For independent hoteliers, busy season is a prime opportunity to increase cash flow and capture stronger profits. To help you ramp up your revenue during this important time of year, here are 3 helpful tips:
Study your competitors
While it’s important to focus on your own hotel’s operations, keeping an eye on your competitors is critical to keeping a competitive edge. Understanding what products, services and special add-ons competing hotels are offering travelers will help ensure your property is staying on-trend and capturing its full share of revenue-generating bookings.
The easiest way to keep tabs on your competitors is to monitor their guest-facing messaging on their websites and social media channels, as well as reading guest opinions on online review sites. Additionally, to gain a stronger understanding of your competitors’ strengths and weaknesses, booking an overnight competitive analysis stay will give you a first-hand, in-depth perspective.
Strengthen your policies, procedures and offerings
By strengthening your hotel’s policies, procedures and offerings, you can cut costly waste and eliminate losing valuable revenue. Here are a few examples:
- Updating your cancellation policy to require 24 hours notice can help reduce last-minute no shows from occurring.
- Offering reduced nightly rates in exchange for paid-in-full, non-refundable bookings can help secure revenues and provide guests with a more cost-effective experience.
- Giving guests the option to “Go Green” and reuse towels and linen to help cut down on energy use and/or laundry service costs.
Leverage your local market
Leveraging your local market can help you maximize revenue during the busy season. For example, adjusting room rates to reflect demand during traffic-driving events can help capture maximum revenue as you fill guest rooms. And to broaden your hotel’s local appeal, positioning it as a “staycation” destination can help you entice locals to enjoy a quick getaway in their own backyard.
Contact innRoad today and let one of our experts help you get the most out of this year’s busy season.