What are some effortless ways for small hotels to maximize their revenue? The hospitality industry can be rewarding and challenging at the same time. It is every hotelier’s dream to attain 100 % room occupancy at the best possible rates and thereby boost their revenue. However, many factors play a role in determining this. Here are a few valuable tips which shall help small hotel owners maximize their hotel revenues.
Effortless Ways For Small Hotels To Maximize Revenue
Here are 7 ways that small hotels can maximize their revenue.
Attract Direct Bookings
With the internet revolution, the most significant impact has been seen in the hotel industry, with Online Travel Agents (OTAs) becoming the critical source of securing bookings for hoteliers. In order to secure an edge against OTAs and thereby save on the huge commissions that they are charge, hotel owners must invest significant time and energy in building good websites with powerful SEO. This will help your customers discover your property upfront and enable you to secure direct bookings, thus saving on huge commissions charged by OTAs.
Create a Positive Impression Through Online Reviews
Most customers tend to rely on online reviews before selecting a particular property for vacation or work stays. If your property has positive reviews, it opens up the doors to new customers. And if you see any negative reviews, ensure that you respond to those in an empathetic and mature manner. Recognize the issue, apologize for your mistake and assure that you will not repeat the same. This will give new customers an impression that the negative review is an exceptional case and position you as a customer-centric hotelier.
Dynamic Pricing – Technology That Helps Maximize Room Revenue
Dynamic pricing, or the technology that uses algorithms to tweak room rates based on demand and supply, seasonality, competitor prices, and more, is the most time-tested way to ensure that you get the right pricing for your rooms. It helps ensure that you don’t price your room too high and lose out on potential customers, and neither do you price your room too low and lose out on revenue.
Keep A Watch On Your Competitors’ Rates
Various technology tools can help you keep a tab on your competitors’ rates. By doing so, you can set up dynamic pricing that will help you maximize your hotel bookings and earn the best rates for all bookings.
Ensure A Great Virtual First-Impression
The hospitality industry is all about creating spectacular customer experiences. And the first step in the customer experience journey is your website. A website with beautiful photography creates a great virtual first impression that has the power to transform a lead into a conversion.
Cultivate Community Partnerships and Local Tie-Ups
The hospitality industry is all about community spirit. As a small hotel owner, if you join hands with a big event happening in your locality, you may see many bookings that would not have taken place otherwise. Another way of fostering community spirit is by joining hands with local artisans, vendors, food spots, and more that can help promote local sightseeing and lifestyle experience for the customer.
Get a Mobile-Friendly Website
Mobile technology has transformed the way in which we perceive the world around us. Companies, businesses and retailers who have built a reputable, mobile-friendly website online will see a massive surge in their online bookings. Moreover, Google algorithms automatically have a greater preference for ranking mobile-friendly websites better.
These few tips can be extremely useful to small hotel owners in maximizing their room bookings and revenues, thereby ensuring a successful business even in big sharks of the hospitality industry. For more ways to grow your business read this blog.
Karan Iyer is an end-to-end digital marketer and blogger at Aiosell who inherently understands the hotel industry with his hospitality background. Karan knows how to convert the pain points and challenges of the hotel industry into business opportunities, and that’s what he writes about for his readers. He also shares industry trends, insights and news to help his readers stay up-to-date.