Four Fabulous Ways to Increase Your Property’s Revenue

December 12th, 2019 Lisa Livingston Hotel Property Management

Hoteliers are some of the busiest business owners on the planet. Hoteliers often wear several hats and put out tons of fires throughout the course of just one single day at the office. But, ask a hotelier for their main goal, and I bet they’d all say, “…to increase revenue.” While this is the goal in any business, sometimes it can be hard to see the forest through the trees, especially in the hotel industry. As mentioned above, hoteliers are often overworked and so caught up in the day-to-day functions that they can’t see the bigger picture on how to achieve this increase in revenue. Rest easy though; we have four ways that will help you immediately start working towards your goal of increasing property revenue.  

Guest personas help to target your marketing dollars

When marketing your property, do you spend time thinking about who you are marketing to, or do you throw some invites into the wind and see what comes back? Well, if you answered that you throw invites to the wind, you may be missing the bus on how to best spend your marketing dollars. However, if you’re willing to put a little effort and time into your marketing dollars, you could start marketing smarter. Understanding your guests is key: Knowing why your guests chose your property over your competition will assist you in building guest personas which will help you target your marketing campaigns to promote your property’s location, unique ability to cater to young, old, or business persons.  

Experience over rates

As a hotelier you should always strive to create a unique experience for your guests. This not only makes your guests feel special, but it increases your property’s value proposition. However, in an industry that is already overrun by competition, you want to ensure that you’re putting your best foot forward each and every time you post something on your social media accounts so potential guests can begin their experience prior to arriving at your property. It’s not difficult to create an experience online with a little creativity and imagination; use some stunning photos and a few positive guest comments and voila you have created an online presence that your potential guests can dream of being a part of.  

Online presence is a must

If your property isn’t currently listed on an Online Travel Agency (OTA) or direct booking engine you should be! There is really no excuse to not have your property online. Booking engines and OTAs sync directly to your property management system (PMS) allowing you to always generate revenue even when your property isn’t staffed to answer reservation calls.  

Be friendly (mobile friendly, that is):

When 60% of all bookings take place on mobile devices it is more important than ever to be mobile friendly. Mobile friendly doesn’t only mean that potential guests can access your property’s website from their mobile device; it means that they have the same experience on their mobile device they would have on a computer.  However, research shows that millennials expect a modern, easy to use, sleek design for mobile usage compared to Gen X’ers who would rather see a replica of your website on their mobile devices, so they know they are in the right place. Regardless of which method you choose, make sure that your property isn’t falling behind in technology and get on the mobile train before you fall off the rails! 

There are many ways that your property can increase sales and revenue. However, it all begins with a well thought out road map and a carefully planned strategy. Take a good look at your property and evaluate what your guests are saying, what type of experience you want to create, and how easy you’re willing to make it for your guests to find you, stay with you, and invite their friends to see you too. 

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InnQuest Software is a leading technology provider for the hospitality industry. For over 25 years, innQuest has combined hotelier experience with innovative technology to deliver an all-in-one solution that empowers hotels to attract guests, drive customer loyalty, and increase profits. Our flagship property management software, roomMaster, helps manage over 5,500 properties across 100 countries. InnQuest develops scalable solutions ranging from a Hotel PMSCloud PMSChannel ManagerHotel CRM and helps properties enable guests to Book Direct. We believe that everyone deserves a great guest experience, whether they’re staying at a small B&B, a thousand-room resort, or anywhere in between.

Call us today at 1.813.288.4900, or email us at sales@innquest.com. We will be happy to walk you through innQuest’s solutions.