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Why your Revenue Management Strategy is not working ?

Why your Revenue Management Strategy is not working ?

There are many revenue gurus in the market in today’s world, who will give you Gyan on revenue management and on increasing your gross profit but as per Bigfoot Hospitality expertise, we have learned that there are few things you need to do as a hotel owner from your end first in order to help your property grow.

You can hire a topmost Revenue management company or a digital marketing company but unless you don’t fix the below things your property will never grow, and your business will never be a brand.

  • Making a Guest Happy:  If you have outsourced or hired revenue management and digital marketing company for your hotel then you have all the time on earth to focus on your customers. Remember customers are the ones who will grow your business, so you need to make sure you provide exceptional hospitality to your guests and be polite with them. You need to make sure that your basic room amenities and property amenities are in top condition. In case your AC or Gyser is not working then avoid giving that room to your guest and block those rooms until the appliances are not fixed. This petty issue can lead to negative reviews on review platforms which will create a negative reputation online for your property. Being an owner serving guest add a lot of value to the guest so whenever you get a chance to talk to your guest take feedback, have small conversations, this small act makes a guest feel special.

  • Focusing on one business at a time: Hospitality business is a fulltime business and you can consider it as hobbies or as a part-time business. You need to focus on many aspects of hospitality operations right from hiring the right talent and training staff to set up the process for your housekeeping to what menu to be served to guest in lunch and dinner. If the property is run by a single owner and who cannot hire the right talent, then you cannot think of doing anything other than focusing on your property.
  • Making wise decisions: There will be a time when many small-scale travel agents and companies will try to tie up with you promising business for your hotel and in return, they will charge you some sort of commission. You need to understand your booking flow structure and need to make correct commitments to these kinds of bookings. If the property falls in the weekend gateway category then it is a guarantee that you get direct bookings. If someone promising you the business on the weekend for a certain commission then you are wasting your revenue when the business is guaranteed for you on the weekend. However, you can offer a higher commission for the business on a weekday when the business is low.

The above are some important points you should remember if you are running a small or medium inventory property.

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