Increasing your Property’s Revenue this Summer

Increasing your Property’s Revenue this Summer

Last summer was more about defying logic to see prosperous changes in the last months of 2016. These decisions were taken so 2017 could be a steadier year when it comes to room rates.

To have a strong revenue department will bring new possibilities and opportunities to a hotel’s company. It will show in the resort’s capacity to embrace and adapt changes to its current system.

A survey conducted by Cornell has shown that hotel revenue managers try to look beyond the conventional focus on revenue per available room. The survey has helped to obtain a more profound insight of the hospitality leaders regarding to talent development, proper training and use of metrics as the basis to achieve progression.

It is time to look for the trends that will close your 2017 sales the best way possible:

‘Book Direct’ campaigns became a huge trend, encouraged by big hotel chains like Marriott and Intercontinental. The main objective is to get the customers’ attention through continuous loyalty programs and sharing special rates to all of them.

Some important things that will have to keep an eye will be the relationship between OTAs and Hotels; so far, it has been very difficult to maintain a healthy relationship between them both. A second important element will the value add item that several hotels and resorts will start promoting instead of decreasing rates.

Guests are increasingly using mobile devices; therefore, it is very simple for everyone to share an outstanding holiday experience throughout their different social media channels. It is indispensable to have a mobile reward program that can recompense guests when sharing and tagging your brand on social media and that could make a rebooking easy to achieve.

A great point to remember is that millennials are becoming a huge percentage of the hospitality market, hence create special strategies to them and use their digital content to strengthen your revenue plan, will be key in the upcoming years.

It is imperative to have a predictive analytics tools in your revenue department – this is the future for revenue management. To analyze data in real time offers the opportunity to predict your present customers’ behavior instead of basing your plans on historical information.

Aside from hotel chains, small to medium hotel companies are struggling to understand this behavior, hence, there is a huge opportunity in this trend.

It is hard to try to read into the future! But one thing is for sure keep planning and evaluating your performance to have a look to whole situation.

Source: HospitalityNet 

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