When it comes to revenue ideas and 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.
Revenue Ideas for Hotels You Can Implement Right Away
Think Outside the Box
The hospitality industry is famous for everyone copying one another. That isn’t to say other hotels and brands don’t have good ideas. But, with the rapid pace of technology there are so many new tools and software available that could help streamline processes and save money all over the place. Go outside of the status quo. Is your booking software costing more money than it’s worth? Invest money is a better one. Find technologies that help you to stop relying, so heavily, on OTA’s. To put it simple – use your brains, do some research and get creative.
Invest in Technology Features that Will Keep Guests on Property
What encourages guests to spend more money at your hotel? Having enjoyable and useful amenities at the hotel. A guest needs to charge some devices and work on a laptop in a pleasant environment. There’s a chance they’ll be in the tech zone for a few hours. Most people need to eat at some point over the course of a few hours. If you can provide the outlets and ambiance needed, that guest will stay on property and order food at your establishments. That’s just one tiny example, explore the millions of ways you can make your hotel the place no guests wants to leave.
Don’t Overlook Past Guests and Their Goldmine Databases
What’s a huge pot of gold revenue waiting for you? Those past guests who are simply relationships waiting to be cultivated. Drive loyalty. Create a customer-centric culture and you will earn and save money over time. How are you saving money by investing in past guests? By creating loyal guests who are guaranteed to come stay over and over, lessening the investment needed for marketing down the road. When guests continue to return an authentic hospitable and friendly culture gets created, and every new guest is going to want to be a part of it. Having a customer-centric culture is a landmark of a successful business. How can you do this? Whip those old databases with past guests information and get to work with your marketing team.
Go Green. Seriously.
This can be an entire topic on its own, but we’ll keep it short and simple today. There are proven green practices that save money over time. Implement them. Easy first step – LED lighting.
Offer All The Extras
Do you have ample up-selling opportunities? If not, you should! For example, be the hotel that has such marvelous complimentary toiletries that guests want to purchase more. Meaning you can sell larger portions of your shampoos, conditioners and such in your hotel store. Be festive around the holidays and offer add-on items such as mistletoe in the room, a mini Christmas tree or a box of chocolates. Maybe the parents didn’t have time to make an Easter basket but your hotel has plenty pre-made ones for a fee. These helpful extras not only provide more revenue, but create an all-around better guest experience.
Happy guests, happy hotel (bottomline). There’s no limit to the amount of revenue ideas you can come up with. Revenue is everywhere, you just have to figure out how to unlock it. Guests have spare income they want to spend, you just have to guide them. Don’t miss out on simple ways to save money or directly increase sales simply because you’re too busy or can’t think outside the box.
You don’t have to do this on your own, let your management company help you. If your hotel management company isn’t advising or helping you to bring in more revenue ideas, or if you still don’t have a hotel management company but want one, then contact us today.
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