue typically makes up a large chunk of the revenue pie.
The question remains – how? Of course all hotels desire more B2B revenue, but how do they get it? Through a variety of methods, including, but not limited to, the following.
A Coach pours over each play by play of past games, taking notes, jotting down fresh ideas. As the team practices every day until the next game, the coach implements new strategies and teaches his players new tactics. It’s game time once again, the team is ready, they’ve rehearsed their new plays a hundred times.
Be prepared, not scared. Budget planning season has rolled around once again, and with it tends to come stress, worry, and frustrations, but that doesn’t have to be the case. Of course, budget and marketing plans are developed to set goals, targets, and hold everyone accountable. With that being said, this is also a learning
The Good, The Bad, and Especially – The Ugly. Why Responding to EVERY Review is Essential to Your Reputation.
Feedback, constructive criticism, or maybe just plain old criticism. Are you shuddering at the thought? If you are, stop, because though it may be hard to take sometimes, it’s essential to the success and well-being of your hotel. That’s right, criticism whether good, bad or even ugly, is a necessary tool for you and your
Acquiring financing for new hotel development or acquisitions of existing properties has been near impossible over the past several years. The tepid recovery of the economy combined with a lack of new hotels, has, in fact, created a more favorable environment for investors seeking hotel projects.
Traditionally speaking, hotel revenue management has focused primarily on rooms. Moving forward, in order to maximize revenue and profits, hotel management teams must focus on optimizing revenue from each guest, using the entire asset. Each individual guest has the potential to generate much more revenue than just the room.
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