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With travelers from every corner of the globe eager to explore new destinations and create lasting summertime memories, hoteliers have a unique opportunity to boost revenue, enhance guest satisfaction, and craft unforgettable experiences through strategic upselling.
Boost hotel profitability in 2025 by tapping into ancillary revenue streams. For hotel operators seeking to boost profitability, ancillary revenue is a key focus in 2025. Here are four key ways you can generate more ancillary revenue in your hotel.
Include add-ons and upsells on your property’s website to increase revenue and allow guests to customize their stay with you. Research shows that chatbots can increase booking conversion rates for hotels by up to 30% and lead to a 55% increase in upselling opportunities for hotels. Watch the full session from Passport 2024.
Exceptional guest experience can elevate a hotel’s reputation and increase revenue and repeat stays. An effective strategy that can help is to upsell additional services or products relevant to customers. Therefore, upselling in hotels is not only influential but cost-efficient as well. What is Upselling?
A quick search on the internet yields a wide range of definitions for ‘revenue management’. Some of these take a theoretical, almost academic approach and, in several instances, there are iterations of revenue management’s classic definition: ‘selling the right room, to the right guest, at the right time, for the right price’.
All employees are revenue management ambassadors for their organisations. Everyone contributes to the revenue success of a business in both direct and non-direct ways. The impact of operational performance on revenue cannot be overlooked.
In today’s fast-paced hospitality landscape, staying ahead of the curve is paramount for maximizing revenue potential. As technology continues to evolve, so do the strategies and innovations within revenue management.
This guide will take you through all the vital elements of a unified inbox for your hotel or small accommodation property. How to set up a unified inbox for your accommodation business Ready to take your guest communication to the next level? You can also boost revenue by crafting compelling upsell messages to send out at key moments.
What is hotel revenue management? Hotel revenue management is the strategic distribution and pricing tactics used to sell perishable room inventory to the right guests at the right time in order to boost revenue growth. What is the primary purpose of revenue management? Revenue management is essential for any hotel today.
Nearly 20% of guests checked in online, and one in five hotels diversified revenue by monetizing spaces beyond hotel rooms. While parking spots and meeting rooms have played a huge role in this, 2024 will be the year that more hoteliers revolutionize revenue management. A quarter of guests continue to check-in online, and 2.2%
What is hotel revenue? Hotel revenue is the income your business earns from selling rooms or other products and services to guests. While revenue is mostly generated from selling your rooms, you can also collect revenue from your amenities such as a bar, restaurant, gym, or spa.
From before they arrive and visit third-party sites or OTAs to look for accommodation or online reviews to your website, email communications and the actual stay – everything contributes towards guest experience. These communications become a fantastic opportunity to upsell your services. Clever ideas to improve guest experience. #1
The data covers key hotel performance indicators such as occupancy, RevPAR, booking lead time, length of stay, international and domestic travel, direct and OTA bookings, as well as upsell performance to forecast trends shaping the hotel industry in 2023. Hotels are generating better revenue. Domestic tourism is still going strong.
With that in mind, it’s an opportune time for hotel operators to reassess their revenue strategies to capitalise on the influx of travellers. Historically, hotel performance has been measured by room-based metrics such as Revenue per Available Room (RevPAR), Average Daily Rate (ADR), and occupancy.
The hotel overbooking strategy is a revenue management technique that hotels use to maximise occupancy and revenue. However, the downsides of this strategy are potential double-bookings and lost revenue as a result of giving away free room upgrades. 2) Use multiple data sources. 4) Capping overbookings is essential.
Cloudbeds Stand 2309 Cloudbeds provides the platform that powers hospitality, driving streamlined operations, increasing reservations and revenue, and enabling memorable guest experiences for lodging businesses of all sizes and types across the globe. Hoteliers, worry not – there’s still time to register for free here.
Revenue management is a crucial aspect of the hospitality industry, focusing on maximizing income through strategic pricing, inventory control, and demand forecasting. These frontline employees are instrumental in shaping the guest experience, impacting occupancy rates, and ultimately driving revenue.
We have written extensively about hotel revenue management strategies and tactics here throughout the years. As strategy is one of the most essential parts of revenue management, we have made a summary of all the top advice from our perspective as a hotel revenue management consulting company.
However, one of the biggest challenges hoteliers face is determining the right pricing strategies to maximize their revenue in the post-pandemic world. The question is, how can hoteliers implement effective pricing strategies to boost their revenue and stay ahead of the competition?
Be it luxurious accommodations, exclusive dining, or wellness experiences, Songkran visitors crave it all. ” Offer irresistible packages that blend accommodation with local experiencesthink water fights, Thai New Year rituals, and cultural excursions. During Songkran, travelers dont just stay longer; they spend more.
The growth in Spain’s hotel booking volumes has come in spite of rising accommodation prices in the country, which SiteMinder data shows have increased by an average of 12 percent over the past four years. British, French, German, Italian and Dutch travellers, in that order, are visiting Spain in the highest numbers.
Here are 8 smart pricing strategies for hotels to boost revenue and drive more bookings during the holiday season The holiday season marks a period of increased travel, festive cheer, and heightened demand in the hospitality industry. This strategy not only secures bookings but also helps in revenue forecasting and inventory management.
Well, here’s a trick called “ancillary revenue.” To put it in simple words, ancillary revenue or additional revenue is like a bonus income that hotels can earn from things besides just renting rooms. That’s exactly what ancillary revenue is all about. Let’s say, you’re running a hotel.
This shift has created new revenue opportunities for hotels, as digital platforms enable intelligent upsells like drink pairings or premium add-ons. Hotels that prioritize this feature not only drive more revenue but also enhance the perception of their property as guest-centric and digitally forward.
With the help of SiteMinder, you can connect your hotel to all major vendors on the GDS, including Sabre and Amadeus, to generate more visibility, bookings and revenue than ever before. Efficient upselling opportunities A GDS grants your hotel the opportunity to upsell without needing to put much effort in at all.
What is revenue management consulting? Revenue management consulting is specialised expertise that a business can bring in to gain guidance on managing and optimising revenue. An investment in hotel revenue management services is therefore one that can quickly deliver an attributable return.
For instance, Welcome Pickups promptly accommodated a guest’s request for a wheelchair-adapted car, demonstrating its ability to meet specific needs efficiently. It has also improved overall customer service and increased upselling opportunities. Absolutely, I would recommend hotels to use SiteMinder and Welcome Pickups.
XOTELS – Revenue Management eBook In the first chapter of this eBook, we will go over the definition of what is revenue management in the hotel and hospitality industry. Everything will be explained from the fundamentals of revenue management to more advanced practices and strategies.
Firecastle is not so much an accommodation provider, but a haven for visitors that encompasses a cafe, bakery, grocer, delicatessen, gift store, and 10 charming guest rooms. The most valuable feature of Guest Engagement for us is the ability to upsell for additional revenue. “I
Effective hotel distribution strategies enable hotels to target the right audience, optimise occupancy rates, and enhance revenue management. Hotel distribution is a multifaceted domain which presents significant opportunities for growth and revenue optimisation and remains underutilised by the industry.
By Adam and Larry Mogelonsky The core revenue stream for every hotel brand will always be heads in beds. With the OTAs, metasearch, short-term rentals and a litany of other travel resources, guests have near-endless optionality for accommodations.
With revenue of over £1bn, The Access Group has more than 7,000 employees worldwide and provides software solutions to over a dozen other sectors. It further bolsters our accommodation offer following the acquisition of Guestline last year – a leading hotel distribution and operations platform provider.”
This not only boosts your profits but also allows you to establish a direct relationship with your guests, making upselling and future marketing more effective. Save on Commissions and drive more revenue in your booking engine. Revenue Maximization: More bookings mean more revenue.
Align your accommodation to meet the needs of everyone in the family – accessibility for seniors, creche or bunk beds for kids, etc. Upselling & cross-selling is a great ways to drive up incremental revenue is also on the rise by smart hoteliers. Offers for the whole family. Sustainability is not yet old news.
From exquisite rooms, amazing dining options, and fabulous event venues, Chatrium is truly a premium accommodation choice. After 12 years in operation, we recently spoke to Corporate Director for Revenue & Digital Distribution Pawarisa Hirantanes about the group’s journey and its satisfaction with SiteMinder as a technology partner.
A hotel booking engine is a crucial tool for hotels and accommodation providers in today’s time. If you are a smart hotelier or any type of accommodation provider, you would not want to miss the chance of converting your website visitors from an OTA (or any other source) and bag the commission-free direct bookings.
Generate a positive ROI for your hotel with SiteMinder See how you can maximise revenue at every touchpoint of the guest journey with SiteMinder’s leading hotel platform. However, one of the most efficient ways to do it is by using technology to support the operations and revenue management of your hotel.
She has several options for accommodation, but she (or her organisation) opts for your hotel due to a “Book two nights and receive a complimentary airport transfer” offer. Here are just five examples of hotel promotions you can run to increase occupancy and revenue when needed. Consider the average business traveller.
In the hotel industry, eCommerce refers to the buying and selling of accommodation and related services over the internet. Consider adding a live chat widget to answer questions in real-time to guide them through the booking process and increase upselling opportunities. What is hotel eCommerce?
We’ve all heard stories of travelers struggling to find suitable accommodations that cater to their unique needs. In the United States, the Americans with Disabilities Act (ADA) sets the gold standard for accessibility in public accommodations, including hotels. What Are Accessible Hotel Rooms, Anyway?
In a hotelier’s case or any accommodation provider, selling rooms is the main product to reach full occupancy. Offering last-minute deals, add ons or upgrades is a great way to drive revenue. There are plenty of upselling tools available. Revenue management is the art of analysing and optimising pricing as a key lever.
In this article we’ll offer up a range of hotel activity examples, while breaking down why hotel activities are important, and how to offer them to guests in a way that generates more revenue. By upselling guests with paid activities as part of your custom booking process. It can generate revenue through ticket and drink sales.
More upsell opportunities : Digital check-in forms can include early check-in, room upgrades, or other add-ons, giving you extra revenue before the guest even arrives. With the right tools, your staff can accommodate both preferencesstreamlining operations without losing the human touch. Why it matters for hotels 1.
According to Google, businesses make an average of $2 in revenue for every $1 they spend on Google Ads. Upselling opportunities : Offer add-ons and packages during the booking process to increase revenue. It allows you to display your hotel to individuals seeking accommodations. Why Use Google Ads for Your Hotel? .
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