8 Ideas for Your Revenue Management Right Now
We want to encourage you to start implementing revenue management into your business. That’s why in this post we will share some tips for revenue management you can easily implement.
Revenue Management is always relevant
Whether there’s a crisis or not – it’s always good to have a pricing strategy in place.
With experiments and the right tools, revenue management can help you. Doesn’t matter where you are at the moment.
First of all, you should know that there is no “one-size-fits-all” formula.
You can try to apply some of our tips and see what’s working for your hostel, hotel, or guest house.
8 ideas that can help you improve your hotel’s revenue right now:
1. There’s still a trend for people to travel somewhere near them
While we’re still under the constant changes of the travel rules, caused by the Covid pandemic, travelers like to travel somewhere near their homes.
Which countries are near you? Search for the ways that people from neighborhood countries look for accommodation. Perhaps there is some local version of Google or an online travel agency?
2. Offer special deals
We don’t talk about the kind of deals where you give a % discount. Try to use the facilities and services you offer. Be creative about it. Create an attractive offer using your property’s advantages. Instead of lowering the price and adding something extra, OTAs can’t offer.
3. Make yourself seen
Your hostel or hotel should be visible. Not only on social media but also on the websites where your potential clients are browsing. Maybe there are local websites for accommodation, where you should be?
Have you thought about Google Hotel Ads? You should consider it as “millions of travelers worldwide search for hotels on Google”.
What’s more, Google offers hotels a bidding strategy, called Pay Per Stay, that might be of your interest. It allows you to pay only when the guest stays with you. For more information, you can go to the official Google Help Ads website.
4. Be on the OTA
We all love direct bookings. But there is no doubt that being present on the booking websites helps you to be more findable.
Another good idea is checking out which OTA your competition is using. Consider being there too.
If you have decided to attract long stays or people working remotely check out Airbnb. This platform is a place to go for digital nomads. So why not be there?
6. Rates with more flexible policies
As the times are uncertain, every once in a while the travel restrictions change. That’s why most of the tourists decide on their plans at the last minute.
Without a doubt, you should be more flexible when it comes to your Cancellation Policies. We suggest you revise your booking policies and stay competitive in your market.
7. Dynamic pricing
Airlines never hesitate to fluctuate their rates based on market demand. Your prices should reflect reality but do not hesitate to pull them up when the demand picks up.
8. Revenue Management technology
Last but not least. Technology in the hospitality industry is here to stay with us. It’s not only about embracing the contactless experience. Hospitality technology is present at every step of the ho(s)tel customer journey. From searching for the accommodation, through booking, payment, check-in until the check-out.
That’s by using the available solution for revenue management, you can save hours of work. Which you can use to go out and have fun, focusing on your guests.