Quick Tips to Maximize Hotel Revenue

In Hotel Revenue, Revenue Goals, Revenue Management by HMG Hospitality Team

 The beginning of fall is the perfect time to strategically plan how to maximize hotel 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:

Maximize Hotel Revenue

Reward Customers With Upgrades

Everyone loves an upgrade, and patrons that feel well taken care-of are likely to spread the word and return. This is an excellent chance to build stellar repertoire with customers and expand your fan base. Upgrades are relatively simple to accommodate and go a very long way.

Coordinate Holiday-Themed Events

‘Tis the season will be everyone’s mood, and it’s your chance to capitalize on that. Is your hotel going to feature breakfast with Santa? If you get a lot of business from families then it’s a great idea. What holiday events are happening around the hotel? Are you within walking or easy transit distance for major events? How can your hotel offer events that coincide? If you integrate your hotel in the surrounding community the benefits will be grand.

Strategic Holiday Season Promotions/Packages

This is similar to the above tip. Really get strategic about your packages, consider what all is happening in the holiday event department around the hotel. Are there cross-promotional opportunities? There are plenty of hotels for guests to choose from, what will make yours stand out among the rest? Develop a jaw-dropping, attention grabbing holiday package or promotion to seal the deal for your hotel.

Keep in mind what types of people and/or groups are likely to be making reservations during this time. Families? Couples? Meeting businesses? Cater your packages to your target audiences.

Invigorate And Incentivize The Team

People spend money during the holidays, this is no secret i.e. Black Friday. Hotels are needed during this time of year, and though the competition is often fierce, there’s no reason why your hotel can’t get it’s share (or more!) of the revenue pie.

Your best offense is your team! Invigorate the team, remind everyone of why this time of year is crucial, and explain how they will individually benefit. If more training is needed for your sales team, set up the training. Do whatever needs to be done to ensure your team is aptly prepared to bring in the bacon in the coming months. Above all else, let your team know how much you appreciate them and how hard they work – a happy team = a successful hotel!

Target Your Loyal Customers With Specialized Offers

A huge mistake many hotels make is neglecting their loyal customers. There’s a great chance that guest from years prior utilized your hotel because they were in town visiting friends and family during the holiday season, are are likely to do so again if you play your cards right.

The same can be said for businesses. Holiday parties held in years past are viable options this year, as long as you follow up with the prospects. Spend extra time catering specifically to past guests and entice them with a loyalty offer.

Theme Your Amenities

Revamp amenities and amenity offerings to reflect the season. Have the kitchen develop dishes that feature the flavors of the season. Help the spa design holiday and seasonal inspired treatments. Amenities offer a unique opportunity this time of year to collect more revenue than usual, as long as you get organized in time.

There’s no time to waste! Your hotel can and will be successful if you strategize, organize and work diligently. If you need more guidance and hands-on assistance to maximize hotel revenue, contact HMG Hospitality today to get started immediately.

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