When it comes to running a property, there’s a lot of elements to keep track of. Sometimes it can be overwhelming, especially when it comes to running the business side of things. A crucial component to running a successful inn is managing and maximizing revenue. Keep reading, and we’ll tell you all about our tips for inn revenue management.
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Top Tips for Inn Revenue Management
Incentives for Booking Direct
While acquiring bookings through external partners can be beneficial, direct bookings are the most desirable way to get guest reservations. Booking direct creates customer loyalty and puts the most money in your pocket. You can optimize your revenue and increase direct bookings by creating incentives, such as reservation discounts, loyalty programs, food and beverage discounts, or free welcome gifts.
Stay up To Date With Consumer Trends
Inn and hotel owners must always keep up with the ever-changing customer behavior. You can do period reviews of the booking process to determine if there are changes in the channels that customers make reservations. You should also stay up to date with customer demographic trends and know what they’re saying about you. Stay in the know by monitoring social media channels, blogs, and travel review websites.
Use Automation to Support
In today’s world, automation has become extremely present in revenue management systems. While technology and automation can be quite helpful, it’s important to remember that nothing can replace human interaction. Automation help alleviate daunting tasks, such as data entry and reporting, but it shouldn’t replace complex decision-making processes or customer service scenarios that involve human revenue management professionals.
Prioritize Mobile and Online Experience
Demand is growing for online bookings and user experiences. Don’t let your inn website fall out of date. Since most guests make their reservations online, it’s crucial to have an updated, optimized website for computers and mobile. It’s important to include professional photography, current design trends, and technology updates to ensure that your potential customers are having the best online experience possible.
Keep Your Rates Just Right
Having the best prices possible is a key part of any successful revenue management strategy. It involves in-depth analysis, research, and planning to be sure you’re making a profit. You need to adjust your rates during high and low seasons, compete with your competitors, and keep an eye on market demand.
Learn More Tips With Inn Partners
Inn Partners offers various consulting services catered to the needs and desires of current and future Innkeepers nationwide. Whether you are looking to buy an inn, sell your inn, or simply looking to maximize your current business activity, our primary goal is to ensure your success as you traverse the Innkeeping lifecycle. We’ve consulted in the sale of over 400 inns throughout the United States!
For more tips for inn revenue management and how to run a successful inn, register for our Innkeeping Workshops. Our workshops will help innkeepers achieve a higher level of success and build a guest-oriented approach to service as they move forward in the innkeeping lifecycle.
Register with us today and make your inn as successful as possible!
