Creating package deals on the hotel's website, knowing when to increase room rates, and forecasting are excellent pricing strategies to increase hotel revenue.
FREMONT, CA: Hotel revenue management aims to increase revenue by strategically distributing and pricing rooms at the right time.
Additionally, hotel revenue management uses analytics to predict guest behavior and industry trends to provide exemplary service explicitly tailored to guests. Hoteliers can control and understand price recommendations.
Hoteliers can increase hotel revenue by using the following pricing strategies: Offering attractive packages that combine the room price with additional services like spa treatments. Using a powerful Booking Engine, hoteliers can customize their boxes for their guests, such as a room with a balcony and a breathtaking view; a late checkout for a minimal fee; upselling is a great way to increase revenue and improve guests' experience by offering package deals on the website.
Hotel properties can also use 'bleisure travel' - combining business and leisure travel by providing specialty services. Business conferences can benefit from "adventure concierge" services. Hoteliers can also offer off-site itineraries to nearby attractions and activities to ensure their guests get the most out of their extended stay.
Increasing room rates at the right time: Despite popular belief, high TripAdvisor ratings and selling out far in advance indicate that hoteliers underprice their rooms. Hoteliers should charge more for their hotel room rate if they are fully booked too soon. B&Bs, guest houses, and luxury hotels can all benefit from knowing when to increase room rates.
Pricing based on the day of the week can increase bookings and revenue: Maximizing revenue using day-of-the-week pricing is easy. Different hotels have different demand patterns, and their pricing should reflect that. As a result, hoteliers know the supply and demand in their local market, ensuring that their prices remain within the market range. Changing the day-of-the-week pricing also means changing the hotel packages as the market changes.
Hoteliers should charge for premium and quality services rather than give them away for free. It would be helpful if hotel guests could check in early or check in online and leave out late. These added services are a simple way to increase revenue; the customers are willing to pay extra. In addition to saving the hotelier and the guest time, this is a great revenue management strategy for hotels.
