It may sound odd but the fact is that there are many common things in managing your health and managing your revenue. You can get great results if you follow the proven strategy. You must decide a number of things to start planning your hotel revenue management strategies which are taught in DSHM, a hotel management college in Kolkata.
It is not possible for most businesses to arrange adequate budget to fully invest in all aspects of digital marketing. There is an ongoing struggle to optimize the expense between the practical reality of running a business and a wide variety of marketing options in order to start planning the hotel revenue management strategies. From a budgeting perspective whatever you do must start with your business goals. The hotel management strategies you execute and the technology you utilize may differ depending on your goals.
Knowledge yourself with market segments
Defining your hotel’s revenue management strategies is the first step to hotel revenue management. This lets you have more control over your business. In order to maximize revenue from various areas of the business, you can set up appropriate rates for the right inventory once you zero in on your market segment. You must also make sure that your budget is used in the most logical method to track your business performance and success.
At first look into some factors such as the category of guests you mostly cater to, their buying behaviour, the reason for their booking with you and their method of doing that. You will be able to apply valid and targeted actions to your business and measure your profits from time to time if you do this.
For each hotel, relevant market segments will differ. But, regardless of your hotel location and type, they will surely deliver the advantage of being able to drive more business and monitor your performance. This is the starting area of the actual hotel revenue management and your hotel business will be gradually taken to new heights of recognition and success by it. All these can be learned by one in DSHM – the best hotel management college in Kolkata.
Analyze the booking behavior patterns of your guests
The time and place where the business is conducted are very important and same is the case in hospitality. You need to keep an eye on some parameters such as from where your booking was made, when it was made and for which dates. There are preferences of your target audience on when and how they’d like to book with you. If you understand this, you will get help in planning the revenue management strategies.
You can see a pattern indicating your hotel’s high and low occupancy seasons when bookings made at your hotel. When it comes to forecasting the rates you put up and how much inventory you keep open, this can be immensely helpful. A part of your strategy should be the understanding of these kinds of patterns and taking appropriate action on the same.
Think about supply and demand
One of the tactics you should employ to boost your revenue growth is measuring and monitoring the supply and demand of your hotel rooms. Effective rate management is the most practical way to increase revenue as prices tend to rise when demand is more than supply. Instead of high volume bookings, you need to focus on high-profit bookings. When there is high guest influx at your hotel your room rate should be higher and when there is low occupancy, room rates should be low.
Analyze your hotel’s past data
Analyzing your past and present statistics can help you to channelise your marketing efforts. You should get detailed reports including the revenue you earned, your best selling factors, your ADR and everything else which can help you form important decisions for your business from the hotel software that you have invested in. You will get help from this data in extracting ideas and coming up with better hotel management strategies for increasing your hotel’s revenue.
Upgrade your online inventory distribution
These days the old school ways of distributing your inventory on OTAs and GDS doesn’t work as expected. To describe your hotel, location and services, you need to put up appropriate and attractive content. To get more bookings, you must offer different packages and run promotions regularly and have more OTA connections for your hotel to witness your revenue rise.
Keep up with mobile trend
When it comes to travel booking, it cannot be denied that mobile is now one of the strongest marketplaces. One of the keys to productive hotel revenue management strategies is to get equipped with latest mobile trends. You need a responsive website and you need to follow the best conversion practices on mobile. One can know more details about this while studying hotel management courses in Kolkata in DSHM.
Go for direct bookings
In your hotel’s revenue generation, direct bookings play a significant role. Don’t leave out direct bookings in your hotel revenue management strategies. You should not also let go a chance to gain unlimited commission-free bookings. Let your guests to easily book from your website, engage with them and know their preferences. This will make them feel valued.